While it’s technically illegal to accept payment from US-based online bingo players in US$ thanks to UIGEA, it’s not illegal to accept US$ from other eligible players. But is the current massive slide in the value of the US$ a cause for concern amongst online bingo games operators?
Of course, the issue only applies to prices denominated in US$ and few UK online bingo halls outlay prices in that currency. However, there is still the issue of what it means for customers who have to pay in US$ - and there are still enough of them out there to warrant attention.
There is no doubting that the US$ is collapsing with little relief in sight and many currency analysts are projecting continued losses. It is therefore logical to assume that in order to minimize losses to their margins, online bingo operators are going to have to adjust their US$ denominated prices higher to compensate.
Unfortunately this means passing on the loss to those players having to make payment in US$ - so what’s an online bingo hall to do?
As a suggestion, it might be wise promoting ‘bulk’ buying by US dollar-based customers to hedge against the loss of their US$’s value. In the long run this would be better for the players and better for the operators if the US$ continues to slide. The player gets a store of bingo product wealth and the operator’s cash flow is enhanced. The key, it would seem, is in convincing the players that their bingo purchases will maintain value a lot longer than the sorry state of the US$.
Written by Bingo Lady
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