Opening and maintaining a bank account for gambling company plays a vital role in both business launch and operational activity. Our expert, tailor-made approach helps to run your business smoothly. Let’s dive deeper into the information you need to be aware of before starting a bank account.
What types of bank accounts are required to run a gambling business?
As an iGaming business, you will have to possess a minimum of 2 bank accounts. One of them is a merchant account to manage clients’ transactions, another one – a business bank account for gambling companies to keep income from their activity.
Is a gambling license a must for a bank account opening?
Banks view gambling businesses as high-risk customers. The iGaming sector represents various risks for banking institutions. Criminals transfer money by using deposits to specific betting accounts or by losing some games. The chargebacks are also higher.
So, a gambling license is undeniably a must for opening a bank account for online casino. It serves as some kind of guarantee of a legal online performance.
The location of your licensor and a chosen bank should not obligatorily be the same. The choice can be made in favor of the bank institution you trust. The EU banks are the most common focus point of our clients.
What paperwork is required to open a gambling-related account?
Depending on bank account for gambling business type, there could be some specific demands. But take into consideration the following paperwork for your application:
- An identity and address of residence proof.
- Company registration documents.
- A license for a legal gambling activity.
- A business plan with your expectations and goals mentioned.
This list can be different due to your license and jurisdiction type.
How we help gambling companies open bank accounts
LicensingAid introduces you to online banking for the gambling business performance. Due to our high professionalism, we support you at every stage of the application. Besides, we are here to answer any questions about a bank account for gambling.
Choosing the bank together is the first step. As soon as we possess in-depth knowledge of the licensing process, our support is more complex, precise, and out-of-the-box compared to other companies.
Banking solutions for gambling businesses
Having a clear corporate structure and obtaining a license are top-tier turning points for opening a gambling bank account. A business must be well-prepared to avoid rejection. On the other hand, it is important to realise which kind of criteria banking solutions should meet as well. Let’s mention the most important factors:
- Fees. Charges for transactions may differ a lot. Check these criteria thoroughly.
- Speed. The transaction process should be fast and easy.
- Security. The safety of the client’s information is a top priority.
You can surely use various payment systems, but opening a merchant account bank and a company bank account for online gambling is the basic start. Although it can be quite tough without experts involved.
Features of banking in Malta & Estonia
LicensingAid specialists find Malta and Estonia to be a nice choice for online gambling activity. And here is why:
- Malta. Malta has been recognized as a so-called “hub” for iGaming companies. It welcomes online casinos by providing them with favourable conditions and a business environment. As soon as the ecosystem for gambling activities is very supportive, online gaming bank account will be opened with a highly specialized approach. Maltese banks allow you to get seamless transaction processes and result-oriented liquidity management, there is no double taxation. The Maltese banking sector supports funding a lot, so you will be able to invest and grow.
- Estonia. The banks of Estonia are not welcoming high-risk businesses (like gambling). So, if your company is registered there, we would recommend opening a bank account for estonia casino in one of the EU banks. The criteria you should compare while choosing a bank are onboarding and monthly fees, online opening options, and jurisdiction. Maintaining a bank account for a high-risk business is more expensive than a usual one.
We will give you full information and assist you on every stage of the application, so we can compare and choose the best bank account for online gambling together. We will end up with the best solution for your business.
Open Banking solution for gambling platforms
Open Banking is a payment solution that gives an opportunity to receive payments through third-party providers. First and foremost, Open Banking for online casino reduces the transaction costs, which you have to cover while using traditional banking. So you can invest in your company’s growth and development. Talking about the jurisdiction, Open Banking is regulated under the PSD2 (Revised Payment Services Directive). Besides, this type of banking uses Strong Customer Authentication. So the security of payments is guaranteed.
eSports & online gaming banking assistance
If your company specializes in sports betting or any kind of online games, you still need to acquire two accounts. One of them is a merchant account, and the one is a company online gambling bank account. Our expertise guarantees you a smooth opening process.
Why our assistance stands out for gambling business support
Our huge experience in the gaming industry will help you to receive solutions, created after determining your individual needs and requirements. It goes without saying, all documents preparation and legal support are offered from our side.
FAQ – iGaming business banking assistance
Can you help me to open a casino bank account?
First, a business obtains a license for an online casino. Then we will help to choose the best bank for your gambling company based on your needs and expectations. You can also initially contact us for assistance in receiving a license.
Which banks welcome gambling and iGaming companies?
We can choose a gamblers bank in the EU that possess suitable solutions created especially for high-risk companies. The demands from the companies are still high, and the process itself is complicated; that’s why it’s better to choose a bank with the LicensingAid professionals.
Is a license required to open a gaming bank account?
A proper documentation is a crucial factor, which is taken into consideration by banks during making a decision whether to open a bank account for a gambling company or not. A license is definitely one of the most important documents to be obtained.
How long does it take to open a bank account?
The process of opening gambling business bank account can vary in time depending on the chosen bank and the company’s readiness. We study your business profile and make estimations due to the paperwork required to be done and the terms of a specific bank.
Can I use payment systems without opening a bank account?
Unfortunately, statistics prove that some online casino operators are denied by banks. Therefore, it is necessary to try alternative methods, but the conditions are often less favorable. An online gambling company can use payment methods for casinos without traditional banking. Contact our experts for assistance in opening a bank account.