Online Currency in the Gambling World

Online Currency in the Gambling World

One of the essential prerequisites for a trouble-free casino experience, which successful withdrawals are a big part of, is being able to choose the right currency. The subject of currencies is often overlooked by online gambling guides, simply because many assume players know which one suits their needs best. But, as with all other aspects of the iGaming market, monetary issues are also prone to change and frequent fluctuations.

Online Currency in the Gambling World
The online gaming industry is still stuck in a gray legal area, any modification, revision or variation in the laws of the jurisdiction your casino of choice is regulated in, leads to changes in the way they handle payments, or which countries they accept, and consequently which currencies they support.
Back When the US Dollar Was at the Top:

In the happy times before the devastation caused by the UIGEA, the US dollar was the main currency offered by a vast majority of online operators. It was the obvious choice since gamblers from other countries preferred it as well. The stability of the US dollar, coupled with the fact that most payment services supported this currency, were the decisive factors causing players of all nationalities to opt for the currency almost exclusively.

When online games of chance and skill were effectively banned across the States, casinos based in the country were forced to shut down. Those outside the borders that also welcomed American players decided to keep the dollar regardless, so as not to lose a big part of their player base.

Euro Takes Over:
Since 2006, the industry has been advancing at an accelerated pace, with new gaming sites launching every day. Knowing that American players cannot legally gamble online, or at the very least are unable to transfer money to and from the sites, newcomer venues prohibited the unfortunate gamblers, and with that, excluded the US dollar from their lists of accepted currencies. Most casinos launching after 2006, are based and licensed on the territory of Europe, which means the currencies they opted for are accommodating native customers. Today, those operators welcoming multiple European countries offer Euro as the main currency, with a British Pound holding the second place in terms of popularity. This should not come as a surprise, due to the United Kingdom being very liberal when it comes to iGaming – the jurisdiction was among the first to legalize all forms of the activity and is currently home to a huge number of casino, bingo and other related establishments.

Australia Holds On:
In 2017, the fourth position is consistently being occupied by the Australian Dollar. Although the country is not without gaming woes of their own, having been hit with new, restrictive measures relatively recently, Australian love for games is still alive and well. Resident punters are known as huge fans of slots, poker and sports betting, actively seeking ways to enjoy them as often as possible. Internationally oriented operators welcome customers from the Land Down Under by the bunch, and it is for this reason that the Australian Dollar is still seen all across the global market.

Scandinavian-Friendly Currencies:
An interesting development, which became especially prominent by late 2016, and continued all throughout 2017, is the emergence of native currencies from our northernmost neighbors. Scandinavian countries have taken a leap into the gambling industry, following a series of amendments legalizing internet wagering in Denmark, Sweden, Norway and Switzerland. New sites launched from a regulated and safe environment, in which their respective governments have approved both offering and using gaming services. Danish Krone, Swedish Krona, Norwegian Krone and Swiss Franc became a common sight at venues originating in Scandinavia, but can also be found at many other websites catering to enthusiasts registering from within any of these jurisdictions.

Europe Emerges as the Market of Choice:

Statistics of international currencies in online gambling, clearly support the claim that all major shifts have, so far, been directly influenced by changes in the global market itself. Licensed and regulated casinos, especially established, long-standing companies, respect legal boundaries, for the most part, withdrawing from the markets where the law prohibits their operations. Some, but not all, remove the currencies of the countries they no longer accept. Former popularity of the US dollar made the currency firmly established as the second most used in the online world. Currently, Europe is the market of choice, where opportunities for growth and expansion of iGaming are abundant. This means Euro will most likely remain a number one currency for years to come.

About the Author

Jervie David Montejar
Pinoy Blogger, developer, foodie, self-proclaimed photographer and big anime and otaku fan. Likes RPG and action video games.

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