Online Casino and Bank Do Business Together
The online casino industry manages funds and sees amounts of billions of dollars go through its websites every year. This calls for the involvement of banks in different roles, from processing these transactions to giving the online casino companies loans, worth as high as millions of dollars per loan. News from the online casino industry from the past week tell the story well as it informs the business relations between one online casino company and a bank it is in business relations with.
The poker room and leading online casino site 32 Red Online Casino has renegotiated its financial relations with its banking business partner, the Royal Bank of Scotland. More specifically, the online casino company has opened up its 7 million dollar loan and revised its terms. This ensures their “constructive relationship” continues as the online casino company is taking steps toward the new stage the entire online casino world is going toward, keeping it competitive and in a financially sound situation.
The online casino does not rely on bank loans only, but does business to raise additional funds in other means as well. According to reports, the online casino proposes to raise 6 million dollars from new investors. Commenting on the new business agreement between the online casino and the bank, the Internet gambling company CEO said “We are pleased that we have been able to successfully re-negotiate our banking facilities. With this completed and the recent new appointments of Martin Saunders and Jon Hale to the management team, we look forward to delivering on our plans to integrate the BetDirect business that we outlined at the time of the acquisition.” As with all aspects of the online casino world, one betting success leads to another, and one business deal leads to the next.