These days most gambling companies will need a source of wealth. It isn’t as common as simple verification you can complete within minutes but it does happen sometimes. Keep in mind that this is a mandatory process and it is safe. Gambling companies will need this information for legal and also analytical purposes that have a huge role these days. Below, we will explain this process in detail and give you additional information.
What is the Source of Wealth?
The Source of wealth is precisely as the name suggests. It is a way you can prove the funds available on your account through deposits are actually yours. If you deposit regularly around £50 or even less, you are unlikely to have to complete this verification process. You will deposit a similar or the same amount on a regular base and you will likely place the same bets. But, let’s imagine another scenario in which you deposit £1000 or even higher and you start placing large bets. The gambling operator will see this as irregularity and they will ask you to complete the source of wealth. As you can see, this verification process applies to high rollers and players who place large bets.
In this case scenario, you will need to verify the funds. This is done by sending various documents to the gambling company. They will require different documents and depending on the company they may ask all from the list below or just a few ones. Anyway, you will need documents such as:
- Details about your salary and occupation
- Payslip from the employer
- Bank statement with specifics about your salary
- Credit card stamen (recent)
- Ewallet details with your details
- A statement where it shows the deposit details
We must add that your details and your documents will be encrypted and won’t be shared with third parties. In other words, there is no need to worry about the verification process and sharing sensitive information.
All UK betting and casino sites that have this license may require you to complete a source of wealth just because of the gambling authority. This is an important verification and it is used to make gambling and betting safer and fair. What this means is that a site may ask you to complete this verification just because they are mandated by the gambling authority.
What If You Don’t Want To Share Your Information?
Sadly, most sites of this kind will require two types of verifications. The first one is to verify your identity by sending an ID card photo and similar document. The second verification is the source of wealth, the process we have been discussing here. A site will usually ask for the first type of verification when you create the account or before you can deposit the funds for the first time. The second verification will occur when you deposit a large amount, as we show you in the example above.
Luckily, there are betting sites that don’t require verification at NonGamStopBets.com which is a nice thing. They still accept UK players, offer various casino and betting options and they are reputable places to test your luck. Keep in consideration that here there are different possibilities as well. A site may require you to complete only the first verification we have explained earlier. It is used to verify your identity. But, they won’t require a complete source of wealth. As such, you can play and gamble as long as you like, deposit any amounts you want and there is no need to send additional documents. These sites are an appealing choice for players who don’t want to share personal information. Many gamblers and punters want this perk and they need it.
Source of wealth is a process in which you will prove to the gambling company that the funds you have deposited are yours and you can afford to deposit that amount. It involves sending several, different documents from your employer and bank to prove the wealth. This verification is usually needed for high rollers. Don’t forget that there are plenty of sites that do not require this from you and you can deposit any amount and enjoy betting or gambling as long as you like.