Aug 19, 2020

Banking Solutions for Your E-gaming Business

E-gaming has increased significantly in recent years, but probably this Covid-19 pandemic, with many people being locked down at home, has been the biggest single boost to the business. But how do you go about opening an offshore bank account for a gaming business today?

It is quite easy to set up a company and obtain a license for online gaming and gambling, provided all requirements are met. For companies who are successful in the online gaming business, returns can be super fast and very rewarding. But after obtaining a license, you need something that can potentially be even more difficult: a bank account!

That said, there is one problem that owners of e-gaming companies may face and some of them are not even aware of how tricky bank account opening may be. E-gaming is considered to be a high-risk business by almost all banks and most mainstream banks will reject account opening application.

On the other hand, some reputable European EMIs, as well as payment service providers and offshore banks in places from the Caribbean to Singapore, are still keen to open accounts for e-gaming. Some offshore banks also deal with gambling businesses like sportsbooks and casinos.

Offshore Pro Group does cooperate with these payment service providers and banks and will help you select the best account for your gaming business, holding your hand through the process.

Consultation is free of charge and it will give both you and us a clear insight on what you need and what can be done. In most cases, account opening will take from 2 weeks to one month. Contact Us for further details

During the pandemic, the demand for online casinos has grown and become much more profitable.  On the other hand, there are licenses that are needed for someone to open an online casino. For this reason, the most important thing is to choose the right jurisdiction and obtain a license. There are two main venues where it can be done: EU and offshore countries (non-EU) For the purposes of this article we will include the UK as if it were still in the EU.

Let’s take a look at several banking solutions for e-gaming and online casino business:

  1. I have an E-gaming license in the EU and my clients are from the EU. Where can I open a corporate account?

If you wish to open a corporate account for you E-gaming business we can recommend 2 banks that would suit the purpose. 

The first option is a payment service provider in UK. It is located and licensed in both the United Kingdom and Lithuania, Europe’s fintec hub. Account opening takes as little as 24 hours and account can be opened completely remotely. The client would be provided with a personal manager and around the clock card user support with 24/7 access to funds. Your corporate account will be able to accept to/from 150+ countries through SWIFT, SEPA, Chaps and FPS and would be allow around 25-30 different currencies.

There is an option to grant access of your corporate account to your team, control account activity and set rules for each individual and make bulk payments. The client would be able to convert money quickly with interbank exchange rates and no hidden fees. The price of opening such an account starts from around EUR 2,500 depending on which jurisdiction suits you. The account can be open completely remotely with the help of our company.

The second option is a solely Lithuanian payment service provider that also offers good solutions for opening a corporate bank account for E-gaming businesses. They offer a wide spectrum of services to international clients for global payments and managing funds. Unlike the first bank, both SEPA and SWIFT are available for sending funds. All EU banks support SEPA transfers and SEPA is the cheapest and fastest way to send and receive funds and most transactions clear the same day. The banks main venture is distribution and redemption of electronic money. 

They offer multi-currency accounts and the option of converting currency through their online portal, while all exchange rates are available 24/7. Remote account opening is also an option and takes about 2 weeks. Clients will need to pay for the account opening and the fee will be known at the pre-approval stage, as this payment service provider has several categories for different type of clients.

  1. I own e-gaming /online casino business and I am licensed elsewhere. My clients are located worldwide. How can I open a bank account? 

The first solution we can provide is going with a bank in Dominica. This bank prioritizes its client’s business needs and is managed by international financial professionals. It has a multi-currency culture of IBAN’s and SWIFT and SEPA enabled.  It supports fast worldwide money transfers with high data protection.  A corporate bank account can be opened online and quickly in a couple of days. The bank also offers banking services for crypto-OTC transactions and OTC and has licenses to operate internationally with withdrawals and deposits ate the best market rates.

The second solution is opening a corporate account in Hong Kong. This MSO (payment service provider) works with various organizational and legal companies from a wide range of jurisdictions. 

Opening a corporate bank account for a high-risk category (forex, cryptom gambling etc) is possible. Of course, they provide online banking. A corporate account can be opened online by completing a questionnaire and no minimum deposit or balance is required.  The whole process before your account is ready to go takes around 3-5 business days. When it comes to currencies, the bank accepts EUR, USD, GBP and RUB.

  1. I have an e-gaming or forex business but I do not have a license. Can I open a bank account? 

While account opening with a regular bank might be really tricky for an e-gaming or an unregulated forex business, there are still payment service providers that does not require a license. It I licensed in Panama and the fee for corporate account opening is EUR 5000. A big network of the correspondent banks allows easy SWIFT transfers. However, clients will not have a dedicated IBAN but they will be able to smoothly receive payments.

Please fill out the form by clicking here and scroll down to provide the information about your e-gaming company so we can pull up several options for corporate account opening and have them ready for you. 

Alternatively, we can discuss your options via live chat, phone or through email. For more information please contact [email protected]