Hi !
Im pretty new @ betfair. I opened an account and i choose euro currency. When i make a bet on an event
i see always euro prices but my guess is all event has a standard currency. If so , how much do i pay for the
currency coversion to betfair, if eg. i make a bet on
a $ event with an euro account ?
So is there any currency conversion when betting
on an event ?
Thanks for the answer !
currency qestion
I can't specifically answer the question but I am sure Betfair probably can. When we ran two accounts next to each other in two currencies they didn't match the spot rate so I guess Betfair must have their own internal conversion rate. Probably best to ask Betfair what their policy is.
If perhaps you are comparing with games like poker where there is an entry fee that must be denominated in a particular currency that may be different from your account, in theory, currency doesn’t really come into play in the same way in exchange markets. The only influence it should have is in regards to exactly how much of your desired wager gets matched and how much is left unmatched.how much do i pay for the currency coversion to betfair
For example, let’s say you are looking to back Team XYZ to win for €10, and the best available odds being offered (by someone willing to lay Team XYZ) are 3.0 which in actuality is being offered by a single Betfair customer who has entered a lay bet at 3.0 for $20. His/her $20 lay bet will probably appear on your screen as about €16. You place your bet at 3.0 for €10 (which then leaves approximately €6 still on offer in the market at 3.0). If you lose, you simply lose €10. If you win, then you will get €29 added to your account (your initial stake of €10 that is returned plus €20 profit minus €1 for the commission Betfair takes on net winnings within a market). No charges are incurred in either instance for currency exchange, win or lose.
The only real effect that the exchange rate should have is in regards to exactly how much of your bet gets filled. If we use the same example above, but instead of there being $20 available at 3.0, there is only $5 on offer, then your €10 bet is only going to get partially filled for the time being. Depending on precisely what exchange rate Betfair is using on that day, you might get €3.80 filled, €3.84, €3.92, or €3.95 or whatever. It should be a rather small impact, and while it may affect down to the cent exactly how large of a bet you are able to place into the market at your desired odds, there is still no currency exchange “fee” or anything that would need to be “paid” to Betfair for currency conversion. If you have a winning bet, you will be paid out in the currency of your account at exactly the odds at which your bet was matched (less the commission fee on winnings which is taken regardless of currency).