Launching an eGaming startup is exciting, but one of the most common complaints from startups in the industry is about the difficulty they have in obtaining a bank account. Whilst the global online gambling market continues to grow, eGaming companies can face significant obstacles when it comes to sourcing banking partners and payment service providers.

So why is banking such a problem for eGaming startups? And how can Acclaim help to solve this problem?

The Banking Problem is Rooted in Perception

Many traditional banks still consider eGaming to be high-risk due to multiple factors, including perception of the industry, high chargeback rates, regulatory complexity and cross-border transactions. The risk from the bank’s perception further increases when the eGaming company is a startup.

As a result, even operators who have a gambling licence from some licensing authorities outside of the Isle of Man can struggle to find a banking partner. Even if an appropriate banking partner is located the onboarding process can be lengthy with extensive ongoing scrutiny of the account.

Banking challenges can also differ based on jurisdiction. For eGaming companies, jurisdiction has a big impact on the availability of bank accounts to you. Companies operating from the Isle of Man have a clear advantage when it comes to getting bank accounts as the Island is a well-regulated and respected environment.

How Can Acclaim Help with Banking?

Acclaim’s eGaming team have strong relationships with over a dozen banks, both on and off the Isle of Man. This coupled with the accumulated knowledge of the team means that we’ll be able to find the right banking solution for you. Not only will we find the bank that best meets your needs, we can also take care of the entire bank account application for you.

Our long-standing relationships with local and international banks allows us to prepare client applications with the right structure, compliance documentation and business plans to streamline the application process and satisfy the bank’s requirements. We often find that our eGaming clients want to have several bank accounts available, so we can manage multiple bank applications for both local and international accounts alike.

Banking shouldn’t be an area that holds back or slows down your eGaming operation. Acclaim can provide the right support to ensure that your eGaming company gets access to the right bank account quickly.

If you’re interested in setting up an eGaming venture, feel free to contact Acclaim to discuss your needs with the team.