Playing at a Foreign Website-Watch Those Exchange Rates !

Thanks to ill-advised federal laws online bingo players in the United States are forced to patronize offshore bingo sites that may or may not be reputable and licensed. When the Unlawful Internet Gambling Enforcement Act was passed in 2006 (UIGEA) many British online bingo sites immediately imposed a blanket ban on players from the United States. To make things even more complicated federal regulators shut down a few online payment processors such as Neteller. Because of the law American players were forced to patronize bingo sites that use British Pounds or Euros as their currency of choice.

Exchange rates can have an effect of jackpots. An unfavorable exchange rate can have a significant impact on a large jackpot. Even worse for American players credit card companies charge high fees for exchanging currencies. The same companies treat gambling transactions the same as cash advances and high interest rates are assessed on any gambling transactions. At the present time American players have been shut out of British bingo sites there are still a few accepting American players. Players at UK bingo sites enjoy all of the protections provided by the British Government and online bingo sites are strictly regulated by the UK Gambling Commission.

Calculating exchange rates need not be difficult. There are many currency exchange rate tools available on the internet for free. The most popular is the XE Universal Currency Converter. Exchange rates are updated several times a day and the conversion tool is easy to use. There are well over 100 currencies listed so players should have no trouble finding the currency of choice for most bingo sites. There are a few online bingo sites that offer games in several currencies. The most common online bingo currencies are the Euro, British Pound and the US Dollar. Players should be advised that in most cases a conversion fee will be charged to trade currencies.

Exchange rates are a double edged sword and can help or hurt the size of a large jackpot. For the last three years the Euro has fluctuated between $1.25 and $1.45 against the US Dollar. If a player won a jackpot denominated in Euros at a rate of $1.45 and the Euro rate suddenly fell to $1.30 that player may lose some serious cash. Unlike the Euro the British Pound has not seen any wild fluctuations and is probably a better choice for American players. Until congress takes action on internet gaming players from the US will have to seep up with the latest exchange rates.

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