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Bank for Gaming Industry / Merchant Account |
Tom
Posted on: 30/03/2012
Posted at: 02:26:18
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I am looking for Banks / Merchant Broker or Payment Gateways for processing funds resulting from Gambling Websites.
I have several Online Gambling Companies who are constantly looking for new partners who can process funds from their large turnovers in the Gaming Industry.
Since large banks, eg Barclays, Deutsche Bank, Santander or UBS step back from processing Gambling related funds because of several reasons ( bad reputation, fraud protection and money laundry ) the need for "open minded" banks or payment gateways is enormous.
The procedure is easy and difficult at the same time: gambling sites need processing of their client payments which are done by visa / mastercard or amex.
Anybody has an idea or can help me?
Thanks in advance,
Tom
ps: emails to businesscompany@mail.com
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Dan Keith
Posted on: 09/04/2012
Posted at: 09:17:11
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One possibility is to process through Cambodian Banks. I have a partner in a law practice that has an on-line gaming license (no expiry date) issued by the Royal Government for lottery gaming which is any sports betting, cards etc can be styled as, and do a JV with the existing gaming site seeking a partner to process proceeds. The server would have to be in Cambodia or able to be monitored- real time on monitors in Cambodia for tax purposes. Corporate tax is 20%. However, this would allow the credit card income to be processed though MC/Visa etc. Costs involved. As to fees, the JV would need to be registered in Cambodia, which runs about 3500 to 5k depending on who does it. The license transfer, maybe another 5K, and then you need to appoint a country director which we can supply for their fee- also an office address with a lease. The JV for the license can be either an outright purchase of being licensed or a small percentage of the net proceeds like .o1 negotiable depending on the type of revenue involved. I see it as totally doable. If you want to discuss further please email me at dan.cqcltd@gmail.com
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dan.cqcltd@gmail.com
Posted on: 09/04/2012
Posted at: 09:31:53
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Here's my thought. My partner in a law firm in Phnom Penh has a lottery license issued by the Royal Government of Cambodia, which allows any type of gaming, and the revenue can be processed through banks in Cambodia for MC, Visa etc. The way it could be done is to form a JV with the company that will operate with the license as a JV partner. Cambodia law allows 100% foreign ownership so the gaming company can form a Cambodia company then JV with the license holder company. Then all can be processed though a Cambodian bank of which there are many that can handle it. The quid pro quo could be negotiated but if the owner of the license got a percentage i.e..02$ of all funds processed or the gaming company can purchase the license outright for a fee to be negotiated. Let me know you it's an idea you might entertain.
Best
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