currency and exchange rates

#1 1st December 2008, 2:53 PM

Is it a good idea for me to play at full tilt, even though i am from UK because of the exchange rate issues. Right now the rate is £1 = $1.49 but before the economic issues the rate was steady at around 1.8. Does this mean i would loose money when i cash out, or the exact opposite? I suspect i will loose about 20% (the difference between 1.8 and 1.4 exchange rate)?

Anyone have any guesses as to when the $ fluxuations will come back to normal?

#2 1st December 2008, 3:01 PM

If one knew to answer that, he or she would be very rich

#3 1st December 2008, 9:40 PM

Great...

Any real reply's?

#4 1st December 2008, 10:32 PM

hey. im from the UK too and yeh ur right the exchange rate has fallen alot. effectively this means that the money you win becomes of greater monetary value, but it is more expensive to purchase the chips in the first place. eg. u win $1000 at what used to be an exhange rate of £1 to $2, meaning that win was worth £500 to you, but now the ER is £1 to $1.50 ur win is worth £750 pounds. u see? obv works vice versa, ur purchase of chips becomes more expensive. hope this helps.

#5 1st December 2008, 11:04 PM

Could you elaborate a bit please?

Any more comments anyone?

#6 1st December 2008, 11:13 PM

It means you will "gain" money, but in reality you aren't gaining anything since the purchasing power of the pound in relation to the US$ has increased since you deposited (ie. your entire networth has increased relative to the US$). Obviously nobody can accurately predict the currency fluctuations or you could get rich with no risk by trading currencies.

If you need an explanation...say you have a bankroll of $10.

By withdrawing at $1.50US:1 pound you will withdraw 6.66 pounds. If you have a rate of 1.8US:1pound, then you would receive 5.55pounds. But as said before, you will "lose" money when depositing.

#7 1st December 2008, 11:13 PM

The exchange rate is irrelevant except when you are cashing out. Unless you need to withdraw urgently for some reason, hold off, watch the price and pick a day when it is higher.

#8 1st December 2008, 11:48 PM

Quote:

Originally Posted by Egon Towst

The exchange rate is irrelevant except when you are cashing out. Unless you need to withdraw urgently for some reason, hold off, watch the price and pick a day when it is higher.

Or when you deposit :P

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