Traditional banks reject approximately 75-85% of iGaming business bank account applications, classifying online gaming operators as high-risk due to regulatory complexity, chargeback exposure, and cross-border transaction volumes. For iGaming companies seeking reliable banking infrastructure, understanding the difference between traditional bank accounts and Electronic Money Institution (EMI) solutions is critical to securing approval and maintaining operational stability. 

At BankMyCapital, we specialize in securing compliant banking solutions for iGaming operators through both high street banks and regulated iGaming-friendly EMIs across 50+ financial institutions in 8 jurisdictions.

Why iGaming Companies Need Specialized Banking Solutions

iGaming businesses operate in a high-risk environment, dealing with regulatory complexities, high transaction volumes, and international financial operations. Having a secure and adaptable banking partner allows your business to handle these challenges effectively.

Key Banking Needs for iGaming Companies:

• Multi-Currency Transactions: Businesses often operate in multiple jurisdictions, requiring accounts that support various currencies to reduce conversion fees.
• Efficient Payment Processing: Fast and secure payment options, including card payments, e-wallets, and cryptocurrency.
• Regulatory Compliance: Adhering to KYC (Know Your Customer), AML (Anti-Money Laundering), and other legal requirements to maintain credibility and avoid penalties.
• Fraud Protection: Advanced anti-fraud measures to ensure secure transactions and protect customer data.

Why iGaming Companies Are Classified as High-Risk by Banks

Opening a bank account for an iGaming company is significantly more complex than for standard industries. iGaming and online gaming businesses are almost always classified as high-risk due to the nature of their transaction flows, regulatory exposure, and fraud risk. Traditional banks often view gaming operators as part of the broader high-risk merchant bank account category, alongside industries with elevated chargeback potential and cross-border payment activity.

This is why high risk bank account opening for iGaming requires more documentation, stronger compliance controls, and the right banking partners. At BankMyCapital, we help operators access banking solutions that match their risk profile rather than facing repeated rejections from institutions unfamiliar with online gaming models.

Licensing Requirements Banks Expect Before Approval

One of the most important factors in securing an iGaming business bank account is licensing. Banks and EMIs prioritize operators that hold recognized regulatory approvals, as licensing directly impacts compliance trust and long-term account stability.

For example, institutions are far more likely to approve operators licensed under established regulators such as the Malta Gaming Authority (MGA) or the UK iGaming Commission Licensing, Curaçao Gaming Authority, Estonian Financial Supervision Authority, Hellenic Gaming Commission (Greece), Anjouan Offshore Finance Authority, Nevis Financial Services Regulatory Commission, the Kahnawake Gaming Commission, the Tobique Gaming Commission, as well as frameworks in Georgia demonstrates that the business is subject to strict oversight, responsible gaming rules, and mandatory AML frameworks.

Without a credible license or offshore licenses like Curacao or else most providers will categorize the application as a higher-tier risk case, making high risk bank accounts harder to secure.

EMI vs Traditional Bank: Choosing the Right iGaming Banking Partner

For many operators, the decision comes down to working with a high street bank or choosing a specialized EMI. While traditional banks offer strong reputational value and access to broader lending products, they often impose longer onboarding timelines and stricter internal risk policies for iGaming merchants.

This is why many online gaming businesses struggle to secure a reliable high risk bank account through conventional banking channels. High street banks typically apply conservative risk models, meaning even licensed operators may face delays, repeated compliance questions, or outright rejection.

A regulated, iGaming-friendly EMI is often a more practical solution for iGaming and iGaming businesses that need speed, flexibility, and cross-border payment functionality.

Why EMIs Are Often Better for High-Risk Bank Account Opening

Unlike traditional banks, EMIs are built for digital-first industries and are typically more experienced in supporting complex payment flows common in online gaming. For operators seeking a high risk bank account, EMIs provide several key advantages:

• Faster onboarding and approval timelines
  EMIs usually offer streamlined onboarding processes, allowing iGaming companies to open accounts in weeks rather than months.
• Higher acceptance of iGaming and iGaming business models
  Many EMIs have dedicated compliance frameworks designed specifically for high-risk sectors, including betting, gaming, and online casinos.
• Multi-currency and cross-border transaction support
  iGaming operators often need EUR, GBP, and USD account capabilities to serve international player bases while reducing conversion costs.
• Flexible payment infrastructure
  EMIs are better equipped to integrate with PSPs, card acquiring partners, e-wallets, and alternative payment methods essential for modern online casino banking solutions.
• Stronger operational fit for high transaction volumes
  iGaming platforms process thousands of deposits and withdrawals daily, and EMIs are structured to support this scale efficiently.
• Modern compliance and monitoring tools
  Many EMIs offer real-time transaction monitoring and automated AML screening, which is crucial for maintaining long-term account stability in high-risk environments.

iGaming Bank Account Options: Traditional Banks vs EMIs

Choosing the right banking partner is one of the most critical steps when opening a bank account for an iGaming company. Because iGaming is classified as a high-risk sector, operators must typically choose between two main routes: traditional high street banks or specialized Electronic Money Institutions (EMIs).

Both options can support an iGaming business bank account, but they differ significantly in onboarding speed, compliance expectations, and flexibility for high-volume gaming transactions. For operators seeking long-term stability and scalable online casino banking solutions, understanding these differences is essential.

High Street Banks

High street banks are traditional financial institutions known for their stability, established reputations, and full-service banking capabilities. For iGaming companies with strong licensing frameworks-particularly within Europe-high street banks can sometimes provide a reliable solution for high risk bank account opening, though approvals are often selective.

Banks operate under strict regulatory oversight from authorities such as the European Banking Authority (EBA) and national regulators like the UK’s Financial Conduct Authority (FCA). As a result, iGaming businesses must meet a higher threshold of due diligence compared to standard industries.

Benefits of High Street Banks

• Reputation and institutional trust
  Partnering with a well-known bank can enhance credibility with investors, payment partners, and regulators.
• Comprehensive financial services
  High street banks may provide lending, treasury products, corporate credit facilities, and multi-currency services beyond basic payment accounts.
• Global payment connectivity
  Traditional banks are deeply integrated into networks such as SWIFT, enabling smooth international settlement for regulated operators.
• Dedicated IBAN account structures
  Operators can access dedicated IBANs, supporting structured player deposits and payouts.

Challenges for iGaming Operators

Despite their advantages, high street banks are often difficult to access for iGaming merchants:

• High barriers to entry for high-risk merchant bank accounts
  iGaming businesses face enhanced AML scrutiny, detailed transaction monitoring, and long approval cycles.
• Strict licensing expectations
  Banks strongly favor operators licensed by recognized regulators such as the Malta Gaming Authority (MGA) or the UK iGaming Commission.
• Higher fees and slower onboarding
  Account maintenance costs and compliance overhead can be significant, especially for cross-border gaming groups.

Electronic Money Institutions (EMIs)

Electronic Money Institutions offer a modern, digital-first alternative to traditional banking and are often the preferred option for iGaming operators seeking faster access to high risk bank accounts.

A regulated iGaming-friendly EMI is designed to support industries with complex payment flows, making EMIs particularly suitable for operators that require multi-currency support, rapid onboarding, and scalable payment infrastructure.

Unlike banks, EMIs often provide a more practical route for high risk bank account opening, especially for online casinos and sportsbook platforms operating internationally.

Benefits of EMIs for iGaming Businesses

• Faster onboarding and greater accessibility
  EMIs typically onboard iGaming operators in weeks rather than months, reducing friction for new market launches.
• Specialization in high-risk sectors
  Many EMIs have dedicated compliance frameworks for gaming, betting, and other regulated industries, making them more experienced in structuring a compliant high-risk merchant bank account.
• Multi-currency accounts and cross-border flexibility
  EMIs support EUR, GBP, USD, and other currencies, helping international operators reduce FX exposure.
• Modern payment infrastructure for online casino banking solutions
  Many EMIs align with standards such as ISO 20022 and offer integrations with payment providers, PSPs, and alternative payment methods.
• Strong security and compliance standards
  EMIs operating in Europe follow AML and transaction security requirements shaped by global bodies like the Financial Action Task Force (FATF) and industry frameworks such as PCI DSS. 

Crypto-friendly structures (where permitted)
Some EMIs support crypto-related settlement models, though this requires enhanced controls and jurisdiction-specific compliance.

Challenges

• Regulatory Oversight: Varying regulations across regions can affect long-term stability.
• Limited Traditional Services: May not offer credit lines or loans.

Regional Comparisons for iGaming-Friendly Banking

Opening a bank account for an iGaming company is highly jurisdiction-dependent. Banking access varies significantly across regions due to differences in licensing frameworks, AML enforcement, and local financial institutions’ risk appetite.

For iGaming operators seeking reliable iGaming and online casino bank account opening, understanding regional banking landscapes is critical. In many cases, a regulated EMI that onboards iGaming businesses provides the most consistent solution across borders, especially for multi-market operators.

Europe: The Most Structured Market for iGaming Banking

Europe remains the most established region for regulated iGaming and payment infrastructure. Jurisdictions such as Malta, the UK, Estonia, and Lithuania have built mature ecosystems supporting licensed operators.

Advantages

• Strong licensing credibility
  Operators licensed under regulators like the Malta Gaming Authority (MGA) or the UK iGaming Commission, Curaçao Gaming Authority, Estonian Financial Supervision Authority, Hellenic Gaming Commission (Greece), Anjouan Offshore Finance Authority, Nevis Financial Services Regulatory Commission, the Kahnawake Gaming Commission, the Tobique Gaming Commission benefit from higher approval rates.
• Access to SEPA and SEPA instant payment rails
  European accounts enable efficient EUR transfers and player payouts across the SEPA zone.
• Wide availability of iGaming specialised EMIs
  Europe is home to many regulated EMIs that actively support high-risk merchant bank account structures for gaming businesses.

Challenges

• Strict compliance expectations
  Financial institutions in Europe operate under regulatory frameworks set by the European Banking Authority (EBA)(https://www.eba.europa.eu/), requiring robust AML controls and continuous transaction monitoring.
• Enhanced due diligence for gaming merchants
  Gambling operators must provide detailed transaction flow documentation, source-of-funds reporting, and ongoing compliance readiness throughout the relationship, not only at onboarding.
• Limited suitability of mainstream retail EMIs
  It is important to note that many widely used consumer-focused EMIs and neobanks are not structured to support gambling transaction profiles. Even where onboarding may initially be possible, such providers may apply restrictive policies or enhanced reviews over time, which can lead to account limitations, delayed settlements, or operational disruption.

Asia: Innovation and Multi-Currency Strength, with Higher Entry Barriers

Asia offers advanced banking infrastructure, particularly in hubs like Singapore and Hong Kong. These markets are attractive for operators targeting APAC player bases or needing strong treasury capabilities.

Advantages

• Multi-currency banking sophistication
  Asian institutions excel in FX management and cross-border settlement.
• Fintech-friendly innovation
  Certain providers offer modern payment tools, including digital asset exposure where permitted.
• Strong operational stability
  Banking systems in Singapore and Hong Kong are globally respected.

Challenges

• Conservative onboarding for iGaming companies
  Many Asian banks remain selective, especially for offshore-licensed operators.
• High compliance documentation burden
  Operators often require local expertise or EMI alternatives to successfully secure approval.

Americas: Robust Anti-Fraud Controls, but Complex Regulation

The U.S. and Canada have strong financial systems with sophisticated fraud prevention measures, making them suitable for large-scale regulated operators.

Advantages

• Advanced anti-fraud and transaction monitoring
  North American institutions often lead in risk-scoring and payment security.
• Support for regulated gaming frameworks
  Licensed operators in approved states or provinces can access stable banking partnerships.
• High institutional credibility
  Banking relationships in the Americas can strengthen global trust.

Challenges

• Fragmented legal environment
  iGaming laws vary significantly by state, increasing complexity.
• Higher compliance and operational costs
  Maintaining accounts often requires extensive legal structuring and reporting.

For many international operators, EMIs remain a more efficient route for global operations than pursuing a U.S.-based high risk bank account directly.

Key Financial Institutions & EMIs for iGaming

In most cases, operators are forced to navigate the banking and payments landscape independently, testing institutions one by one, learning risk appetites through trial and error, and often facing lengthy onboarding delays or outright rejections.

By contrast, our stack provides direct access to a network of more than 50 financial institutions, including Tier 1 banks and specialized EMIs, where we already understand jurisdictional constraints, product fit, and risk appetite. This is the result of many years of hands-on experience supporting regulated iGaming operators across multiple markets.

To operate efficiently, iGaming businesses typically rely on a combination of Tier 1 banks for corporate stability and EMIs for day-to-day player transactions, a structure we have already optimized..

1. Traditional Banking Partners (Tier 1)

These banks primarily work with operators fully licensed in North American jurisdictions (e.g., NJ, PA, ON).

• The Bancorp Bank: A leader in “Banking-as-a-Service,” providing the infrastructure for many gaming-related cards and digital wallets in the U.S.
• BMO (Bank of Montreal): One of the most active major banks in the Canadian iGaming space, especially since the regulation of the Ontario market.
• Axos Bank: A tech-forward U.S. bank that often provides commercial services to regulated gaming and fintech entities.

2. Specialized EMIs and Global Processors

These providers offer more flexibility for international flows and high-risk merchant accounts.

• Paysafe (Skrill/Neteller): The dominant player in iGaming payments, holding state-level licenses across the U.S. to facilitate player deposits and withdrawals.
• Nuvei: A global payment technology partner based in Canada, specializing in high-conversion checkouts and instant payouts for gaming.
• Airwallex: Frequently used by operators to manage cross-border payments and multi-currency collections, serving as a modern alternative to traditional corporate banking.

Emerging Markets: Growing Opportunities Through Digital Banking

Regions such as Latin America and parts of Africa are rapidly expanding their fintech ecosystems, creating new options for iGaming operators entering developing markets.

Advantages

• Increasing availability of digital-first financial services
  Fintech adoption is accelerating, opening doors for cost-effective banking access.
• Untapped growth potential
  Operators expanding into these markets may benefit from early infrastructure partnerships.
• EMIs often provide the most practical cross-border solution
  Many operators rely on European EMIs to serve these regions efficiently.

Challenges

• Regulatory inconsistency
  Compliance frameworks may still be evolving, increasing long-term uncertainty.
• Limited local banking appetite for iGaming merchants
  Local institutions may lack experience with gaming transaction models.

How to Open an iGaming Bank Account: Step-by-Step Process

Opening an iGaming business bank account does not need to involve endless rejections or unclear onboarding requirements. At BankMyCapital, we specialize in securing compliant banking solutions for iGaming operators through both high street banks and regulated EMIs.

In most cases, an iGaming friendly EMI provides the fastest and most scalable path for high risk bank account opening, especially for international operators handling multi-currency deposits and withdrawals.

Our Proven Approach

1. Initial Consultation

We assess your business model, licensing jurisdiction, payment flows, and operational structure to identify the best route for approval.

2. Compliance-Ready Document Preparation

We support the preparation of all key onboarding materials, including:

• Corporate incorporation certificates and ownership structure
• Proof of address and director/shareholder identification
• iGaming license documentation and regulatory confirmations
• AML/KYC policies aligned with global standards such as FATF
• Transaction flow mapping (player deposits, withdrawals, affiliate payouts)

Also, it is important to mention that we do pre-approval with the EMI to ensure that you will get your secured account. Our company takes on cases that we know are successful. 

3. Banking & EMI Partner Selection

We match your business with the right institution – whether a high street bank or a regulated EMI, based on risk appetite, licensing profile, and geographic needs. We have over 50 banking partners including high street banks and EMIs in well respected and regulated jurisdictions where your funds will remain safe. 

4. Application Submission & Negotiation

Our team manages ongoing communication with banking and EMI compliance departments, reducing delays and significantly increasing the approval probability for your high-risk merchant bank account.

We maintain a constant dialogue throughout the onboarding process and ensure that all documentation is structured and presented exactly in the format financial institutions expect. With over 10+ years of combined experience per team member across banking, legal, finance, and compliance, we understand how to address due diligence questions efficiently and proactively, helping your application move forward smoothly and successfully.

5. Post-Approval Support

Once approved, we consult on maintaining transaction quality, payment integrations, and long-term operational stability for your online casino operations.

Benefits of Partnering with BankMyCapital

Opening a bank account for an iGaming company requires specialized expertise, the right financial partners, and a compliance-ready approach. At BankMyCapital, we help iGaming operators secure reliable solutions through both high street banks and iGaming-friendly EMIs, making high risk bank account opening faster and more achievable.

• Tailored Solutions
  We provide customized banking options based on your licensing jurisdiction, transaction flows, and operational needs, ensuring the right fit for your iGaming business model.
• Global Network
  Through partnerships with trusted high street banks and regulated EMIs worldwide, we offer access to 50+ banking institutions experienced in supporting high-risk merchant bank account structures across different countries from Finland, Sweden, Malta, UK, Ireland, Lithuania, Latvia, Cyprus, Canada to others.
• Expert Guidance
  Our team helps you navigate strict AML, KYC, and regulatory expectations, improving approval chances and ensuring long-term account stability.
• Efficiency
  With a streamlined onboarding process and direct coordination with compliance teams, we reduce delays and accelerate account approvals for online casino banking solutions.

Get Started Today

Opening a bank account for an iGaming company doesn’t have to be a complex ordeal. At BankMyCapital, we ensure a seamless process from start to finish, leveraging our expertise to secure the perfect banking partner for your needs. Contact us today to explore how we can help your business thrive in the competitive iGaming industry.