Getting a bank account for a gambling or high-risk business isn’t easy. Most banks are cautious, and the paperwork can feel endless. We simplify this process and help you get set up quickly, so your business can keep moving without the usual headaches.
What are Bank Accounts for High-Risk Companies
For online gambling companies like casinos, sportsbooks, betting platforms, game aggregators, or software providers having the right bank account is essential. A bank account isn’t just about storing money; it’s the backbone of day-to-day operations.
With the right setup, iGaming businesses can:
- Manage vendor payments and running costs, including payments to third parties such as partners, marketing services, and game providers
- Stay transparent, meet regulatory standards, and pass financial audits
But there’s the catch: because gambling is considered a high-risk industry and comes with strict regulatory demands, not every bank is willing to get involved. That’s why it’s vital to find a banking partner that understands the iGaming world.
Electronic Money Institutions (EMIs) offer a more flexible alternative to online gambling operators. While they don’t operate like traditional banks and don’t hold a full banking license, they do provide tailored financial services suited to high-risk industries.
EMIs don’t issue loans or offer credit, and they’re not allowed to touch client funds—those must be held securely. They typically make money through currency exchange, transaction fees, and account maintenance. Some also charge for crypto-to-fiat conversions.
Unlike traditional banks, EMIs operate entirely online and rarely have physical branches. Their digital-first approach and willingness to work with high-risk sectors make them a popular option for gambling businesses looking for stability and fewer entry barriers.
Who Need Bank Accounts
Bank accounts are a fundamental requirement for operating within the iGaming industry. Whether you’re running an online casino, a sportsbook, or any platform that handles player funds, you need reliable banking to move money in and out, pay expenses, and keep operations steady.
It’s the same for game studios, aggregators, and B2B providers, they need accounts to get paid, settle fees, and manage their financial side. Even support players like payment processors, gateways, and affiliate networks depend on solid banking just to function.
Bottom line: if your business touches the money in iGaming—front-end or behind the scenes—you’re going to need a bank account that meets both regulatory demands and the day-to-day realities of the industry.
Our clients typically fall into two categories:
- Online casinos operating directly with end customers (B2C).
- Aggregators or providers holding B2B licenses and working primarily with online casinos.
In our experience, what matters to banks is the risk profile and compliance — not how the business labels itself.
Bank Account Requirements
Here’s a quick list of the key documents you'll typically need:
Core Documents
- Passport copies (for directors, owners, and signatories)
- Recent proof of address (recent utility bill, bank statement, or official government letter, within 3 months)
- CVs of directors and key management
- Ultimate Beneficial Owner (UBO) Declaration (confirms the actual owner controlling the business)
- Background checks or reference letters (if requested)
Additional Documents
- Certificate of incorporation
- Articles of Association and Memorandum of Association
- Gambling license or any regulatory approvals
- Full list of beneficial owners, directors, and officers
- Tax ID Number
- Detailed business plan
- Audited financial statements (1–3 years, if available)
- Recent bank statements (usually last 6 months)
- Proof of funds / source of wealth
- Website URL(s) and descriptions of gambling platforms
- Software agreements or partnerships
- AML and CTF policies
- Responsible gambling policies
- Compliance manuals and AML/KYC procedures
- Recent compliance and audit reports (if available)
How to Open Bank Account
Opening a bank account for a gambling and high-risk business involves several important steps. Here’s a step-by-step overview of the process:
Step 1. Find the Right Banking Partner
First, look for banks that actually have experience dealing with gambling or other high-risk businesses. Check that they can handle international transfers, multiple currencies, and the kind of payment processing your operation needs. This part usually takes a week or two.
Step 2. Prepare Your Documents
Gather all necessary paperwork in advance. You’ll need things like company formation documents, gambling licenses, proof of funds, AML/KYC policies, and more. Preparing a complete file usually takes a week or two.
Step 3. Submit Your Application
Check with the bank to see what they need from you. Once you’re clear on that, send in your application and any documents they ask for. After that, they’ll usually set up a quick call to go over how your business works, what licenses you have, and how you handle compliance. That part typically takes a couple of days.
Step 4. Compliance Review
The bank will run enhanced due diligence, which may include:
- Verifying licenses and regulatory standing
- Checking UBOs, directors, and management
- Reviewing source of funds and transaction history
- Assessing AML/CTF compliance
- Evaluating your platform and operations
This review typically takes between 2–8 weeks.
Step 5. Account Approval
Once approved, the bank will issue your account details and online banking credentials. Some banks may request an initial deposit or require a minimum balance for high-risk clients. Final account setup usually takes 1–2 weeks.
Step 6. Ongoing Compliance
After your account is live, you’ll need to stay on top of compliance: submit regular updates, renew licenses, and maintain clear records to ensure transparency.
Prefer a Simpler Process? We’ve Got You.
We can handle most of the heavy lifting for you. Our streamlined 4-step approach helps reduce delays and cut through the complexity:
Step 1. Initial Consultation (1-3 days)
We have a consultation to understand your needs, including price, services, business model, and UBO information.
Step 2. Preparation and Application (2-6 weeks)
We apply to 2-10 banks based on your initial consultation. Our team prepares and fills out all necessary documents on your behalf.
Step 3. Initial Bank Approvals (1-3 days)
Once the first offers come in, you will receive initial approvals from a few banks. We can wait for more approvals or proceed with the available options.
Step 4. Account Setup (1-3 days)
After approval, we help finalize account setup and walk you through activation.
From beginning to end, the process takes about 3 to 7 weeks.
By partnering with us, you stay focused on running your business, while we take care of the paperwork and the process of opening your European bank account.
Banks We Work With
We work primarily with trusted European banks based in Lithuania, Spain, and the Czech Republic. These institutions have been tested and proven by many of our current clients, who continue to operate their accounts without any major issues.
In most cases, we work with Electronic Money Institutions (EMIs) rather than traditional banks. That’s because standard banks tend to avoid high-risk industries like gambling. EMIs, on the other hand, are generally more open and flexible when it comes to supporting businesses in the iGaming space.
We don’t deal with offshore banks and generally advise against them. One of the biggest issues with offshore accounts is that many European banks won’t accept incoming payments from them, simply due to lack of trust and transparency.
That said, if your company is registered offshore, for example, in Belize or Curacao, but you need access to EU banking, we can help you to open a separate company in Cyprus that acts as your payment agent.
That company issued a management fee of about 3% of your total income. Cyprus taxes that fee at 12.5%, which works out to an effective tax of just 0.375% overall. The rest of the funds move to your offshore company.
Because the Cyprus company and bank account are based in the EU, opening the account is simpler, and it’s easier to work with European banks and payment services. You also gain some operational separation, the Cyprus entity handles payments, the offshore entity holds the license. It keeps the things clean and adds a bit of distance between the two.
Challenges with Bank Accounts for Online Casinos
Opening a bank account for an online casino isn’t always straightforward. There are a few recurring challenges that businesses in the industry often face:
Finding the Right Bank
A major challenge is finding a bank that’s not just willing to work with gambling businesses, but stays committed. Some jump in, then back out without warning. Others that once avoided the industry might suddenly change course. Policies shift, and there’s often no clear explanation. That makes the whole process unpredictable.
Stability and Reliability
Finding a bank is one thing, making sure it’s stable is another. Some have a history of freezing accounts, holding funds without notice, or cutting off access with no explanation. We’ve also come across cases where unreliable SWIFT accounts caused delays and interruptions in international payments.
Strict Сompliance Requirements
Banks that handle high-risk industries tend to be strict on compliance. They might ask for a long list of documents—things like invoices, transaction history, and proof of payments for several transfers. It can slow things down and add a lot of extra paperwork to deal with.
This isn’t just about transfers over $10,000—smaller ones can also raise flags. Sometimes, a transaction gets held up or blocked if it looks unusual. The bank might even freeze the account while they go through the paperwork, like where the money came from and who’s supposed to receive it.
Because of all these factors, we usually recommend opening two or three accounts. That way, if one runs into issues, you’ve got a backup and your business isn’t left scrambling.
