In this case study, we explain how Fast Offshore helped an existing client open an eSports betting platform licensed in Curacao.
How we met the client
An existing client wanted our help with a new, and additional business venture. Having already worked with us for five years on various projects, they trusted us to take their vision further. We’d already assisted them in establishing an e-commerce business including opening bank accounts, incorporating a company, and negotiating with payment providers.
When they decided to move into eSports betting, they reached out to us for our advice. Given the boom in the market, we advised them to move quickly. After suggesting a business plan, and a timeline, they agreed and we got the ball rolling.
Who they were
Our client is active in a number of industries including cryptocurrency. Having worked with them on multiple projects in various jurisdictions, we were happy to take on the new task. Comprising a young team of entrepreneurs with an investment and tech background, we knew they had the ability to make it work.
Coincidentally, one of their team members is an avid gamer and has extensive knowledge of the world of eSports. As they were knowledgeable from a players point of view, they were able to provide valuable insight into the industry. This is something that many other companies don’t have.
They had trust in us as we have taken care of their corporate and processing needs for half a decade. We had trust in them because of their successful track record in business. Moving into eSports was capitalizing on being in the right place at the right time.
What they needed
In addition to the online gambling license, they would also need a local company, contracts with payment providers and an account to receive their settlements into, compliance, and ongoing maintenance of the license, company, and their financial obligations. They wanted us to take care of everything as quickly as possible and with little expense.
What we offered
We suggested opting for a Curacao online gambling license. After a lot of discussions, including the formulation of future plans, the client agreed. In addition to this, we suggested taking cryptocurrency payments on the site, starting with Bitcoin and Ethereum. We also put forward the names of six other payment providers that we felt were suited to the target market.
Based on our experience in Curacao, we suggested a corporate structure that provided optimal security and privacy for owners. It was tax-efficient but also compliant with EU and international tax standards.
Setting up the eSports betting site in Curacao
Upon agreeing on the package of services, our first step was to set up the offshore license holding company and the EU contracting company. This meant they would be able to operate between EU and non-EU jurisdictions with ease. These tasks were completed quickly and easily and in the meantime, we started the application for a Curacao sublicense.
The sublicense allows the holder to carry out any kind of gambling activities from Curacao, including facilitating betting on eSports. With the licensing underway, we opened a corporate bank account. Once this was complete, we negotiated and signed contracts with 6 payment providers.
The finishing touches were made to the website, software agreements were all in place, and customer service agents were trained and ready to go. The license came through approved, right on schedule and the platform was able to start operating with no delay. The whole process from engagement to launch day was a little over two months, due to initial deliberations between shareholders. Today, the site is live and is attracting plenty of unique and returning visitors, all keen to place bets on the hottest eSports tournaments.
To find out more about opening an eSports betting platform, or any other licensing or corporate needs, contact us today. We have over 22 years of online gambling experience and have assisted countless clients in realising their dream.