Setting Up a Bank Account for Your Gambling Business
For those in the gambling business seeking to open a bank account, this guide offers essential tips for a successful application and a compilation of banks amenable to gambling companies.
The challenge in banking for gambling businesses, particularly those with offshore licenses, is well-known. Many banks and payment providers are hesitant due to the high-risk nature of the industry, often resulting in higher banking fees for these services.
Where to Open a Bank Account for Your Gambling Business?
Traditional banks are usually not an option. A more feasible route is through Payment Service Providers (PSPs) or Electronic Money Institutions (EMIs). While numerous PSPs and EMIs are open to assisting gambling businesses with account opening, they are not all equally suitable. Here are some considerations:
- Multi-Currency Accounts: Many EMIs and PSPs don’t offer multi-currency accounts for gambling companies. For scalability, a multi-currency banking solution is advisable.
- Fees: Expect account opening fees, monthly charges, and higher transaction fees from most EMIs. Opt for a provider with a reasonable fee structure to maintain profitability.
- Banking Restrictions: Be aware of any banking restrictions and potential extra charges resulting from these limitations.
- Jurisdictional Support: Most EMIs focus on EU-licensed businesses. If you hold an offshore license, opening an account can be more complex. If your business group includes an EU entity, start by onboarding this entity to facilitate the process for offshore counterparts.
- Client Support: Ensure you have a dedicated contact, such as a relationship or account manager, at the banking institution.
- API Integration: The ability to integrate payment operations via API for at least partial automation is crucial.
Gambling-friendly banking providers often hold licenses in Lithuania or the United Kingdom. For a curated list of the best banking service providers for the gambling industry, feel free to contact us.
Conclusion
Opening a bank account for a gambling business is no small feat, given the industry’s complexity and the reluctance of traditional banks. Alternative banking providers are often the most viable solution. Contact us for a tailored list of the best institutions for your specific business needs.
Need Assistance with Your Application?
Crafting a strong application for account opening can be daunting. We’re here to assist you in this process.
