Building&banking* my own invented gaming/business.

[danystatic]

I wish to get some advice regarding how to make possible the creation of my own company.

I used to work doing millions of transactions per day & collecting commissions, for Bank of America.

That experience, lead me to build a software and idea that is not accepted by Paypal, or normal banking.
I need to accept payments.
a % of those payments is a referral based commission, (therefore I need to make payments, I could make payments in crypto, but I prefer VISA MC transactions. )
a % of those payments is a crowdfunding software application (crowdfunding money needs to be transferred when time comes, to pay for services)
a % of those payments is randomly distributed among participants (it can be said its decided by luck, randomly, and transfered via VISA/MC )

the % randomly distributed makes me think it could be labeled as gambling and maybe EMI account wouldnt be sufficient.


Any help/question/discussion is welcome.

 

[negon]

I assume your former business wasn't that profitable since you are back here and ask for something most basic in the industry.

Your business type will be flagged and considered high risk unless you can provide a really trustworthy business plan!

 

[danystatic]

you are right, my former business never even took off.....

I'm an engineer working on software testing and some programming...

what does a really trustworthy business plan looks like?
I could show an Excel, but I have listened to some people calling this a ponzi, or an MLM, and it is a small matrix system, but its transparent, and fair, isn't there some way to build it? how are other systems built?

 

[c4labs]

hey Danystatic

I assume your former business wasn't that profitable since you are back here and ask for something most basic in the industry.
Your business type will be flagged and considered high risk unless you can provide a really trustworthy business plan!

Well even if he does , he combines three super high risk activities: referral, crowdfunding, gambling (skill gaming? pure gambling? if pure gambling, it means unregulated gambling I assume)
You will need a solid business plan, maybe financial guarantees in addition to a legit European or US based company (so you can forget about tax optimisation set-up.. otherwise you will suffer and deal with scammy providers for payments)

for the business plan (in a nutshell)
company intro (company, you, team, etc.)
website intro (features, etc.)
how do you plan to attract the client
how do you monetise
business forecasts
what are your USPs
competitors

You can add more info of course

 

[negon]

I know why you are here C4 however, what you pin point let you not look like a pro but just like some of the other users here which think they know the game but no nothing about this area of the business.

 

[c4labs]

I know why you are here C4 however, what you pin point let you not look like a pro but just like some of the other users here which think they know the game but no nothing about this area of the business.

If you say so, it is certainly true, I will leave it here.
For payments, I am in the game for a decade and I dont need this forum to get clients if its what you are trying to say by "I know why you are here"

anyway, cheers

 

[danystatic]

hey Danystatic


Well even if he does , he combines three super high risk activities: referral, crowdfunding, gambling (skill gaming? pure gambling? if pure gambling, it means unregulated gambling I assume)
You will need a solid business plan, maybe financial guarantees in addition to a legit European or US based company (so you can forget about tax optimisation set-up.. otherwise you will suffer and deal with scammy providers for payments)

for the business plan (in a nutshell)
company intro (company, you, team, etc.)
website intro (features, etc.)
how do you plan to attract the client
how do you monetise
business forecasts
what are your USPs
competitors

You can add more info of course

Thanks c4labs, I will try to build dummy business just a sample , without using real money... that way its easier to explain to you, to the bank and the customers... a simulation of the business I wish to build.... yeah, it included unregulated gambling which is difficult to bank...

Isnt there a way to charge in USD and pay commissions in crypto, we are not selling crypto but paying commissions...
im just looking for a solution...

 

[negon]

Heyyyy seeems an interesting idea,what about opening your own casino and incorporate that idea,could be great.....You can incorporate an IBC in Costa Rica for 1800-3000 bucks....You don't need a gambling license there

great idea with Costa Rica but how will you go about banking for a CR gambling firm without license?

 

[James Turner]

As @negon says, banking for a CR gambling company will be virtually impossible. There are lots of great ideas but they fall down because people don't think about their ability to bank for it.

 

[James Turner]

Using a Parent company is fine but the bank will want to know what activity the source of funds is from into the parent and again it will fall down.

 

[OffShoreGambling]

It´s odd that costa rica allows you to offer gambling without a license, but isn´t able to get you banked..
I heard people mention that there are marketplaces where you can use someone else´s bank account for a wire for a fee?
In case you only need the bank to pay for your servers or what not.. It wouldn´t get you a creditcard solution for your players or whatever.