Posted in Industry April 14, 2017
Move Over USD, EUR is Now the Most Popular Online Casino Currency Offered and Accepted
Although many casino regulars and enthusiasts choose casinos based on the selection of games and software used, there exists other factors that define the choice of a casino hub. For many casino players, the payment options, specifically the currencies accepted influence the choice of the next casino hub to try and explore. A comprehensive selection of payment options and currencies used are indicative of the potential of the casino to offer a secure and efficient service. Players are always on the lookout for gaming hubs that offer a diverse set of payment options, and allow players and casino members to fund their accounts in their preferred currencies.
And speaking of currencies, the default currency accepted is the US dollar. It was de-rigueur for top casinos to accept USD, and use other top currencies as support payment options. It was understandable, knowing that the USD has been considered as a global currency, accepted and recognized in trades in most parts of the world. But its standing among online casino operators and the industry in general is about to change, thanks to new developments and customer preferences. A new research out in the market reveals that there’s another currency darling online- the EURO– and it’s now the top choice for both the operators and players alike.
Tracking the History of Accepted Online Casino Industry
Before the enactment of the ‘Unlawful Internet Gambling Enforcement Act’ or UIGEA, most online casinos require players to deposit their funds using USD, or at least accepts USD as one of the major currencies accepted. But with the approval and implementation of the law, US players were prohibited from depositing funds and participating in online casinos. This resulted to a decrease in the number of US players, and also helped in reducing the amount of USD payments online. Although there was a slowdown in USD remittance and payments in online casinos, this currency was still highly favored and accepted in leading online casinos. At the end of 2014, the USD was still considered the most important online casino currency, with almost 90 percent of all casino operators accepting the currency for fund deposits and payments. Unfortunately, in the two years, other currencies are starting to gain ground, and its ‘popularity’ or the percentage of operators accepting the currency, dropped to 75 percent. And during this time period, the numbers of EUR as a preferred currency started to shoot up, reaching as high as 78 percent.
Online Casino Currency Landscape, Today
Today, the industry plays host to dozens of currencies that are favored for their accessibility and stability. As of March 2016, the top 10 listing of the widely accepted currencies in online casino industry includes EUR, USD, GBP, AUD, CAD, SEK, NOK, ZAR, DKK and CHF. According to a team of research that completed the survey, EUR takes the lead, accepted by 579 casinos or 78.5 percent, USD accepted by 546 casinos or 74 percent and the GBP which is accepted by 429 casinos or 58.1 percent of all casinos on the respondent’s list. Rounding up the first 5 are AUD which is accepted in 251 casinos or 34 percent and Canadian Dollar which is accepted in 241 casinos or 32.7 percent of all casinos. Occupying the last 3 positions in the ‘Top 10’ list are South African Rand, Danish Krone and Swiss Franc.
The inclusion and the placement of GBP on this list is understandable, thanks to the popularity of online casino entertainment and sports betting in the region. Millions of UK players regularly play at these casinos, and many casinos trace their roots to the UK, making GBP a stable currency in the online casino market. It is also important to note the absence of two global currencies in the Top 10- the Japanese Yen and the Chinese Yuan. While these currencies are from two of the largest economies in the world, these currencies are not included in the list since casino gaming is not yet that popular in the Asian region. Casinos are now operating from the region, but its size and scope still pale in comparison with Euro-based online casinos.
So, Why Euro?
There’s a reason for the resurgence of Euro as a currency of choice among casino operators and players. One critical reason can be found on the marketing initiatives of many casino operators. These casino operators are now focusing on the Euro market, more than the US market and players. The reason for this was the passage of the UIGEA which restricted the play of US-based players. Another reason for Euro’s popularity is the trend among European countries to adopt Euro as their official currency. Since many players from Europe are using Euro, casino operators take on the next sensible step – to accommodate these players who use Euro as their preferred currency.
To learn more about all of the different casino payment methods, their requirements on deposits and withdraws, how to best make use of them, and their pros and cons; please read our complete guides about the most popular options below.