In this case study, we will detail how Fast Offshore helped one of its clients open a sportsbook in Curacao and transition their corporate services needs to us.
How we met the client
Having been with another corporate services provider for a number of years, the client was unsatisfied with the cost and level of service given. They approached Fast Offshore on the recommendation of another operator that has worked with us for a number of years. They suggested our services would be a good fit for the needs of the client.
Who they were
The client is a large, well known, multinational operator with a popular online gambling website. The client has a significant amount of new and returning visitors each month and an annual turnover in excess of $10 million.
What they needed
The client is already familiar with the market and the licensing process but wanted someone to take care of ongoing maintenance. This would include corporate structuring and maintenance, licensing applications, ongoing compliance and regulatory matters, and the negotiation of contracts with third-party entities such as payment providers.
The company already had a successful online casino that offered games including poker, blackjack and live dealer games. However, they recognised that business always needs to be developed and nurtured in order to stay competitive.
They wanted to increase the number of services to boost sales, attract new customers, and keep hold of existing users. In an increasingly competitive marketplace, they were keen to offer more options for players to prevent them from looking elsewhere.
They decided to launch an online sportsbook licensed in Curacao that would run separately to their online casino. This would be marketed under the same brand. This sportsbook would offer wagers on a variety of popular and niche sporting events, as well as media, politics, and society.
What we offered
Our services for the client were split into two main areas. These were; taking over all ongoing corporate matters and assisting in the set up of a sportsbook.
First and foremost, we discussed at length what services they would require from us. We offered a full review of all corporate structures to ensure they were working for the client. This includes tax, revenue, directors, shareholders, and even the location of the holding companies. We also proposed an ongoing maintenance package whereby we would meet all periodic corporate and licensing obligations.
In addition to this, we proposed applying for a Curacao online gambling license. The idea being that the client launches the sportsbook via this license. In this case, we suggested the Turn-Key Curacao Gaming License Package, which encompassed all corporate, business, financial and licensing needs.
Lastly, we suggested a full review of all compliance and regulatory matters including policies and procedures. This is to ensure compliance with the latest AML/CFT rules.
What we did
The client agreed with our proposals and we started the process. We incorporated the offshore license holding company and an EU contracting company. We also opened accounts in the name of the new entity. Once the accounts were open, we were able to approach third-party merchant and payment service providers to negotiate the terms. They also decided to provide Bitcoin and Ether payment across all of their platforms. We were able to get this sorted for them as well. The entire process from beginning to end took just over seven weeks to complete.
Over the course of two months, the company was able to benefit from better corporate structuring. They also enjoyed lower rates with payment service providers, utilised more payment methods, and increased compliance with responsible gaming best practices. They managed to open their sportsbook site within this timeframe, using the Curacao license. Additionally, they were able to relax and focus on expanding their business, while we took care of all the work behind the scenes.
Conclusion
Fast Offshore has 22 years (and counting) experience in online gambling and gaming. During that time we have helped countless clients from around the world, set up their platforms. We have also assisted with corporate structuring and restructuring, compliance, audits, and other business matters. Let us help you be the best you can be and drive forward your business while keeping costs low. Contact us today to benefit from our expertise!
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