Currency In Online Gambling
Online casinos aim to make depositing easy and hassle-free for players all around the world so it is no surprise that they offer several different currency options. Depending on the countries that a casino accepts players from and where the casino is licensed there can be a range of options from mainstream currencies such as USD or CAD to exotic FIAT currencies and even digital currencies.
So which option is going to be the best for you? We are discussing this question with Kevin N. Cochran, an online casino expert from Canada.
We are used to looking at currency rates. It determines how cheap or expensive a foreign holiday is going to be and can give us an indication if it is worth going on a shopping spree to the US or not. When ordering a product from abroad, changing the currency may save you a few dollars as merchants often use unfavorable exchange rates.
However, when it comes to an industry like iGaming, the situation is different. If the currency you bet with is stronger and you win you will win more money, but the bet was more expensive in the first place. The only reason why you would have to consider your depositing currency is if your bank charges exchange rates on transactions (and most of them do).
Therefore if you are using traditional debit or credit cards to top up your casino account, we recommend sticking to Canadian dollars.
Choosing the currency
Most online casinos offer welcome bonuses in local currency only. So if you sign up with an online casino in Canada with no deposit bonus, chances are that the only deposit option you get is CAD. Depending on the casino, you may be able to set up your account for another currency and claim the bonus in that one – e.g. EUR or USD – but usually, once your account is set up you will not be able to change the currency anymore.
Some players prefer to choose a different currency than their local one to keep track of their winnings. In this case, it is kind of like an investment. Let say, you deposit USD 1000 to your player account and hopefully win more over the next weeks or months. This way, you can instantly see how much profit you made – or how much money you lost.
Choosing the right currency can make a difference. You may even earn money streaming your gaming.
Most common gambling currency
The American dollar remains the most common currency in online casinos as it is preferred by many players around the world. Most online casinos accept “greens” and it is one of the most stable and reliable currencies to date.
The European currency has been in circulation since 2002 and is now used in 19 out of the 28 EU countries. Since quite a bit of the global gambling revenues come from countries like Finland, Ireland, Spain, and France, it is no surprise that the euro is one of the most popular gambling currencies.
Canadians love to gamble and they do most of the wagering in CAD. The Canadian currency is also a popular foreign reserve currency and players from less economically stable countries often go for the Loonie when setting up a casino account.
The British pound is the fourth most traded currency on international currency exchange markets as it is a historically stable currency. Most online casinos accept GBP deposits and the Brits are one of the largest betting and gambling nations in the world.
Australians are leading the list of gambling nations and according to statistics, almost 80% of Aussie adults gamble regularly. AUD deposits are widely accepted by casinos around the world.
The latest trend in online casinos is the acceptance of Bitcoin and other digital currencies. Crypto deposits are instant, very safe, and come with no transaction costs. More and more casinos accept cryptocurrency deposits around the world.
International online casinos tend to accept deposits in multiple currencies. The leading ones are US dollars and Euros while cryptocurrencies are gaining popularity with players all over the world.