Gambling businesses are considered high-risk investments from the vantage point of banks. Still, as a general thumb rule, high risk means high reward and the whole appeal of establishing a reputable online gambling company stems from that. Your investments of equal value in most of the other sectors available for business will take years if not decades to parallel the profitability of an e-gaming website you would take the bold move to found.
Like any other business though, you would need some serious capital to dip your toes in the dazzling waters of gambling and you would be expected to sustain such business for at least 6 months without expecting it to take off for six-figures heights.
We assume you have obtained an online gambling license from one of the countries offering them depending on your budget – while regions like Switzerland, UK or Malta are more reputable and equally costly options, you could always opt for cheaper licensors such as Curaçao or Gibraltar.
As you proceed with your license and proceed to start a fully operational website, you are left with how to manage your gambling payments, both in and out. Without further ado, though, keep in mind that your gambling business company can always make use of white label packages for e-gaming license and website bundled together offered by certain vendors.
What is a Bank Account for Online Gambling?
So when you are bound to be moving huge amounts of money through a gambling business as an additional layer of concrete, you would have to open a gambling bank account that provides you with all common services like with any other more “traditional” business. As aforementioned, banks classify gambling operations as high risk businesses so avoid them staunchly. It is definitely not surprising considering the nature of the business and both deliberate or unintentional hazards that tag along. Of course, it would be utterly unfair to neglect the fact that online gambling business is a legitimate business and fortunately there are financial institutions who are willing to collaborate with the e-gaming industry.
How to Open a Gambling Business Bank Account
With gambling transactions, you need to be wary of a lot of flexibility both horizontally and vertically. Your banking partner must enable you with the opportunity to move money en masse along with payment options as local as possible. Casting the broadest net possible over the potential customers population starts with gambling payments that are available in your own country and takes a foothold and expands with the transactions for online gambling business being executed in a swift and safe fashion.
At the time of writing of this article, online gambling bank accounts for your gambling company could be opened at e-gaming friendly institutions such Standard Bank of Isle of Man, Global Bank of Commerce and North International Bank of Antigua, Heritage International Bank of Belize and the Bank of Valletta of Malta. Should you be looking for the best bank account for online gambling in the UK, banks would require you to be licensed within the UK and seek residency in the country as well.
To conclude it is always the best practice to look for the following as you finalize your decision with your gambling business bank account: Ability to work with multiple currencies, access to online banking, providing a debit card if possible, multiple signature rights to the account and last but not the least, being able to receive funds from the business’ merchant account. If you still feel lost, you should seriously consider receiving professional consultancy in acquiring such an account.