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Currency choice

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Currency choice

Thu Mar 03, 2011 4:07 pm

Hey guys,

Don't know whether this is the right sub-forum, if not please move the thread.

If you want to open a number of bookies, you will have to face the problem that several bookies from different locations do offer different currencies for your account.
Out of this, there are a few questions:

First questions: do you open bookie account with differing currencies at all?

If the answer is yes, the second question is how to handle the arising FX risk:
1. Ignore it
2. Do a one-time transaction, pretend that the FX rate stays the same over time and try to avoid having to do additional transactions at different exchange rates
3. Do some kind of FX swap outside of the bookie accounts to hedge the risk

An additional question is: should you use only one e-wallet for all these accounts or do you prefer opening different e-wallets for the respective currencies and in case you need it do the FX transactions between these wallets?

Any insights, ideas or strategies to share?


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Re: Currency choice

Sat Mar 05, 2011 8:53 am

What ever you do, the FX risk will be there. How to reduce it?
1.Try to use 1 currency only. I know it will not be possible, but try to reduce the number of books with an other currency, out of your basic.
2.When arbing/trading, use the FX rate of the day. Dont keep 1 stable rate from day 1 till the last one. Like this, you will have to deal with the fluctuation of the day, or the week, and not the flactuation of a longets term period of time.
It is arbing's law, that money will move from your basic currency, to different currencies. If you deposit/withdraw, all the time, you will not deal with flactuation. You will win/lose a small % of money. If you add to this, the profits that you get from arbing/trading, you ll be in +. Keeping money for longer periods of time, will expose you to the risk of fluctuation (that sometimes will work for your favor).
3.Swaps are an other world. I wouldnt use them, cause you never know how many USDs euros or AUDs you will have. Therefore, you will have to change your swap, every day, or every time you place a bet in an Australian bookmaker.
2 e-wallets are enough. Moneybookers, Neteller. In your own currency. Neteller is more expensive when dealing with other currencies. MB would be ok.
Last edited by blackjack on Sat Mar 05, 2011 8:57 am, edited 1 time in total.
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Re: Currency choice

Sat Mar 05, 2011 11:21 am

Hello flo and BJ

Two simiral currency stories from me -this is why I will not arb with other currency again.

First is about bodog. When I signed up I had deposit about 1000-1500 euros. I arbed every day with the day's rate. After 2 months I withdraw and I lost about 180 from bodog's exchange rate and about 150-200 euros extra because $ went down.
The second story hurted me more. I tried with a friend to make street arbing. He was going to England's local bookies, was taking the coupon, scanned them and sent them to me. I found some good arbitrages about 2-5% when the programs where alarmed an arbitrage. When we started, 1 pound was =1.24 euros. Less than a month later and after 3 arbitrages, 1 pound was =1.12 euros.  This situation made me lost a serious amount of money, because via arbitrage we had exchanged euros to 8000 pounds.

Maybe the echange rate would be 1 pound = 1.50 euros and in this case I'd had a good profit. But have you read the "Murphy's law"?
Shit happens!
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Re: Currency choice

Sun Dec 29, 2013 7:33 pm

First of all i want to congrats any one in here. Your help is tremendous!!!!
I am going to save lot of $$ by all these i have read in here.

Now about currencies!!!
I am a newbie in arbitrage but not a newbie in the betting generally as i made betfair to tax me with 60%!

So my question is if i should prefer sterline or euro.
I have big enough bank deposits in both currencies but i would prefer sterline to be honest.
Is there a big difference?

Also i would like to add something in your forum that i havent read it yet.
There are some global companies as moneycorp which can exchange currencies in very good rates.
They are keeping something like 0,7% .Which is fair enough.
Also via saxo bank we can exchange currencies with almost 0 loses.But to do this you have to deposit in them 100.000 euros to create a vip account and then of course you can withdraw them.

Thanks guys!!

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