4 Advantages of Gaming in NZ Dollars

mobile games

Gambling is a liberalized industry in New Zealand. This liberalized industry raises more than NZ$ 2.034 billion yearly making it one of the most lucrative industries in the country. For example, the cheese industry in the country is worth NZ$1.9billion only. Interestingly, gamblers in New Zealand focus on four activities which are namely horse racing, lotteries, pokies, and casinos. Today, online casinos are becoming more popular than ever as people seek the conveniences of playing on them. However, many New Zealanders play on these online casinos with foreign currencies. Here are 4 advantages of gaming in NZ dollars.

1. Stable Currency

New Zealand has a stable economy, which ranks at number 53 worldwide nominally and 68 when measured by power purchasing parity. The country has strong ties with other economies as well including the United States, China, Japan, and South Korea. This robust economy has a positive impact on the New Zealand dollar, as do these beneficial international ties. More specifically, they stabilize this currency. In other words, it does not fluctuate easily.Therefore, there is little or no foreign exchange risk when you are gaming in NZ dollars. Instead, your winnings are secure because the value of these earnings remains stable over time. This stability arises because the NZ dollar is a resilient currency backed by a strong economy.

2.  Widely Acceptable

What is the point of winning when you cannot use your winnings because they are not acceptable to many people? Remember, accepting a currency is a voluntary act. Therefore, some people and even banks may refuse particular currencies because of one reason or the other. Gamble with a currency that is readily acceptable worldwide. For example, did you know that the NZ dollar is the official legal tender in five territories? These territories are the Pitcairn Islands, Tokelau, the Ross Dependency, the Cook Islands, and Niue. Did you also know that the NZ dollar is one of the top ten traded currencies worldwide? In 2013,it accounted for 2.0% of the turnover in the global foreign exchange market.

3. Keep All Your Money

Most gambling institutions charge a fee when they convert your cash from one currency to another. That means you will lose some income if you gamble in foreign currencies and then convert them into NZ dollars. Failing to convert them into NZ dollars means you will have a hard time purchasing goods and services in New Zealand. Remember, business owners in New Zealand accept the NZ dollar more readily in exchange for goods and services than they do other currencies. Therefore, converting your winnings into NZ dollars is inevitable especially if you live in territories that accept it as a legal tender.Unfortunately, this conversion leads to a reduction in winnings depending on the prevailing exchange rate and the fee charged for that exchange.

4. No Red Flags

Imagine winning millions of dollars in foreign currency and then converting them into NZ dollars. The government would take note of such transactions. Inmost cases, it would freeze them until it ascertains that money laundering schemes are not taking place. At the same time, constant winnings of huge amounts might attract the government’s attention. However, explaining these winnings would be a straightforward process because the government can track the flow of NZ dollars quite easily. Therefore, look for online casinos that accept NZ Dollars so that you do not suffer the inconvenience of bank bureaucracies or unnecessary government attention.
About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.