A team of researchers engaged by KetToCasino have found out that the US Dollar has been displaced from its position as the favoured currency for online gambling by the Euro. The US Dollar might still be the most important currency in the world, but the online gambling industry paints a different picture. This has a lot to do with the fact that online gambling is largely prohibited in the United States and hence, Euro overtakes Dollar in online gaming.
Gambling is extremely popular all over the world, and people from different countries visit online casinos to gamble on sports and to play a whole lot of casino games, slots, bingo, and the like. The latest slot games like Double Bubble slot is very thrilling and well-made, and its hard to resist their appeal.
The US Dollar was the premier currency in the online gambling business not too long ago, but the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) by the federal government of the United States changed everything. The law made it illegal to operate online gambling services in most parts of the United States as a result of which most operators pulled out of the market. Many companies have had to face hefty fines because they permitted Americans to gamble on their sites.
Even though Americans market dropped out of the reckoning in the online gambling industry, the power of the US Dollar ensured that it was used very frequently for online transactions. Most casinos continued to offer customers the option of making deposits in this currency. As a matter of fact, 90 percent of all casinos in operation in 2014 permitted transactions in US Dollars. This has now become only around 75% in 2016. In comparison, 78% of all online gambling sites permitted monetary transfers in Euros.
Casinos Focusing on European Markets
One reason for the increase in the Euro’s popularity in online casinos is that operators are increasingly targeting this market. Most European countries have legislations in place to regulate this industry and this has given the industry the space to grow along the desired lines. Since many European countries have adopted the Euro, gambling operators have followed suit by adopting this currency.
Top Currencies in Gambling
The US Dollar may have been knocked off its perch by the Euro, but it remains one of the most popular currencies in the business. The other currencies in the top five are the British Pound Sterling followed by the Australian Dollar and finally the Canadian Dollar. Two strong currencies that are surprisingly not part of the list are the Japanese Yen and the Chinese Yuan. While the Chinese are passionate about gambling, their government does not permit online sites to offer their services to its citizens. Interestingly, currencies that have increased in popularity with online gamblers over the past year are the Rouble and South African Rand followed by the Norwegian Krone and the South Korean Won. The currencies most often used on online gambling sites will reflect the markets where gambling is increasing in popularity.