The Euro Overtakes US Dollar as Most Popular Online Gaming Currency

 

Due to strict regulation for online casinos in the United States, the US Dollar is no longer the ruling force in online betting.

In 2006 legislation was passed in the United States by the Federal Deposit Insurance Orporation (FDIC) that made online casinos more stringent in their regulations. In a summary provided by the FDIC they state “The Act prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law (termed “restricted transactions” in the Act).” These regulations have been enforced more in recent years, and in 2016, the US Dollar is now second to the Euro in terms of transactions in online casinos. In March of 2014, the prevalence of the US Dollar was at 90 percent, while the Euro was just above 70 percent. In March of 2016, the US Dollar accounted for 73 percent of transactions, while the Euro was at just under 80 percent. A reason why the US Dollar is so popular in online casinos, is that many people from emerging economies do not like to use their own currency, for fear that it is too volatile, or that it is not widely accepted as a form of payment. It seems that even people from these countries have made the shift to using the Euro for their online gaming.

In a sense of comparisons to both of their populations, the countries that use the Euro as its currency do outnumber the places that have the US Dollar, but it isn’t by much. This comes as a monumental shift in online casino gambling culture, because the United States was the birthplace of the online casino. In terms of technological development, it was also the place where the internet found its first surge, but with recent crackdowns on online casinos, it isn’t a surprise that the US Dollar has slipped. Even after the FDIC made their rulings on them, the US Dollar stayed a dominating force.

The top currencies for trading on online casinos has the Euro in first place, the US Dollar in second, the British Pound in third, while the Australian Dollar is in fourth. It is worth mentioning that the difference between what is spent by Australia is not that more than the transactions done with Canadian money.

Other countries improved their acceptance by online casinos. Aside from the Euro, other currencies in Europe were boosted as well from their stance in March of 2014. The Norwegian Krone, and the Russian Ruble were the biggest movers. While the Asian country of South Korea was the biggest mover there. Online casinos are not that popular in places like China or Japan. If they were to have their own online casino, then it would be a website that is only for their perspective countries.

The biggest losers, aside from the US Dollar, were the British Pound, the Canadian Dollar, the Swiss Franc, along with the Danish Krone. The legality of online casinos is still up for debate in the North American country. The legislation that has mentioned online casinos has been hazy.

Written by: Andrew Johnson

Andrew Johnson has been reporting for Blog.ca for more than 8 years. He studied journalism at UGC and has published two books on how journalism influences the world.

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