Finding the Right Banking Partner for your Gaming & Gambling Business

by Amaiz

While the gaming and gambling industries are full of excitement and potential, they are also subject to unique challenges and regulations that make finding the right financial partner not just beneficial, but crucial. Today we'll look at some key points to help you make this decision with confidence.

Industry Growth and Changing Dynamics
The gambling industry is expected to undergo significant changes. According to recent forecasts, in the UK, the sector is projected to grow at a compound annual growth rate (CAGR) of 4.53%, reaching an estimated value of £16 billion by 2025 (Statista, 2024). A 2023 report by Grand View Research highlights that the global online gambling industry is expected to grow by 11.7% annually, reaching $153.57 billion by 2030 (Grand View Research, 2023). Online gambling continues to dominate with over 60% of the market share, driven by advancements in technology and mobile accessibility (Gambling Commission UK, 2023).

Additionally, regulatory measures are anticipated to intensify, focusing on responsible gambling and player protection, which could reshape industry dynamics and influence consumer behaviour. With such growth prospects, aligning with the right bank is crucial for taking advantage of the expanding market.

Challenges for Companies with a Curaçao License
Finding a banking partner to support companies with a Curaçao licence can be even more challenging. Curaçao's regulatory framework is sometimes perceived as less stringent compared to other jurisdictions, leading many banks to hesitate in offering services to businesses licensed there. In addition to that, there are a lot of concerns about compliance risks, money laundering, and the need for enhanced due diligence that make things even more complicated.

As a result, companies with a Curaçao licence often struggle to secure reliable banking services, which can hinder their ability to handle payments and maintain cash flow effectively.

The Importance of a Specialised Banking Partner
High transaction volumes, the necessity for robust security measures, and compliance with strict regulatory frameworks are just a few examples of what your banking partner should be equipped to handle. This means you need a bank that not only understands your business model but also has experience in managing the distinctive financial intricacies associated with gaming and gambling.

Adapting to a Shifting Regulatory Landscape
The regulatory framework is constantly changing: laws vary not only from country to country, from state to state, from region to region. Your banking partner must demonstrate a full understanding of these rules and hold the necessary licenses to support operations. This is important not only to comply with the law, but also to maintain the trust of your customer base.

Specialised Banking Services for Gaming and Gambling Businesses
Some banks may provide specialised accounts that offer benefits such as a deep understanding of customer needs, advanced reporting tools and dedicated account management.

The Need for Efficient Transaction Services
The gaming and gambling business largely depends on the ability to make deposits and payouts quickly and accurately. Delays or errors in transaction processing can lead to customer dissatisfaction and even financial loss. Therefore, when choosing a banking partner, give preference to those who provide smooth and efficient transaction services and have a proven track record of minimising problems.

Building a Long-Term Banking Relationship
View the banking partnership as a long-term relationship rather than a transactional agreement. The ideal partner will grow with your business, will adapt to changes in the industry and will help you to achieve your strategic goals.

Partnering with Amaiz for Banking Solutions
If you are looking for a bank account for your gaming company, Amaiz is here to help you. Leave your details on our website www.amaiz.com and we will contact you.

  1. Statista (March 2024) 'Online Gambling - United Kingdom'. Available at: https://es.statista.com/outlook/dmo/eservices/online-gambling/united-kingdom.
  2. Grand View Research (March 2023) 'Global Online Gambling Market'. Available at: https://www.grandviewresearch.com/press-release/global-online-gambling-market.
  3. Gambling Commission UK (2023) 'Industry Statistics - 2023'. Available at: https://www.gamblingcommission.gov.uk/about-us/statistics-and-research.
  4. Technavio (October 2023) 'Gambling Market Analysis UK - Size and Forecast 2024-2028'. Available at: https://www.technavio.com/report/gambling-market-in-uk-industry-analysis.
  5. XACE (May 2023) 'UK Gambling Statistics 2023'. Available at: https://www.xace.io/payments/uk-gambling-statistics-2023.

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