Opening a bank account with iGaming
Very few banks willingly open accounts for the gambling business. It’s linked to the government’s tightening of gambling regulation. If gambling is prohibited in the country, no bank will risk contacting bookmakers or casino owners. This could result in the loss of a bank license.
If the government is not banned, the bank may require a gaming license. However, not every license can satisfy a bank. For example, a casino has an international Curacao license and the bank will request a European license (or a license from Malta).
And, even if there is nothing wrong with the license, the bank may request additional documents at its discretion. As well as conducting regular checks and continuously tightening requirements.
When selecting a bank, attention should be paid to the timing of account opening, minimum balance amount, documentation package size, availability of online account management and other important factors.
Why do I need a current account at all?
If you do not carry out all calculations exclusively in the crypt currency, it will not be possible to carry out the activity without the account in the bank. More precisely, without two accounts: a bank account and a trading account.
A trading account is necessary to manage client operations. These are transactions on losses, winnings, deposit and withdrawal of money. Also, such an account can be used as a mechanism to manage the financial operations of the company.
The bank must also provide Internet acquiring services for all client operations on plastic cards of Visa and Mastercard payment systems. If the bank’s emergency service supports other payment systems, it will be a plus.
The best option in Europe
The European market is one of the largest in online gambling. The legislation of local countries is more loyal to gambling. The same is true for banks. But that doesn’t mean it’s easy for a foreigner to open an account in a European bank. Business in iGaming is highly risky, so European banks have higher requirements for foreign companies.
Some of the European banks have an extensive network of branches around the world. If you have such a branch in your country, you can submit all the necessary applications and documents right on the spot. Also, many banks accept applications electronically from anywhere in the world.
Requirements for applicants
The full list of requirements may vary from one financial institution to another. But there are common points:
- the company must be registered under all rules of the country to which the bank belongs;
- the bank may require details of the hosting and domain of the site;
- the source of the funds spent to incorporate the company must be confirmed;
- the bank may request details of the last audit of the company;
- all software must be licensed and certified.
The bank may also interview video link. Or insist on a personal visit to one of its branches.
Documents for account opening
To open an account, company representatives must provide:
- personal documents of the founders;
- statutory documentation of the company;
- data on the personal financial status of the founders;
- data on the financial status of the company.
All documents will be checked by analysts and bank security services. The bank may also require translation of documents into English or one of the European languages. When submitting documents remotely, copies of the documents will usually have to be certified by a notary.
Is it worth contacting an intermediary?
Many companies offer to solve all issues in communication with banks for a modest fee. Does it make sense to go to such intermediaries? In many cases, yes. The fact is that such companies have already established relationships with banks and they trust them. All that matters is that the intermediary himself is not a one-day company. To find a reliable partner, it makes sense to ask for a recommendation from the owners of successful casinos.
Opening a bank account is only one of the stages of launching your own gambling business. And this stage can be a difficult test in case you do not prepare for it properly. To minimize time and financial costs, it is necessary to contact banks with a full package of supporting documents, licenses, and certificates. As an option, it is worth trying to work with the bank through an intermediary.