Multiple Currencies at Online Casinos

Published on: February 26, 2009 

Once software providers like Microgaming, Cryptologic and Playtech began to focus on markets outside the United States it became essential for them to allow players to wager in their native currencies. The major areas outside of the United States are Canada, Europe and the United Kingdom and therefore online casinos powered by these software providers allow players to bank in CAD, EUR and GBP apart from USD. Some of the online casinos cater to players from European countries not in the EU and to Asian countries and therefore offer the currencies of those countries as well.

Players are given the option of choosing the desired currency at the time they are registering at the casino and opening a real money account. Once they choose the currency then all their transactions will be made in that currency. This offers several advantages to the players. They wager in a currency familiar to them. Also since they do not need to convert from their currencies to USD and vice versa they do not lose out on exchange rate differences and bank costs.

Players have to consider the issue carefully before choosing a currency because changing the currency is an extremely tedious process. Players cannot make the change themselves. They have to send a request to customer support. Even then the process is not simple. Players will be first requested to clear their pending bonuses in their existing currency. After having done that they will have to withdraw the balance in their accounts. Only then will customer support change the currency setting and allow players to deposit in the new currency.

The reason the players have to clear bonuses before switching currencies is that bonuses are linked to the currency and it is impossible to convert bonuses from one currency to another. Two systems of defining the bonuses are prevalent. One system specifies the bonus in credits and the currency of the bonus is the currency in which the player wagers. Suppose the bonus is 100 credits. If the player is wagering in USD then the bonus will be 100 USD and if the payer is wagering in GBP then the bonus will be 100 GBP. The other system keeps the bonus fixed at the USD level and offers a lower amount in the higher value currencies. Hence if in USD the bonus is 100 USD, then in EUR it will be 80 EUR and in GBP it will be 70 GBP.

Online casinos that allow players to choose from a number of currencies are known as multi currency casinos. Multi currency online casinos are able to draw clientele from a larger geographical region and this helps them increase traffic to the casino.

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