What it takes to open a bank account for an igaming business?

With the tightening of gambling legislation, it becomes tricky to open a business bank account for one’s online casino with more banks refusing to provide this service to gambling ventures.

Banks tend to avoid working with high-risk companies, where belong online casinos, sportsbooks and other forms of gambling businesses. In this situation some operators prefer to hold other accounts, which are not properly authorised.

If you want to run a legal casino, in which players feel safe to play, you should open a business bank account for your company.

Peculiarities of banking for gambling businesses

Banks may decline opening you an account because of you not having a proper gaming licence. Lately, more banks began demanding a European (Maltese) licence, while casinos usually work under a Curacao or another non-European licence because of their cost-efficiency and universality.

Even if you have one, you have to keep your hand on the pulse to comply with changing legal regulations and banking requirements. You also have to know how to go through the process of application, like understanding DD requirements, collecting necessary documents and filling in questionnaires.

If you don’t have experience, this process may appear to be lengthy, troublesome and, in the end, useless. So, if you don’t succeed in opening an account on your own, you should seek a professional assistance.

Intermediaries can help

The problem may be not with banks themselves. Sometimes, you need to contact a bank through a company that has established strong cooperation with it, so contacting an intermediary may be a good solution.

By the way, if you think that turning to intermediaries is a waste of money, it is right only if you have a considerable experience and connections in the industry. In most cases, it is better to turn to specialists and let them do their job.

Withal, intermediaries offer more than one service. For instance, if you start your gambling business, you not only need a bank account, but also a company, a licence, a gambling-friendly hosting, a bonus system, promotion – basically all kinds of services. You can simply contact such a company and get a customised casino with games, bonuses and all necessary features, ready for launch in two months, so that you could focus on its promotion completely. Not that hard it is to open a casino than to make it profitable, as shows bitter experience of countless casinos that disappeared quickly. This is why many future casino operators prefer using the services of intermediary companies.

It is up to you to decide whether you could do everything on your own or you need a professional assistance, but at least you know the advantages of the latter option.

Contact us if you want to learn more about gambling-related services.

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