Currencies in online casinos

Euro (EUR) – primary currency for players from Latvia

The euro has been in effect in Latvia since 1 January 2014 and is accepted by all banks in the country – Swedbank, SEB, Citadele, Luminor. When depositing to a casino in euros, the bank transfers funds without conversion; the fee depends only on the bank's tariff and payment method. Withdrawing funds to a card or account in euros also proceeds without currency exchange losses.

International casinos from the site rating typically support euro as one of their primary account currencies. When registering, choose EUR if you plan to deposit with a Latvian bank card or through Revolut, Paysera and other services with euro accounts. This eliminates double conversion (your euros → casino account currency → euros on withdrawal) and associated losses.

Banks and casinos without Latvian licence

Casinos in the rating operate under offshore licences (such as Curaçao) and do not hold authorisation from the State Revenue Service of Latvia (VID) to organise gambling in the country. Latvian legislation prohibits players from participating in interactive gambling organised without a VID licence; the fine for an individual ranges from 70 to 350 euros. A bank may decline a payment to an unlicensed gambling site – this is its right and part of risk management policy.

If a euro transfer does not go through the bank, players sometimes use electronic wallets (Skrill, Neteller, MiFinity) or the Trustly service, which works directly through online banking. Each method has its own fees and limitations; see the payment methods section for details.

US dollar (USD)

The US dollar is less common in casinos than the euro, but some platforms offer USD as an account currency. For a player from Latvia, this means double conversion: the bank converts euros to dollars on deposit, the casino (or payment system) converts dollars back to euros on withdrawal to a euro card. At each stage a rate with a margin is applied – typically several per cent worse than the interbank rate.

Opening a USD account makes sense only if you regularly receive income in dollars and maintain a dollar account at the bank: then conversion is needed only once. In other cases, euro is more convenient and cheaper. The EUR/USD rate changes daily; volatility is lower than with cryptocurrencies, but still affects the final withdrawal amount.

Cryptocurrencies: bitcoin, ether, USDT

Cryptocurrencies are accepted by many international casinos. Main options: bitcoin (BTC), ethereum (ETH) and the Tether stablecoin (USDT), pegged to the US dollar. Deposits and withdrawals proceed via blockchain, without bank involvement – this allows bypassing a possible bank refusal to transfer to a gambling site.

Bitcoin (BTC)

Bitcoin is the oldest and most liquid cryptocurrency. Casinos credit BTC to the player's account either in bitcoins or convert to euros or dollars at the current rate. The BTC rate is volatile: the price can change by tens of per cent in a week. If the casino holds your balance in BTC, the euro amount will fluctuate with the rate. If the casino immediately converts bitcoins to fiat currency, you lock in the rate at the time of deposit.

The bitcoin network fee depends on blockchain congestion and is paid on withdrawal. The casino may cover this fee or deduct it from the withdrawal amount; check the conditions in the 'Withdrawals' section on the platform's site.

Ethereum (ETH)

Ethereum operates faster than bitcoin: a block is created approximately every 12 seconds compared to 10 minutes for BTC. The fee (gas fee) varies depending on Ethereum network load; during periods of high activity, gas fees can exceed the value of a small deposit. The ETH rate is also volatile. Casinos typically offer the same options as with bitcoin: account in ETH or instant conversion to fiat.

Tether (USDT)

USDT is a stablecoin pegged to the US dollar at a 1:1 ratio. The issuer Tether Holdings states that each token issued is backed by reserves in dollars and their equivalents. The stablecoin eliminates the volatility problem: 100 USDT today and in a week equal approximately 100 USD (plus or minus hundredths of a per cent).

USDT is issued on several blockchains: Ethereum (ERC-20), Tron (TRC-20), Binance Smart Chain (BEP-20) and others. The network fee depends on the chosen blockchain: Tron is typically cheaper than Ethereum. Check which network the casino supports and send USDT on the correct network – transfer on another network will result in loss of funds.

Purchasing and exchanging cryptocurrency

Cryptocurrency can be purchased on an exchange (such as Binance, Kraken, Coinbase) for euros with a bank card or via SEPA transfer. After purchase, transfer coins to your own wallet (software or hardware wallet) or directly to the casino deposit address. Storing large amounts on an exchange carries risk: the exchange may freeze the account, go bankrupt or be hacked.

Exchange services (such as PayCryptos) allow purchasing cryptocurrency and sending it directly to the casino address in one operation. The exchange rate includes the service's margin – compare offers before purchasing.

Taxes and reporting

In Latvia, cryptocurrency transactions are subject to tax. When selling or exchanging cryptocurrency for fiat money (euros, dollars), income arises on which income tax is payable. The tax base is the difference between the sale price and acquisition price. Check specific rates and declaration procedures on the VID website or with a tax adviser.

Casinos do not withhold taxes for the player and do not report cryptocurrency winnings to VID. The responsibility for declaring income lies with the player.

Currency conversion in casinos

If the currency of your payment method does not match the currency of your casino account, conversion occurs automatically. The rate is set either by the casino or the payment provider (card processing, electronic wallet). The rate is typically 2–5% worse than the mid-market rate; the exact margin depends on the platform and payment method.

Example: you deposit to a USD account with a euro card. The bank converts euros to dollars at its own rate, adding a margin. Then, on withdrawal to the same card, the casino or processor converts dollars back to euros – again with a margin. Total losses on two conversions can reach several per cent of the amount.

To avoid this, choose an account currency that matches the currency of your primary payment method. For players from Latvia, this is euro. For those working with cryptocurrencies – BTC, ETH or USDT, if the casino allows holding balance in crypto without forced conversion.

How to choose account currency

• Euro – if depositing with a Latvian bank card, through Revolut, Paysera or other services with euro accounts. No conversion, minimal losses.
• US dollars – only if you regularly receive income in USD and maintain a dollar account. In other cases, double conversion will eat part of your winnings.
• Bitcoin or ether – if you want to bypass possible bank refusal and are prepared for rate volatility. Suitable for those already working with cryptocurrencies and understanding the risks.
• USDT – compromise between cryptocurrency convenience and fiat stability. The rate is pegged to the dollar, network fees are lower than bitcoin (when using Tron or BSC). But the final euro amount still depends on the USD/EUR rate.

When registering at a casino, you typically cannot change the account currency after creating an account. Choose immediately: if you made a mistake, you will need to register a new account (provided the casino permits multiple accounts for one person – most prohibit this).

Table: currency comparison

Legal status and risks

Casinos in the site rating do not hold a VID licence to organise gambling in Latvia. Participation in such games formally violates Latvian legislation; the fine for a player is 70 to 350 euros. VID maintains a list of blocked domains of unlicensed operators and restricts access to them. The VID register of self-excluded persons, which allows a person to prohibit themselves from gambling for a period from 12 months, applies only to licensed platforms – it does not extend to offshore casinos.

A bank may decline a transfer to a gambling site without a Latvian licence. Cryptocurrencies allow bypassing this barrier, but create other risks: rate volatility, possibility of technical error during transfer (wrong network, incorrect address), absence of chargeback procedure. If a casino refuses to pay out winnings, seeking protection from the Latvian regulator will not work – VID does not consider complaints about unlicensed platforms.

Read more about licensing and supervision in the licences and regulation in Latvia section.

Frequently asked questions

Can I change account currency after registration?

In most casinos, the account currency is fixed at registration and cannot be changed. If you chose the wrong currency, contact customer support – sometimes the operator can create a new account with the required currency and transfer verification data. But more often you will have to accept the choice or register on another platform.

What conversion fees does the casino charge?

Casinos rarely publish the exact percentage of conversion margin. Typically this is 2–5% above the interbank rate, but the figure depends on the payment provider and currency pair. To find out the real rate, compare the amount debited from your card in euros with the amount credited to your casino account in another currency. The difference will show combined losses on conversion and fees.

Is it safe to use cryptocurrencies in casinos?

Technically, blockchain transfers are protected by cryptography, and the risk of fund interception is minimal if you correctly specified the recipient address and chose the right network. But cryptocurrencies are not returned through chargeback like card payments; if the casino does not pay out winnings, recovering funds is virtually impossible. Additionally, the rate may change between deposit and withdrawal, which will affect the final euro amount. Keep private keys secure and check the casino's reputation before making large deposits.

Do I need to pay tax on cryptocurrency winnings?

In Latvia, the sale or exchange of cryptocurrency for fiat money creates taxable income. If you won at a casino, withdrew cryptocurrency and then exchanged it for euros, income arises on which income tax is payable. Check specific rates and declaration procedures on the VID website or with a tax adviser. Casinos do not withhold taxes and do not report for the player.

What happens if the bank blocks a payment to a casino?

A bank may decline a transfer to an unlicensed gambling site – this is its right. The funds will return to the account within a few working days. If payments are regularly blocked, consider alternative methods: electronic wallets (Skrill, Neteller, MiFinity), Trustly service or cryptocurrencies. Each method has its own fees and limitations; see details in the payment methods section.

Remember: gambling is available only to persons over 18 years of age. If you feel you are losing control over your play, use the register of self-excluded persons on the VID website – this will allow you to prohibit yourself from accessing licensed platforms for a period from 12 months. Play responsibly.