An iGaming merchant account is a type of merchant account that enables online gaming companies to accept payments from their customers. It is similar to an online casino merchant account, but it is broader in scope and covers a wider range of online gaming activities, including sports betting, poker, lotteries, and other forms of online gaming.
To obtain an iGaming merchant account, online gaming companies must go through a similar application process as with an online casino merchant account. They need to provide information about their business and financial history, as well as information about their gaming licenses and regulatory compliance.
The application process for an iGaming merchant account is more complex than a regular merchant account due to the high level of risk involved in the online gaming industry. Factors such as the type of games offered, the volume of transactions, and the geographic location of the business can impact the approval process.
Once the iGaming merchant account is approved, the online gaming company will receive a merchant identification number (MID) and be able to accept payments from their customers through various payment methods such as credit cards, e-wallets, bank transfers, and more. Payment processors or financial institutions that provide iGaming merchant accounts may charge a higher fee compared to regular merchant accounts to compensate for the higher risk associated with the industry.