As we have discussed before, now is a time that eSports is coming into its own. Thanks to the COVID-19 pandemic, conventional sports betting has ground to an almost complete halt. All the big-name sporting events are cancelled, meaning punters are looking elsewhere for betting opportunities. The fact that eSports gambling can be completely digitised and requires absolutely zero face-to-face contact is great in a time of social distancing. eSports gambling is on the up and savvy entrepreneurs are looking at ways to leverage its success.
One such way to cash in is by setting up an eSports gambling company. But how do you go about it?
Get your head around what eSports and eSports gambling is
eSports are multiplayer video games that are played competitively by professional and semi-professional gamers. Spectators follow each game, tournament, or league and a growing number of them bet on the outcomes as well as in-game events. Bets are placed in either fiat currency, cryptocurrency, or ‘skins’, which are virtual items that can be used within the game. Popular games for eSports betting include League of Legends, Counter-Strike, Call of Duty, StarCraft and Dota 2.
At least 2.7 billion people globally play video games. Many of these play for fun but more and more are playing competitively. This means that people are betting and spending significant sums of money on it. Some are even estimating that one day, eSports could overtake conventional sports betting.
Engage a professional corporate services company that knows the industry
If you want to move into eSports, you need to engage a company to assist you with the process. You need to consider licensing, bank accounts, company incorporation, compliance, regulations, tax- the list goes on. Failing to do any of these things properly could shut you down before you get going and cost you a fortune. For over 22 years, Fast Offshore has been working in the online gambling sector. We have helped countless clients obtain licenses in jurisdictions all over the world. We have also managed their ongoing corporate maintenance and a whole portfolio of ancillary matters.
When it comes to eSports, we have been at the forefront of working with clients as the industry has gained popularity and traction over the last few years. We have helped to pioneer the way of a new market and have many success stories to tell.
With our extensive experience and that of our network of trusted partners, we are perfectly placed to assist you with your eSports company and gambling needs, regardless of which jurisdiction you opt for.
Pick a jurisdiction for your eSports gambling company
All online gambling businesses must register and be compliant with at least one jurisdiction. The most popular licenses are in Curacao, the Kahnawake Nation and Malta. Each jurisdiction has different requirements and different levels of compliance. There are also big differences in fees for licensing, so you need to take this into account. You need to pick the jurisdiction that suits your immediate and near-future needs, vision, and ideas.
Choose a licensing type and apply
Depending on which jurisdiction you pick, you may have to pick from a number of different licensing types. If this is your first online gambling company, you will need to seek professional advice to ensure you do not make any mistakes. Considering your requirements and budget, you need to opt for a version that suits your needs, our experienced team will be happy to help you determine that.
Incorporate a company
To run an eSports betting company, you will need to incorporate a company in order to apply for a license. You can choose from a shelf company or one set up especially for you. If you are not familiar with the jurisdiction, this can be an arduous process. Another thing you should entrust to Fast Offshore!
Engage a payment services provider
In order to take bets, make payouts and generate any revenue, you need to engage a payment services provider. Due to our extensive experience in the industry, Fast Offshore has built strong relationships with payment services providers including all the big-name card providers, ePayments, and even cryptocurrency payment providers. We get all of our clients the most competitive rates and help you develop lasting and lucrative business relationships.
Get your eSports gambling software in order
What software platform will you use? Will you offer other betting products as well? What about real-time chat rooms, statistics, bonus creation, or in-play betting? How will you protect your players and platform? There are many things to consider when it comes to the tech and practical side of setting up. Don’t panic, we have done it all before and can guide you through the process and give you our best recommendations.
Of course, there are many other things you need to consider before you can ‘go live’ but we can handle that for you. Business plans, compliance, opening a bank account are all things you need to take care of. By engaging a professional corporate service provider you can allow us to take care of these small matters while you focus on your new venture being a success.