Bank accounts for gambling business

Bank accounts for gambling business

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Every iGaming business needs a bank account. Its presence allows operators to control the company’s expenses and income, directly accept deposits from players, pay for partners’ services and not worry about the safety of the funds. A corporate bank account not only simplifies financial management but also increases the credibility and the level of trust in the enterprise from customers.

Unfortunately, not every bank is willing to open an account for iGaming, which is generally considered a high-risk industry. This is so due to the ambiguous attitude and distrust of gambling in general, and the large number of crimes and chargebacks in this business sphere. Keep reading to learn how to choose a bank to get an account, what you need to obtain one, and how to manage it efficiently and securely.

Factors to consider when choosing a bank 

The issue of choosing a financial institution to open a gaming or betting bank account is one of the most difficult. To begin with, it is worth finding out which of them are ready to cooperate with iGaming platforms, because there are a lot of banks that don’t allow gambling companies to hold accounts. Next, you should compare the conditions for obtaining an account and the cost of services in available banks, find out about their reputation, the speed of transactions, the ability to accept payments in different currencies and other crucial points. 

Do not forget: some jurisdictions issue licenses only for enterprises with an account in a local financial structure. At the same time, in other countries, the geography of institutions where you can have an account is not limited in any way. 

Let’s talk about the most significant criteria for choosing a bank.

Positive attitude towards the gaming industry

To have more chances of opening a corporate account and less related problems, it is better to choose gambling-friendly banks (banks that allow online gambling enterprises to get accounts). This is very important because some banks can block gambling transactions, not wanting to have anything to do with the casino. It is worth noting that some organizations flatly refuse to cooperate with the iGaming projects, while others are ready to consider such an option, provided that the entity has a respected and trustworthy license. 

Reputation and trustworthiness

It is difficult to overestimate the importance of the reputation of the bank where the company’s corporate account is opened. Cooperation with a reputable one is the key to success and trust from partners and customers. High status, good recognition and the glory of honesty and reliability – the formula of an ideal bank.

Some (usually not the largest and most well-known) banks are involved in money laundering from online casinos from time to time. That is why you should not rely only on the loyalty of a financial institution to the gaming sphere. 

Transaction speed 

To date, the speed of transactions is one of the key factors. Especially when it comes to the casino industry, where excitement comes into play, and seconds always count. Players are constantly required to make online casino deposits with a bank account. In addition, the client should be able to quickly withdraw the winnings. If the transfer of money is not as fast as the user would like, this causes a storm of negative emotions. This is how choosing a financial provider can affect customer satisfaction.

How to get an account 

What do banks that allow online gambling businesses to get an account require from applicants? Each institution sets its own requirements and conditions. There are many pitfalls at this stage. Our specialists can help you understand the nuances and find the best option. This will save you a lot of time and protect you from possible issues in the future.

Required documents

The package of required documents varies depending on the bank. However, in any of them, you will be asked to provide the following information:

  • Constituent documents of the enterprise, the charter; 
  • Documents confirming the identity of the founders, and their addresses; 
  • Description of the activity (gaming or betting platform) and the link to the website;
  • Information about the source of financing and available funds of the enterprise and the financial condition of its participants; 
  • Policies (privacy policy, etc.);
  • License;
  • Confirmation of the company address (utility bills, etc.) 

One of the most important of the requirements is the compliance of the platform with the AML and KYC policies. There is a high probability of checks in this area.

Account opening procedure

After choosing a bank, the operator needs to make sure its platform meets all the requirements of a financial institution. The next step is to collect the necessary documentation and request to open an account. Today, many banks offer to do it remotely, without the need for personal presence. In such cases, the documents should be sent by courier or through special transfer services. Another mandatory step is paying the activation fee (as well as some other fees, depending on the particular case). 

Feel free to contact LicensingAid specialists to facilitate the process.

Tips for managing your casino account

After obtaining a corporate account, it is worth thinking about how to manage it effectively. Here are some tips that will help streamline the movement of funds, protect you and your customers, and once again convince the bank of the reliability of your business:

  1. Set a budget and stick to it. Do not go beyond the established limits, causing unnecessary suspicion.
  2. Monitor your transactions regularly. The movement of funds must be traceable and transparent to both parties. It is very important that the client can see all gambling transactions on the bank statement, and you, in your turn, must save all the data on your side so as not to miss suspicious transfers.
  3. Keep your account secure. Needless to say, the security of personal data and customers’ money is one of the core values of any honest operator. In addition, ensuring the proper level of security works to the benefit of the business and its reputation

Summarizing the above, we can conclude: opening a corporate account is a responsible step on the path of each iGaming operator. Contact LicensingAid to get support with choosing the best bank account for matched betting or gaming projects.

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