Online Bingo Currencies
In 2008, the global economy almost collapsed as a result of Wall Street bankers playing fast and loose with the global economy. The ongoing recession that resulted has made currency exchange rates very volatile. Today, many economists are worried about the fate of the multinational Euro, as Greece is forced to default on its debts. Despite the global economy, the online bingo industry has expanded into new markets, and the number of online bingo sites has doubled since 2008. Some in the industry say that online bingo is a perfect fit for those with reduced discretionary income. Bingo provides players with very inexpensive entertainment.
In Great Britain, currency exchange rates were a real concern in 2010. Before the national elections many investors and economists feared political gridlock in Parliament which could cripple the government's ability to deal with the financial crisis and credit crunch. Because of these concerns the British Pound fell below $1.50 which raised concerns. Today (May 17, 2012) the Pound is trading at about $1.59, well above 2010 levels. In 2008 many online bingo operators feared a decline in the Pound on international markets and with good cause.
For new websites, a weak pound could easily force online bingo operators to cut back on essentials such as marketing. An underfunded marketing program could easily lead to a reduction in the number of new players signing up. New bingo sites could be forced to cut back on jackpots and prizes, which would cause them to lose players to larger operators capable of absorbing the losses caused by a weak pound. This has happened in the past to 888 bingo. It should come as no surprise that most online bingo operators keep close track of currency exchange rates.
Since many UK based bingo sites accept pounds and Euros, currency exchange rates can be very important. While most players do not take exchange rates into consideration when they play, they can have an effect on the value of jackpots and prizes. A shift downward can cause jackpots to become less valuable. Players at multi-currency bingo sites using credit cards are subject to hefty currency exchange fees charged for converting currencies. Players at multi-currency sites should always check the policies regarding currency exchange fees. And players need to be very aware of what gambling winnings are taxable, and which are not.
In addition, many credit card companies do not give players favorable exchange rates. Fortunately, there are several free currency converters online where players can check to see if they are getting a fair exchange rate. Fortunately most players are able to find online bingo games using their own currencies but for those using foreign bingo sites currency exchange rates can be an important issue.
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