As a new bettor, who just registered on a South African sport betting site, you need to know that your account is limited to some extent until you complete your registration in terms of verifying your identity.
A bettor who is yet to verify their identity has a limited access and control on their account.
Verification of identity is very important on every South African betting sites, in fact it is one of the prerequisites and part of the Know Your Customer KYC policy.
This is not done to monitor you as some bettors might be thinking, rather it is a means to deters minors, scammers from betting online and also prevent money laundering and fraud.
If you are yet to verified your identity after the initial account creation, in some cases you will be able to deposit up to 20,000 ZAR before a 28-day verification grace period begins. The deposit limit will be increased to 100,000 ZAR during this period.
And by then you will need to verify your identity to have full access.
According to the Financial Intelligence Centre Act, or FICA, which was implemented in 2003, in a move to minimise financial crime in South Africa, every sports betting sites must validate the identity of their players.
To complete your sign up process with a betting sites, you need to upload the following document as stipulated by FICA;
1. A valid South African ID Card
2. Proof of a residential address which could be a bank statement, phone bill with your address, utility bill.
Below is a sample of how to verify your identity at Bet Way, which is one of the leading sporting betting sites in South Africa;
Create an account with Betway.
When the pop up window opens, click “upload now”.
Upload a copy of your ID and proof of address.
Wait for confirmation which could be up to 48 hours.
Once you are approved you can deposit and start to bet.
It is as easy as that