To open your online casino, you need not only a good online platform with a well-designed, user-friendly interface. To start a gambling company, one does require a bank account for his or her casino. Opening a gambling account is among the major steps to consider upon setting up a gambling or casino business. In doing so, you need to know that the sort of license, added to the jurisdiction where it was issued, is directly going to influence your possibilities of approval to open a current account.
Should you decide to open a gambling business, we recommend contacting the representatives of Regulated United Europe so that as soon as possible, a bank account will be opened for you in Europe.
Gambling means a field of activity related to lotteries, casinos, sports betting and other games of luck. It is important to understand that quite strict legal requirements in this sector exist in Europe and this fact should be taken into account prior to registration of the company.
Not all European banks are ready to cooperate with online casinos and gambling platforms for sports betting due mainly to the strict requirements imposed by the governments of European countries in this business area, since if there is no adequate control over this activity the bank risks losing its license.
If you want to open an account in Europe, please note that regulatory requirements for gambling established in EU countries may differ. In spite of the fact that gaming is a fast-growing industry, it may be prohibited by law to carry out activities in this area in some states. Popular jurisdictions where you can open a gambling account today, according to Regulated United Europe, are Malta, Cyprus, Lithuania and Gibraltar.
It is also necessary to distinguish between two types of accounts required for performing gambling activities:
Trading. It is designed to manage operations, such as transactions on winnings, money withdrawal, payment of company expenses.
Merchant. It is designed to carry out transactions with Visa, MasterCard, etc. credit cards used to deposit funds by the clients of the company.
Applicant Requirements to Open a Gaming Account
A complete and correct list of the requirements will be given after a jurisdiction is chosen and also the particular financial institution in which the applicant company would like to open an account. The final list of the documents to be submitted by the company will be approved after getting prior approval to open an account with a selected European bank if your gambling company uses the pre-approval service.
There are some general requirements that must be observed by an entity that applies to open a gambling account.
- The applicant company should be registered in accordance with all the rules of the selected European country;
- When filing the application for the opening of a gambling account, bank representatives may ask for information about the server and domain concerning your website. It is important to closely follow the rules of security, cooperating only with trusted providers that have a high level of data protection;
- Information about the owners of the gambling company is needed. Sources of income will be verified. That is why only reliable information should be provided; otherwise, there is a big risk of refusing to open an account.
The set of documents for opening a bank account in Europe is as follows:
- Confirmation of the identity and personal data of the director and beneficiaries: ID document valid for at least 6 months in advance, proof of residence address, CV/resume, etc.
- Registration documents of the company: certificate/memorandum of incorporation, articles of association, list of beneficiaries
- Information about personal and corporate financial standing; bank statements for the last year
- Business plan of the company
- Confirmation of licensing
Note that the package of documents may vary somehow, depending on the bank selected and the license for gambling.
If you have questions regarding the opening of an account with a European bank for a company operating in the field of gambling, please contact Regulated United Europe and get an individual offer. Our specialists will help to understand legal requirements of the selected country and find out what opportunities and options you have for opening an account if you already have a license for such activity.
How to Increase Your Chances of Opening a Bank Account for a Gambling Company?
Jurisdiction: In every state, there are different requirements to apply for opening a casino bank account. The country where the representative office of the gambling company is located generally plays an important role. Some European countries prohibit opening a casino bank account for foreign entities or companies whose beneficiaries are non-residents.
Bank requirements: How long it takes to open an account, the minimum balance, and the ability to manage a deposit online are among the key factors that will help you make a decision when choosing a partner.
The license on online gambling in Europe can be issued in France, the Czech Republic, Denmark, Montenegro, and Greece. Also, popular countries for issuing a license are Lithuania, Gibraltar, and Guernsey (Great Britain), where an account on the online casino can be opened on the most favorable terms.
While many countries are working out a clear framework for the regulation of cryptocurrencies, there is only a handful of banks ready to offer services to such companies. Regulated United Europe professionals will assist in the opening of an account with European banks for cryptocurrency companies and will be happy to offer you a full range of necessary services, too.
| Assistance to open an account for high-risk company | 2,000 EUR |
RUE customer support team
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At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.
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