In addition to asking for some personal information, online sports betting sites require registrants to choose a currency to use for placing bets. Options are quite limited in some cases. For instance, most American-based legal sites only support American dollars while some British bookmakers only accept pounds or euros.
On the other hand, many of the big international operators support a vast range of currencies such as the Japanese yen, Swiss franc, South African rand, and the New Zealand dollar among others. So, does it really matter what currency you use? It most certainly does.
What Currencies Do Bookmakers Offer and Why?
Online businesses such as betting sites need to make it easy for customers to do pretty much anything. Whether you are trying to send and receive payments or claim a betting bonus, everything should be done in a snap. In terms of payment methods, international brands have indeed made user transactions significantly easier. Because the major international brands cater to clients in several different countries, it’s in their best interests to support the variety of currencies that they do.
However, not all bookmakers support multiple currencies. Because American-based bookmakers only provide their services to American bettors, they usually only support the American dollar. The same logic applies to many UK-based bookies who only support pounds and euros because that’s what their clients use.
Why Currency Rate and Currency Performance Are Important
Currency rates rise and fall for a variety of reasons ranging from inflation and government debt to political stability and economic performance. The pound sterling might be rising while, say, the Philippine peso could be falling. If you were to deposit Philippine pesos into a GBP betting account, you will receive the going exchange rate although your bookie might not give you the best price. Now, let’s say you want to withdraw. Let’s also say that the peso has lost a bit of value against the pound. Well, this means you are losing money, and nobody wants that.
What Is the Impact of Currency on Online Betting?
The currency you use for sports betting can impact your experience in a number of ways. If you use an unfamiliar foreign currency, something as simple as coming up with a wager amount or calculating potential profits can become complicated with the whole manual currency conversion thing. That isn’t normally an issue if you use your native currency.
As mentioned, the value of a currency could fall between the time you make your payment and the time you make your withdrawal. Because there is such a fine line between earning a profit and taking a financial loss in sports betting, even a seemingly insignificant currency fluctuation can have an effect on your bottom line. Of course, you could just as easily fall on the right side of a fluctuation.
Why You Should Take Care when Choosing a Currency
Most people simply use their local currency. It’s easier and more economical in the sense that you don’t lose money through currency conversion and other related expenses. If you live in the United Kingdom, then you likely use the pound sterling just as Canadians usually use the Canadian dollar. However, you may find that the site you want to deal with doesn’t support your currency.
In these cases, you need to put a lot of thought into choosing the best alternative. It might not sound like a lot of fun, but it’s a good idea to learn about the current market, forecasts, and trends. After all, purchasing foreign currency is an investment.
Another argument for choosing your sports betting currency wisely is that most bookmakers only allow you to select one. Once you have made your choice, you will have to stick with it. Yes, you could open a new account and choose another currency, but that will probably violate the site’s T&Cs and lead to your account being frozen and possibly having your funds seized.
Wrapping It Up
You likely haven’t put a lot of thought into it, but currency rates and currency performance do have an impact on your betting bankroll or other investments. Just as using coupons and shopping around for the best prices can save you cash, so can choosing the right type of money.
