Popular Currency Options at Online Casinos Worldwide

Having a wide variety of methods to deposit and withdraw from an online casino does make one’s experience smoother, doesn’t it? Players do appreciate the flexibility as well as the freedom to experiment with different payment methods to see which one fits them the most.

Other than this, they also appreciate being given the opportunity to use their own local currencies to play games. People simply find it more convenient to keep track of their bankroll if the funds they use are expressed in their own currency.

In this article, we shall talk about the most popular currencies on a global level and why is it important to opt for the local one when playing at an online casino. We shall also discuss the advantages of using a native currency, giving you some handy hints on how to find the most suitable casino for yourself. Keep reading!

What is a Currency?

A currency represents a standardization of money in any form, in use or circulation as a medium of exchange. Most commonly, it comes in the form of banknotes and coins.

There are three main types of currencies- fiat money, commodity money, and representative money, plus the fourth type, whose popularity has been rising in recent years- digital currencies. They come in the form of cryptocurrencies or as government-backed digital notes and coins, for example, digital renminbi in China.

In addition to this, there’s something called pseudo-currencies or branded currencies, which function as some types of loyalty points. They are often used by credit card providers, airlines, in video games, in stores, and at online casinos.

Those found at online casinos are collected based on one’s overall activity, ranking, the amount and frequency of deposits, the type of games played, and so on. In most cases, such credits/ internal currencies can be used as playing credits. Sometimes, the casino even gives the possibility to convert them into real money, at the exchange rate determined by the operator.

Different Types of Casinos Based on Currency Selection

Depending on the type or the number of currencies offered by an operator, casinos can be divided into the following three most common types:

• Single currency sites

As the name itself implies this is the type of an online casino where a player can use a single type of currency only. For example, casinos accepting players from the United States will offer USD as an available currency, while those accepting players from a large number of European countries will have EUR.

Such a casino is a good option if the country of your residence supports the given currency. Otherwise, you may end up with decreased profit, due to conversion fees.

• Multiple currency operators

In such casinos, consumers can opt for more than one type of currency. This may include either a wide range of fiat currencies only, or both fiat and cryptocurrencies. Due to the immense level of flexibility with payments, such casinos are most popular among gamblers. Some even allow consumers to switch between fiat and crypto and vice versa.

• Casinos that accept digital currencies

It’s not a secret that cryptocurrencies have become quite a big thing in the world of online gambling. Players love them as they provide quite a high level of efficiency and anonymity plus, they usually incur no conversion fees. The most frequently used digital currencies include Bitcoin, Litecoin, Tether, Dogecoin, Ethereum, Cardano, Monero, etc.

What Are the Most Popular Currencies Casinos-Wide?

To determine the popularity of a specific currency, one needs to take geography into account. The size of an iGaming market dictates the frequency of use of a specific currency. Whether a casino accepts players from a single country only, a couple of them, or has no restrictions at all will also be a determining factor for one currency’s popularity.

Here are a couple of the most commonly used options, encompassing both fiat and crypto assets available:

• Euro (EUR)

The iGaming market of Europe is rather large, encompassing highly active gambling regions such as Italy, France, Germany, and so on, so it doesn’t come as a surprise that EUR ranks as number one. Worth noting is that the Euro is the official currency of 20 of the 27 member states of the European Union.

It is also a currency that most games support, so it provides the best selection to players who want to explore different genres. Plus, it is supported by all respected payment providers.

• United States Dollar (USD)

An equally large market is that of the United States, making USD one of the world's most renowned currencies. Just like with EUR, it is the currency that is listed in almost all games, and the one that works well with different payment methods, both cards and e-wallets.

• Bitcoin (BTC)

Invented in 2008, Bitcoin (BTC) is one of the oldest decentralized digital currencies and one of the oldest crypto assets supported by online operators all over the world. Bitcoin is extremely popular in India, and the United States, both of which are among the most active iGaming markets, so it’s no surprise that BTC holds the position of players’ favorite crypto asset.

• Canadian Dollar (CAD)

In recent years, the online casino market of Canada has been growing at a rapid pace, pushing CAD among highly popular currencies. One of the main reasons why this currency is on top is Canada’s stable economy and strong central government.

• Litecoin (LTC)

Inspired by BTC, and established in October 2011, Litecoin (LTC) is one of the earliest altcoins. Although it shares some similarities with BTC, it enables much faster transaction confirmations, and lower fees, both of which are highly appreciated among casino players.

• Ethereum (ETH)

The youngest one among cryptocurrencies on our list, Ethereum (ETH) is a decentralized blockchain with smart contract functionality with Ether as the native cryptocurrency. It came into being in 2013, quickly becoming one of the favorite options for deposits and withdrawals https://wizardofodds.com/online-gambling/articles/deposit-withdrawal-terms-for-us/ .

One of the most interesting curiosities is that this digital asset allows users to create and exchange non-fungible tokens (NFTs).

• New Zealand Dollars (NZD)

The New Zealand dollar (NZD) is the official currency of New Zealand but a couple of more territories as well, including Niue, Cook Islands, Tokelau, the Ross Dependency, and a British territory, the Pitcairn Islands. Having that in mind, it explains why it earned such a high position on the list of most-used currencies at online casinos.

Is It Possible to Change the Selected Currency?

In most cases, a player selects currency upon registration or it is displayed automatically, relying on geolocation. A player may be permitted to deposit in their native currency, but in case the casino doesn’t support it, the funds will be converted upon requesting a cashout.

If you are visiting a single-currency casino, then the options are rather limited, but if you are presented with multiple options, be wise when making a decision.

The reason we tell you this is that changing your mind with regard to your preferred currency often comes with a lot of hassle. Some casinos don’t permit it at all, while those that do may ask players to send requests to customer support and provide some legitimate explanations on why they wish to switch to another currency.

In case the casino supports multiple currencies, but the one that’s official in your country is not listed, then opt for the stable and wisely used ones. By that, we mean EUR or USD, as the ones with relatively stable value.

The Advantages of Using Local Currencies

We are pretty much used to using different currencies when traveling abroad. Yet, everyone would agree that using a local currency whenever possible is definitely the most convenient and the least complicated.

This particularly goes for online casinos. If we were to name the key benefits of opting to deposit and withdraw in your local currency, those would be:

• Smoother and faster payments

Everyone’s familiar with the value of their native currency, so keeping track of money on your balance is much easier and definitely more accurate. It often happens that the value of one’s winning decreases when converted to the local currency, so opting for your local one is the best way to avoid it.

• No exchange fees

Talking about conversion, transaction fees can sometimes be higher, leading to unwanted losses. What’s even more, sometimes casinos impose taxes on payments made in foreign currencies, which the majority of consumers perceive as unnecessary.

• Personalized player experience

Finally, if there’s something that represents that cherry on top when visiting an online casino, that’s the possibility to enjoy a customized casino experience. And playing games in your own currency certainly makes it possible for you, doesn’t it?

How to Find the Best Casino for Your Local Currency?

Choosing a casino that best fits your needs can sometimes be quite intimidating, but if you know what and where to look, it doesn’t have to be.

When selecting a casino, pay attention to the following:

• Accepted countries- if the casino is open to consumers from various parts of the world, chances are a wider spectrum of currencies will be supported
• Game types- as mentioned earlier, game developers sometimes include multi-currency options in games allowing players to explore their favorite slot games, video poker, Blackjack, Roulette, Baccarat, or other games in their native currency.
• Available payment methods- except a selected number of methods which is available in a small number of countries, popular cards such as VISA, and MasterCard, or e-wallets such as Neteller, Skrill, PayPal, and so on offer a variety of currencies
• Bonuses and promotions- sometimes the selection of bonuses and promotional offers is limited to a certain currency only, so check the Terms before claiming; on the brighter side, a solid number of operators have special offers for Bitcoin and crypto depositors
• Language options- for a truly tailored casino experience, select a casino that has a multi-lingual interface; this will make navigation and gaming sessions much smoother

Have fun & gamble responsibly!