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What is the real cost of betting in another currency?

When you exchange your currency to fund a betting account based in another currency, you lose a significant amount value of the funds that are transacted,  The problem however, is that you never tend to see how much you lose.  The fee for exchanging currency is always hidden from you and this is the case for every currency exchange transaction, not only with those related to online sportsbooks.

When you need to exchange currency, the exchange house, your bank, credit card, e-wallet provider or the sportsbook itself is providing you with a balance in the new currency at a rate that has been marked up from the day’s best rate.  You never see the fee for the service, the exchange house simply shows your rate of exchange.  What they never show you was the rate of exchange that they paid to provide you with that new balance of funds.

Here’s an example of what happens: for simplicity, let’s assume we are going to exchange and deposit CAD1,000 into US funds.  The exchange house is going to list our exchange fee at 0.803 which gives us a balance of USD803.  However, the day’s best exchange rate is likely at least two points higher around 82 to 84 cents.  If the exchange house bought your funds at 0.833, they are essentially charging you USD30 for exchanging your money as the true value of your deposit is USD833.

While that might not seem like a huge sum of money, remember that most people deposit and withdraw funds to their betting account many times a year.  So this value will tend to add up quite quickly over the course of time.  Furthermore, if you hit on a big winner like a pick at long odds or a large multi-pick parlay, you’d have to pay the same 2% to 5% of that value as a fee to exchange your funds when you withdraw your winnings.  

By choosing a reputable sports betting provider that offers CAD accounts,you will eliminate this wasted money as you will be allowed to deposit, bet and withdraw all in the same currency.    

Canadian Dollar Sports Betting Sites

Beyond ensuring that a trustworthy and reputable company is selected, the most important point of differentiation for Canadians choosing a sports betting service is whether or not they offer Canadian Dollar accounts.  Don’t simply assume that every online sportsbook offers CAD accounts.  When you register your account, you will be able to select your desired currency and many of the top names in the business DO NOT offer Canadian Dollar accounts.

Why is this an important issue?  You want your experience to be as profitable as possible.  You want your dollars to be use towards your stakes and your wagers.  If you register with a sportsbook that only offers US Dollar, Euro or British Pound accounts, you will need to exchange your funds every time you deposit OR withdraw funds.  In general, this means that you will lose between 2% and 5% of the value of the sum being transacted.  

When you wager in your native currency you’ll never lose this value plus you’ll know that you are playing with a company that truly values Canadian customers as it is a significant investment for a betting company to offer any particular currency.  All the betting sites recommended here offer CAD accounts.   

Setting CAD as Your Currency

Setting your online betting account currency is a very simple process.  I’ll outline how it’s done with each of our recommended services:

BetVictor mainly serves the UK market and thus most of their onsite references to bonuses or currency will be in the British Pound.  Not to worry, when you register your account, you will be able to select Canadian Dollars near the bottom of the registration page.

Bodog only serves the Canadian market and only offer CAD accounts.  There is nothing to set.  The default is Canadian Dollars.

Pinnacle Sports serves many markets with many available currencies.  You will be able to select your preferred currency from the registration page.

Sports Interaction’s main target market is Canada and thus the default currency selected in the registration page will be Canadian Dollars - you won’t even need to change anything.

Unibet’s registration is done is four very quick steps and is well-designed for mobile registration.  On the second page, you will be able to select Canadian Dollars as your account currency.

William Hill’s generally knows where you are visiting from.  Thus it is programmed to pre-select CAD as your currency of choice, even though you are free to change this during the registration process should you so choose.

If you decide to register with an e-wallet provider, you will also be able to select the applicable e-wallet currency balance.  You will of course want to set this to CAD so that all the accounts are in the same and correct currency.  Several e-wallets only allow you to set your currency during the registration process and do not allow  additional currency balances nor the ability to change your account currency post registration.

BetVictor is an established name in the UK, known widely for having the most competitive soccer odds. If soccer is your game, you need to consider BetVictor. Get a free bet bonus worth the current equivalent of GBP25 or about CAD50.  Read the BetVictor Canada review.

The best online sports betting sites for players in Canada

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Pinnacle Sports operates as a reduced-juice sportsbook.  This means they rarely advertise or offer a bonus. The savings is passed back to bettors with consistently higher paying odds on all sports and they offer very high betting limits. A fantastic long term betting partner.  Read the Pinnacle Sports Canada review.

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Unibet, headquartered in Stockholm, provides some amazing coverage of sports betting, especially with their coverage hockey.  Did you know that Unibet are the only Canadian Dollar sportsbook to offer betting on both the OHL and WHL?  That’s right - Major Junior hockey betting.  Read the Unibet Canada review.

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William Hill is one of the oldest names in sports betting, established in 1934 and currently traded on the LSE.  William Hill covers all sports well extremely well and has been in the Canadian market for a long time, ensuring they cater to our preferences. Read the William Hill Canada review.

CAD

CAD

CAD

Sports Interaction is the only sportsbook that is completely run and regulated from within Canada from the Kahnawake Mohawk Territory located just west of Montreal.  They offer solid lines, odds and even a nice 100% bonus up to $125.  Read the Sports Interaction Canada review .

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CAD

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CAD

Bodog was one of the pioneers of online sports betting in Canada.  The Bodog brand is as strong as ever with a unique angle as they only serve Canadians and know our  tastes. Example: they are the only sportsbook to accept Interac email transfers for deposits. Get up to $100 in free bets. Read the Bodog Canada review.

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CAD

CAD Sports Betting Issues