To open your own online casino, you need not only a good online platform with a well-designed, user-friendly interface. To start a gambling company, you require a bank account for your casino. Opening a gambling account is one of the important steps to take when you set up a gambling or casino business. In doing this, you should take into account that your chances of getting approval to open a current account directly depend on the type of license and the jurisdiction where it was issued. If you want to set up a gambling business, we recommend that you contact the representatives of IB-IA Group UAB so that a bank account in Europe is opened for you as soon as possible.
Gambling means a field of activity related to lotteries, casinos, sports betting and other games of luck. It is important to understand that there are quite strict legal requirements in this sector in Europe, which should be taken into account before registering a company.
Not all European banks are ready to cooperate with online casinos and gambling platforms for sports betting, mainly due 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 is at risk of 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. Despite 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. According to IB-IA Group UAB, popular jurisdictions where you can open a gambling account today include 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.
Requirements for Applicants When Opening a Gambling Account
A complete and accurate list of requirements will be specified after selecting the jurisdiction and the specific financial institution the applicant company wants to open an account with. If your gambling company uses the pre-approval service, the final list of documents to be submitted by the company will be approved after getting prior approval to open an account with a selected European bank.
There are some general requirements an entity applying for opening a gambling account must comply with.
The applicant company must be registered in accordance with all the rules of the selected European country;
When applying for opening a gambling account, bank representatives may request information about the server and domain related to your website. Therefore, it is necessary to follow security rules and only cooperate with trusted providers with a high level of data protection;
Details of the beneficiaries of the gambling company must be provided. Sources of income will be checked. Therefore, only reliable information should be submitted, otherwise the risk of refusal to open an account increases significantly.
The package of documents for opening a bank account in Europe is as follows:
- Confirmation of identity and personal data of the director and beneficiaries (identity document valid for at least 6 months, proof of residence address, CV/resume, etc.)
- Registration documents of the company (certificate/memorandum of incorporation, articles of association, list of beneficiaries)
- Information on personal and corporate financial standing, bank statements for the past year
- Business plan of the company
- Confirmation of licensing
It is important to understand that the package of documents may vary depending on the selected bank and gambling license.
If you have any questions about opening an account with a European bank for a gambling company, please contact IB-IA Group UAB and get an individual offer. Our specialists will help you understand the legal requirements of the selected country and find out what opportunities and options you have for opening an account if you already have a gambling license.
How to Increase Your Chances of Opening a Bank Account for a Gambling Company?
Jurisdiction. Each state has its own requirements for those who want to apply for opening a casino bank account. The country in which the representative office of the gambling company is located plays an important role. In some European countries, it is prohibited to open 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.
In Europe, a license for online gambling can be issued in France, the Czech Republic, Denmark, Montenegro and Greece. Lithuania, Gibraltar and Guernsey (Great Britain) are also popular, and here you can open an online casino account on the most favourable terms.
Many countries are developing a clear framework for cryptocurrency regulation, however there are only a few banks willing to provide services to such companies. IB-IA Group UAB specialists provide support in opening an account with European banks for cryptocurrency companies and will be happy to provide a full range of necessary services to you.
Assistance to open an account for high-risk company
At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Tallinn, Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.