If you are looking to open a bank account for your gambling business, then keep reading as we are going to share key tips for application success and a list of gambling-friendly banks.
It is no secret that many banks and payment providers do not have a risk appetite for gambling companies. Especially with an offshore licence. That is why it is deemed a high-risk business, and banks that onboard such businesses require premium fees for banking services.
Where To Open A Bank Account For Gambling Business?
Most likely, traditional banks won’t open accounts. The easiest way is through PSPs (payment service providers) or EMIs (Electronic Money Institutions). There are plenty of PSPs and EMIs that support gambling businesses with account opening. However, not all of them are good solutions, and here is why:
Multi-currency accounts. Most EMIs and PSPs are unable to offer multi-currency accounts for gambling companies. In order to build a scalable business, we suggest having a multi-currency banking solution.
Fees. The vast majority of EMIs will charge account opening fees, monthly fees, and premium transaction fees. It is important to have a sensible pricing structure in order to be profitable.
Banking restrictions. Be aware of all banking restrictions and any additional charges that might arise from such restrictions.
Jurisdictional support. The majority of EMIs will be interested in EU-licenced businesses only. If you have an offshore licence, it can become tricky to open a bank account. If you have at least one entity in the EU within your group structure, we suggest starting by onboarding the EU entity and then the rest of the group. This will help with the risk profiling of your group and open doors for offshore entities.
Client support. Make sure you will have a point of contact, a relationship, or an account manager within the company opening the bank accounts.
API integration. It is of great importance to have the ability to integrate via API and automate your payment operations, at least in part.
Banking providers that are gambling-friendly have licences mostly in Lithuania or the United Kingdom. If you would like to get a list of the best banking service providers for the gambling industry, reach out to us, and we will share this with you.
If you need help building a strong application for account opening, reach out to us for help.
Conclusion
It is not easy to open a bank account for a gambling business. Traditional banks do not want to touch this industry; therefore, alternative banking providers are the next best option. Reach out to us for a list of the best institutions based on your business case.