Can You Change Currency On a Betting Site?

currency conversionSigning up to an online betting site is usually a very simple affair. You simply submit the requested details, including name, email address, home address and a few other titbits to open an account. It’s also the case that when you are registering that many online operators ask you which currency you would like to deposit and bet or play games in at the site. Often times, the world’s most popular currencies will be available to choose from, such as British pounds sterling, U.S. dollars and Euros. At other times, additional currencies can be chosen from, like Canadian dollars, Australian dollars and Russian roubles, for example. This all depends upon the betting company itself, and it is up to the operators how many and which currencies are available for players.

Let’s say that you sign up for an account and select Euros as your preferred currency at the time. Then, a few months down the line, you decide that you instead want to bet or play the games in British pounds sterling. Can you simply change the preferred currency over and continue playing as normal? Or is there another route that you have to take to change this? Or perhaps there are several routes that you can opt from. This is precisely what we’ll be looking at today – can you change a currency with a betting site? And if not, what are the reasons for not being able to proceed with something that seems like it would be so simple to do?

Can Currency Be Changed After Registration?

bank notes rolled up various world currencies

This seems like quite a simple question to ask and one that should, in theory have a simple answer as well. But it isn’t quite like that. You see, different online betting sites and casinos have different rules surrounding the changing of your chosen currency. Some will allow you to introduce other currencies to your account alongside the original one, other won’t allow any changes to this to be made at all, and some require you to contact support and go through a waiting period. It would be easy to say that it is possible, but this would only be true in certain circumstances and at certain platforms.

It is important for you to check into the terms and conditions, as well as the FAQs at a betting site, because frequently, if it is possible to change the currency on your account, it will be stated there. Alternatively, you can contact the customer support team after registering and find out if it is a possibility. And if it is a possibility, then there should also be relevant information telling you how to go about doing this.

And if it cannot be done, then there will be reasons behind this being the case. Naturally, if you can change the currency, then you are free to do this as you so wish.  What operators will insist on if you can change currency is a closed wallet system.  This means you can't deposit in say British Pounds then switch the account to Euros and then withdraw that money in Euros.  This is to prevent fraudulent currency conversion, in effect using betting sites to convert one currency to another.  Some sites will let you have parallel wallets but whatever is deposited in say Euros must be used in Euros and withdrawn in Euros.  This is why many companies insist you must open another account to use a different currency (that is if they even allow multiple accounts).

Platforms Providing The Ability to Change Currency

currency exchange price boardWhen it comes to adjusting the currency on your online account, it is usually the case that this can only happen through the more established brands. However, it is the case that you can only do this if you have not already deposited into an account. The process is to simply contact the customer support team who will alter the currency around for you prior to this process occurring.

If, on the other hand, you have already deposited into the account, then nothing can be done. Many sites require that you have your current account closed and a new one opened in its place with the alternate currency. Any balance from the old account will need to be withdrawn in the original currency and then re-added to the new account in the new currency.  A handful of sites will transfer your balance although there is a surcharge of around 2-5% on this for the conversion process. A currency change can usually only be done once.

Some multi-national companies will allow multi-currency accounts. This sees you add a second currency to the one that you selected during registration. You need to read the Terms of Service beforehand though, as these strictly prohibit the utilisation of multi-currency accounts for currency trading or speculation.

Let's say the multi-currency site supports U.S. dollars, Euros, Canadian dollars and British pounds sterling. If you want to add a secondary currency to your account, then any of those can be chosen, and this is possible to do via the cashier page of the website. You will need to have a preferred currency selected, which is the default currency your account will be displayed in. That one cannot be deleted, either. Should you be suspected of currency conversion transactions though, any fee that was waived as part of the currency conversion will likely be applied.

If you then take a look at the rules in place at most sites, however, the platform will not allow any sort of currency change once you have created your account there. This is why it is important that you select the one that works best for you during the sign-up process. Should you select the incorrect one when registering, the only thing you can do is contact customer support and maybe they’ll be able to alter it for you prior to you making any kind of deposit into it.

Why Are You Stopped From Changing Your Currency?

forbiddenThe primary reason that an online betting site places blocks on changing your currency is so that you have no route towards moving currencies in an unregulated way. This is precisely what was mentioned previously, as it is not legal to utilise a betting site for converting currencies. If you have an account that exists in British pounds sterling, but you want to change it to U.S. dollars because they’re worth more, this is not something that online sportsbooks and casinos should be doing. A proper currency exchange should be utilised instead for such a process.

It is also for this reason that most sites only allows you to adjust the currency on your account one time, to cater to those who may have made a mistake or are now using an alternative currency more so than anything else. Beyond that single opportunity, changing the currency on an account is not possible with most brands.

And you can find various terms relating to currency adjustment at platforms, such as LeoVegas. There, you also need to open up a new account with the new currency before contacting customer support to close the old one and transfer any money over via a conversion to the new currency type. The terms at LeoVegas state:

“9.7. We are not a bank or financial institution, and the balance held in your Account will not earn interest in your favour. We do not offer any credit facilities.”

Online casinos and betting sites do not, therefore, work in the same way as a financial institution, which is able to offer currency conversion under proper regulations. After all, what would stop players constantly switching between currencies as the exchange rates fluctuate in daily life? Absolutely nothing – and this is not the idea behind an online gambling site. The idea is, bizarrely enough, to gamble.

Always Select The Right Currency From The Start

brexit value of pound against euro

Choosing the right currency from the start when you sign up to an online gambling site is not a difficult scenario. Generally speaking, most people will choose the currency that is native to them. However, not everyone is able to choose their native currency, because some sites only support two or three of these worldwide currencies. In that instance, it is more common to see the bigger currencies take precedence. And those people who do not have the chance to choose their native currency often go for the U.S. dollar instead.

Consider choosing the currency that you have the easiest access to. If you live in the United Kingdom, then this will definitely be the British pound, whereas if you live in Germany for example, this would be the Euro. Someone with a bank account in British pound but playing at a casino in Euros will see their deposits and withdrawals go through currency conversion automatically. This doesn’t always play out in the most favourable of ways though, so it is ideal to find a casino that supports your preferred currency for this reason. It is possible to convert the money yourself by using payment methods like PayPal or Neteller, for example. Again though, there will most likely be a charge for doing this.

The best route to take if you would like to alter your currency is to simply find an alternative online betting site to join. If you are a part of LeoVegas, for example, and you have your account in Euros, but you want to have an account in Canadian dollars, then it would be much easier for you to simply find an alternative online site to open an account at in this currency. This saves you having to go through the rigmarole of opening a new account with LeoVegas, then contacting support to have your remaining balance converted and transferred before the old account is closed. Simplicity is often key.

One option that is becoming a good alternative to go for is depositing and withdrawing in cryptocurrencies. These do not have any currency conversion fees attached to them, and there are many more online casinos supporting transactions through these today. Essentially, it works as quite the inviting global form of payment to utilise, regardless of where you are based. For this reason, it is very much an ideal currency to make use of for online gamblers. Many bettors have already chosen to change to these digital currencies due to their ease and simplicity.

Common Currencies at Online Betting Sites

50 dollar bill

Choosing the best currency for you to bet with, as noted, will generally depend upon geography – so, where you are located. Those casinos and sportsbbooks basing themselves in Europe and the UK are often possessors of licences from the UK or Malta. As a result, they will frequently offer the pound and euros as their usual currencies. At the same time, many developers providing games and other software to platforms come from Scandinavia, which will allow for the inclusion of the Norwegian, Swedish and Danish krone. Throwing the U.S. dollar into the mix is always a good idea, because many currencies are traded against it, and many people around the world utilise it in everyday life.

Other currencies like the Canadian dollar, Australian dollar, New Zealand dollar and South African rand are also coming up the ranks of being frequently available to use at online betting sites. Of course, it generally also depends upon if the platform supports registrations from these countries. A site restricting registrations from Australia isn’t likely to offer the Australian dollar as a possible playing currency for obvious reasons.

It may seem an obvious route to take – choosing your native currency as the best one for you. And while this does simplify things a lot for the average player, some of the more experienced gamers may look towards an alternate currency with a financial mindset. Perhaps converting your funds prior to using them will see you come out on top in the end. Check out the exchange rates of your currency before joining a platform and see what the results are. If you believe that playing games and placing bets in a different currency to your native one is better, then there is nothing stopping you from utilising such at a site. Just know that if the exchange rates differ dramatically, you won’t be able to change it while it is deposited at the site.