Open bank account for gambling companies

A bank account for a gambling business provides you with essential services and the success of your gaming operation will depend on whether you have chosen the right gambling bank account from the beginning. We can assist with business IBAN accounts specifically for the online gambling industry. Whether you’re an operator, developer or affiliate, GBO offers tailor-made account solutions with various financial institutions.

Here at GBO we provide gaming companies with a package of services that includes:

• Assistance with company formation + gaming licenses.
• Locating gambling-friendly banks and opening a bank account for a gambling company.
• Supporting gaming corporate services.
• Main features – Crypto, SWIFTS, dedicated IBAN, SEPA, debit cards, 120 currencies  – friendly curacao companies

Contact us about your best options for opening your gaming business bank accounts. WhatsApp us: +972504938469

What are our services?

We take into consideration the needs of your gaming company as well as all requirements of the selected  bank in order to build up the best structure.

What are the key features needed:

• Curacao company bank account opening
• Receiving and making payments via wire transfer, locally and internationally. 
• Managing a corporate bank account.
• Have the ability to open e-wallet, PayPal, Neteller and similar merchant accounts and link them to your gaming business bank account
• Allow for use of internationally accepted debit cards
• B2B and C2B – payments from clients directrly to clients funds account and ability to have a bank account for gambling company for managing the company.

No need to visit the bank – the process is done remotely. Using our special skills, we achieved a 100% success rate in setting up online business bank accounts at gambling friendly banks for our online gambling customers in 2020. We always do our best to provide our clients with innovative banking solutions that will assist them in keeping up with the fast pace of change in today’s technology in the gaming world.

Many companies offering online gambling may find the process of establishing an gaming business bank account difficult, due to the bank’s classification of these operations as high-risk, but thanks to our well-established relationships with the banks, the process is smooth and painless. The gambling friendly banks we work with all have experience working with gaming companies.

The process of opening an online corporate bank account for gaming operations is more complicated than opening a regular bank account. It is generally beyond the experience of most banks to properly understand the nature of the gaming business, especially for online operations. There are so many different models of gaming operations because every country sets its own regulations and laws. As a result the compliance department at the bank finds it difficult to fully understand the structure of the company’s transactions  and as a result does not approve the opening of the company’s account.

All services offered by GBO, including opening bank accounts, can be done remotely so that the beneficial owners/signatories of the company do not physically need to be present at the branch to sign the papers. This service is unique, adding another level to the usability of our services in opening a business bank account today.

What are the required features of an online gaming business bank account?

When opening a corporate account for offshore gambling operations, the bank requires a detailed list of corporate documents as well as scanned copies of the relevant identification documents for owners and managers. Depending on the bank, these documents may be required to be validated and notarized.

It is essential when you apply for a business bank account that all information regarding your business activity is disclosed to the bank so that they understand exactly what the operations are, and that they know where to expect the fund movements will be. 

Why you should create a wall between gambling and corporate bank accounts

Tax efficiency: You need to be able to treat gaming transactions separately from your corporate ones. Many countries levy a separate tax on gaming (GGR – gross gaming revenue tax) which means the transactions relating to gaming must be separated from other company transactions like payroll, consumables etc. If all corporate transactions are in one account, it becomes extremely difficult to separate gaming revenue from business income, costs and profits.

Avoiding liability: Even with the greatest degree of managerial expertise, it is possible for a high-risk enterprise like online gaming to fail. This is especially the case when there are large criminal enterprises that have developed tools and expertise with which they can attack digital money operations and have been known to strip the finances of vulnerable companies in minutes. With the proper bank account setup, separating funds into sub-accounts and automating flows between operating and capital accounts can limit your vulnerabilities while at the same time facilitating the cheapest and most efficient flow. GBO has many years of experience in advising corporate gambling operators on the best structure to achieve both efficiency and protection.

How to decide on the best location for the gaming compnay bank account

Gaming business bank accounts are a key element for web-based gambling banking solutions. While it might seem easy to open a business bank account offshore, it is subsequently a difficult and frustrating process for the business owner. Whilst banks are responding to the more frequent offshore gaming company with a bank account situation, it is the fine tuning of the account to the gambling business model that is the challenge, often leaving an unprepared business owner with a poor solution. Let GBO be the one to lead you through the process to a fast, affordable and efficient solution.

What are the advantages of gambling business banking accounts?

Often, local banking services just don’t offer the services an online gambling operation needs, or are difficult and slow to deal with. In other cases, your gaming license jurisdiction, including Curacao egaming, may require that you comply with their own local banking regulations or perhaps because your local affiliations stipulate a local bank account. 

How does GBO help you to open a business bank account to gaming businesses?

With GBO, any questions of how to open business bank accounts are kept simple. GBO will guide you through the process, provide expert advice on incorporating the business structure for offshore needs, as well as handling interaction with the banks. For a company already with a local bank account, GBO can provide the best offshore banking solutions to help you maximize the efficiency and cost of your banking needs.

What are the documents needed to open a gaming bank account?

In our dealing with  banks in Europe, the most frequent requirements are the following:

• Personal identification document of owners, managers and local representatives. All will need to supply proof of identity, usually in the form of a notarized copy of a passport.
• A letter of referral or bank statement from a financial institution where you have an existing business bank account. 
• Proof of address, such as a recent utility bill or municipal rates bill with the company’s name and address.
• Company resolutions authorizing whoever is approaching the bank to act in the company’s name as an authorized signatory, along with a resolution from your the board granting him/her the right to handle the finances of the company/open an account/control the account. If more than one individual will be operating the account then the bank will require proof of their identity. 
• The certificate of incorporation of any limited liability partnership or company, along with the Memorandum of Association received when establishing the company, and the Articles of Association, which states the purpose of the company and the role of its members.

Some banks may ask to see your business plan that sets out the company’s purpose and strategy, and a certified copy of the Gaming Control Board license.

If you are setting up a sport betting affiliate business in the USA, depending on in which state your company was registered in,  the bank may ask for proof of your Employer Identification Number (EIN) or Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN). This is a number issued by the IRS to businesses established in the US, for the purpose of identification. If your company is registered outside the US then you may be asked for a tax number from your jurisdiction. If your business will be operating under a name other than its legal registered name then you may need a “Fictitious Business Name Certificate” also known as a “Doing Business As Certificate” or DBA.

Remember that the bank has the right to ask for any documents it wishes. If you choose not to supply the required documents the bank is likely to reject your application for a gaming business account. It is best to approach the bank with as much information about your business as they may require. A corporate bank account at a respected financial institution is essential for running a successful gambling operation.

Bank account for gambling company

It can be challenging for a gambling company to open a bank account, as many banks are hesitant to do business with such companies due to the inherent risks and regulatory compliance issues involved. Gambling companies may be seen as high-risk clients due to the possibility of money laundering and other illegal activities.

However, some banks may be willing to work with gambling companies if certain conditions are met, such as having a strong financial track record, demonstrating compliance with relevant laws and regulations, and having a well-developed anti-money laundering (AML) program in place.

Gambling companies may also consider alternative financial service providers, such as payment processors or e-money institutions, which can provide some of the financial services that a traditional bank would offer, such as accepting deposits, processing payments, and facilitating money transfers.

Overall, it is important for a gambling company to do its due diligence and carefully research its options before choosing a financial service provider. It may also be helpful to seek the advice of a financial professional or lawyer to ensure that the company’s financial needs are properly met and all regulatory requirements are fulfilled.

Online gambling friendly banks are banks that are willing to work with online gambling businesses and provide them with financial services, such as accepting deposits, processing payments, and facilitating money transfers.

FAQ

Do banks allow online gambling?

Many large banks won’t process gambling transactions. Major credit card companies also have an ambiguous policy, but all retain the right to refuse to process transactions, and even to freeze or even close the account

Is it illegal to gamble with a debit card?

The legality of gaming is defined by the jurisdiction of the card-holder, not the company that issues the card. There’s no difference between debit cards and credit cards. The company that issued the card can reject transactions or withdraw the card.

Why should you choose to open a virtual gaming banking account in a European bank?

For a gaming company to open up a standard European business account without having a registered office in Europe, you will have to engage expensive specialised services like accountants and lawyers, and it still will only be possible for companies that have high transaction volumes that are not likely in the early stages of setting up an online gaming operation. 

European banks may still insist on a subsidiary in their country, which means opening a corporate account will take time and cost a great deal of money to get it up-and-running properly.

Now, GBO can help you to set up a virtual bank account in Europe. With this account it is possible to accept payments from all of the 36 EU member countries, enabling you to make borderless transfers with any others in the SEPA area. This brings gaming banking up to the latest technology with virtual bank accounts that give rapid movement of payments along with savings in fees.

Transactions take place online, via internet connections. Virtual bank accounts are making it easy for non-residents to open an account. That is not the same for traditional banks because although virtual banks perform only a few of the services that traditional banks offer, they do them more efficiently and cheaper. Virtual banks operate with lower overheads which enables them to charge lower fees to customers compared to traditional banks, in some cases reducing banking fees by half or more.

What steps should be taken when setting up a gaming business account?

Before you even start gathering the documents you will need to open the account you should consider some very general but vital points that will affect your choice of bank:

Where will the gaming operation be located? Some banks already have barriers against dealing with high-risk operations like online gaming that are based in countries that do not supervise or control such operations to their satisfaction. This is why you should only approach the banks with the assistance of experienced advisors like GBO. We already know the right answers about banks’ attitude to certain jurisdictions. 

Often large financial institutions require you to conduct your business in the same jurisdiction where they are located. Unless you check this out before you approach a bank to open a new business account, you could be rejected out-of-hand. And banks talk to each other, so getting rejected by one bank can put you in a bad light when you are asked by the next bank whether your application has even been rejected.

Does your new bank meet the needs of online gaming operations?

You might consider opening more than one business account – separate accounts for separate financial roles – gaming, taxes, income, payroll etc. Depending on the size of your business this may make your life easier and the business finances easier to control and monitor. Save yourself problems in the future by consulting with us before rushing to open a new business bank account.

What are the main disadvantages you should watch out for?

Perhaps the main disadvantages of a specific business bank account can be the levels of bank fees, any requirement that you maintain minimum account balances, or limits on movements.

Whether when opening the bank account you must undergo a credit history inspection differs from bank to bank. Opening your and your co-directors’ credit history results makes opening a gambling business account a more difficult and lengthy process.

Online casino transactions require a dedicated bank account, which many people overlook.

Online casino transactions using personal bank accounts are risky. Since online gambling is illegal in many countries, your bank may freeze or close your account. Online gambling with a personal bank account makes it hard to track expenses and winnings.

That’s why you need an online casino bank account. This will help you track your gambling wins and losses and separate your gambling expenses from your personal finances. A dedicated bank account will also help you avoid problems with your personal bank account and online gambling-related legal issues.

Choose a reputable bank with online gambling experience when opening an online casino bank account. Find a bank that allows online gambling transactions since many banks don’t. Read the terms and conditions before opening an online casino bank account to understand any fees or restrictions.

In conclusion, if you like online gambling, a dedicated bank account for casino transactions is smart. It will help you track your online gambling expenses and winnings and avoid legal issues. So find a trustworthy bank that allows online gambling and open your online casino bank account today.