For more than a decade, the esports industry has been undergoing a rapid, volatile expansion. As it has grown ever upwards and outwards, the industry has presented countless opportunities for operators to enter and tap into remarkably valuable revenue streams. Recently, Capital International Bank (Isle of Man) has stepped up to facilitate organisations in the industry looking to grow and secure their financial interests in the space.
It was revealed recently by Capital International that an ‘esports banking solution’ has been implemented within the firm. It’s an endeavour that seeks to provide esports organisations with a one-stop banking solution. According to representatives of Capital International Bank, a ‘number of esports clients’ have already opened accounts and are, by all knowledge, reaping the benefits of an esports-focused banking service.
Esports Recognition At Its Finest
As time goes on, the Isle of Man is becoming increasingly important in the world of esports. In recent years, it has had the most impact in the esports betting vertical, with several operators working hard to acquire a sought-after, prestigious Isle of Man gambling license. Most recently, React Gaming’s LOOT.BET announced the launch of an Isle of Man-licensed esports betting platform.
Back in 2017, the Isle of Man’s government moved to recognise esports in a more official capacity. It issued the world’s first ‘egaming license’, granting ESP (EsportsPools) a license to develop esports operations within the state, which included esports wagering. Then, in 2019, the Isle of Man’s government formed an esports-focused department that would work to create and deliver a strategy to improve the growing esports sector found on the island.
In 2021, the government signed a sponsorship deal in support of X7 Esports. This was a milestone moment, as no other government in the world had sponsored an esports organisation up until that point.
Now, the Isle of Man-native Capital International Bank has opened its doors to esports organisations, offering them a comprehensive ‘esports banking solution’. While the nature of this solution hasn’t been fully revealed, it has been suggested that several esports clients have already started taking advantage of it, as explained by Business Development Manager, Luke Adebiyi:
We have already opened accounts for a number of esports clients and we’re keen to build a reputation as the go-to bank for esports organisations.
Understanding The Industry
To better portray Capital International Bank’s relationship with the esports industry, CEO Greg Ellison spoke out about the newly-implemented solution:
We understand that a large part of the esports industry is still very much in start-up mode. We see this as a positive. Having over 200 employees ourselves and offices in different jurisdictions, we take the same agile and forward-thinking approach as a lot of start-ups. Our esports offering has been created with the needs of esports organisations in mind. The esports industry moves at such a fast pace. We pride ourselves on being a swift and relationship driven digital bank, which is why we think it is a great fit for the industry.
As esports organisations grow, they’ll definitely benefit from a banking solution that is tailored to their business. With each passing day, these organisations become increasingly valuable, and at present, the sky really is the limit. In recent weeks, we’ve seen FaZe Clan listed on the NASDAQ with a valuation of $725m, which is a fantastic representation of the potential value of these brands.