Our legal team provides a full range of services when opening an online casino or betting platform — including the opening of bank accounts. Keep reading to find out more.
What types of accounts are needed to run a gambling business?
Gambling businesses need at least two main kinds of bank accounts — a merchant account to process customer transactions as well as a current account for holding income from the business.
Do you need a gambling license to open a bank account?
A gambling license is essential for opening a bank account.
Banks commonly view gambling as a high-risk industry. Unfortunately, in addition to that, there’s a widespread perception that gambling is often connected to organized crime, and that online casinos are used to launder money. As a result, financial institutions are very wary of partnering with casino brands, especially when they’re not well-established.
However, there is one thing that will completely change their perspective: a license.
As licensees undergo background checks and have to prove the viability of their business plan as part of the application procedure, the license is a stamp of approval — and once banks have proof that you’re trustworthy, there’s no reason not to let you open both a merchant and a current account.
Your bank accounts don’t necessarily need to be located in the same jurisdiction as your licensor. Our clients commonly choose to partner with EU banks, regardless of their licensing jurisdiction or target market.
Aside from banks, most payment service providers won’t cooperate with your brand if you don’t have a license. In general, it’s best to offer players multiple options for making deposits and withdrawals, and getting a license is the best way to make sure that you can.
What do you need to open a bank account?
Applicants need to supply a list of documents. Here are some of the most common:
- Verification of identity and residence.
- Documents about the company: registration documents, articles of association, company regulations, extracts, etc.
- Documents confirming the personal financial status and financial situation of the company. Integrity of receipt of money must be confirmed by certificates from the accounting department and other documents required by representatives of the bank.
- Confirmation of licensing (software, games, etc.).
- Business plan.
It is important to be aware that the documentation package may vary depending on the jurisdiction and type of the license you choose.
How can LicensingAid help you open a bank account?
Step one is to set up a consultation. Our legal team will guide you to the licensing jurisdiction that best suits your goals and resources and lay out the steps you’ll take to get your business started. From there, we’ll determine your best options for opening a bank account. To ensure the process goes smoothly, we’ll prepare your package of documents and provide legal support.