To run online gambling business, one definitely needs a processing (merchant) account to process clients’ transactions and a bank (current) account to use the revenues from the business at one’s own discretion. While the first account type mentioned is easier to set up, establishing the latter one often becomes a problem, since the majority of banks refuse to open accounts for high-risk businesses.
“You may be asked for the purpose of the account, the business model of the beneficiary, the licence and location of your business. Banks may decline anything related to gambling.”
Lucas J., had an experience with opening accounts for gambling
What are High-Risk accounts?
High-risk accounts usually are necessary for the number of industries with a high probability of fraud or chargebacks. Unfortunately, e-gambling is one of those industries and burgeoning entrepreneurs trying to open a high-risk bank account often experience rejection and eventually feel defeated.
In order to open a gambling account, the operator needs to contact dozens of banks to compare the terms and rates. Such an intense research work is also needed as the regulations differ depending on the bank: one may consider your company “high-risk” and the other may not have any problems with the gambling provider.
This is why it is a great advantage to build strong longterm cooperation with banks that agree to cooperate with gambling businesses, and obtain the lists of these banks timely.
We can do all the job for you.
How to open EU bank account?
When it comes to running a successful and legal e-gambling business, an operator should always be ready to create a bank account. Usually, having a bank account in a specific country is one of the gambling license requirements. But for many jurisdictions EU bank account works as well.
However, considering the fact online gambling is a high-risk industry even EU residents may experience some issues contacting the banks (for non-EU residents it’s even trickier). That’s why it might be a good idea to hire a team that will take care of the official red tape and will help you open EU bank account.
Here is why GamingLicensing can be your best partner:
- we cooperate with all the EU banks that open accounts to gambling companies;
- we cooperate with numerous non-EU banks that open accounts to gambling companies;
- we constantly refresh our list of partner banks by adding gambling-friendly ones and removing unreliable or those having ceased working with gambling businesses;
- we care about the speed of opening accounts and the quality of their maintenance. For this purpose, we assist in filling in and submitting all the necessary banking documentation and overseeing if bank clerks provide the services timely and efficiently.
GamingLicensing has been providing this service for several years. Our clients run their businesses successfully, using advantages of setting up accounts with our assistance.
Among the features there are the following ones:
- Swift Code & Account number
- Credit card settlements, E-Wallet settlements, convenience in paying your employees
- Reliability of EU-based banks
- Expertise in managing exactly gambling businesses’ accounts
- Internet Banking
- Business Card linked to account
- Acceptance of Merchant Services facilities
- Fast payments
Note! We are working with licensed companies. We do not provide the service to unlicensed companies or companies licensed under unreputable jurisdictions.