Bet in Canadian or US Funds??

[Blue Jay]

i'm going to be opening a betting account later on today in the morning, and was wondering if i should open the account in Canadian Funds or US Funds.....i am Canadian.....i rather bet US Funds cause that is what most cappers are betting with, but will i lose money swiching funds all the time, putting in Canadian for US and getting out US into Canadian?? i don't want to be losing cash just to change what kind Currency i'm using.....

thanks in advance,
Blue Jay

 

[yyz]

It sounds like an easy choice. You deal in Canadian, so bet Canadian.

 

[Blue Jay]

your right.....why would i bet in US Funds.....

thanks,
Blue Jay

 

[Frogy]

When you cash in your wins you get paid an extra 1,50 dollars if you open your account in us founds.
WHY SHOULD YOU USE CND DOLLARS where your wins will be credited at 1 for 1.

Its a little bit more expensive at start but in the very short run you will be winning if you are cashing in.

 

[yyz]

Frog.....that makes no sense.

He will gat paid what he plays. Aren't all wins credited 1-1?

If you are refering to the exchange rate, that would make no difference in your payoff.

Jay is saying that he has to pay to exchange funds back and forth, so why bother with that headache?

I don't deal in canadian, so I don't know if the book charges you for using non US funds.....maybe you guys could clear this up, as I could be missing something here.

 

[Frogy]

yyz
fOR THIS EXEMPLE.

if you open an account for 100 in cnd dollars.
cost 100
After a time your account gets to 200 cnd and you close it at that moment and get back 200 cnd.
benifit 100

if you open an account for 100 but in usa dollars
cost 155.33 in cnd(considering a rate of 1.5533 when buying)
After a time your account gets to 200 usa and you close it at that moment and get back 303.14 in cnd.
(that is considering a rates of 1.5157 when selling).
Benifit 147.81
-------------------------------
My point is that in canada you get credited in cnd dollars and each time you win a dollar you win +/- 1.50 in cnd dollars is your initial deposit is in usa dollars. Of course, your account doesn't go up by 1,5 its when you cash in that it makes a diff.
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[1837]

Agree with you Frogy, all my accounts are with US Funds and it's much more pleasant when i cash in... $$$

 

[Myron]

Yep also don't forget that sometimes you will get bonuses and if you have a U.S. account the bonuses will be in Yankee Dollars. There are also some other benefits for US Dollar accounts at some books like OLY where you can only play the pools in $US and if you want to bet a $1 trifecta box or similar in horses it will only work with $US.

One of the downfalls of coure is the loss on the exchange. Generally when you deposit it will be at the buy rate of about $1.60 CDN, but when you convert to Canadian you will only get about $1.55 so you lose the 5 cents. For me it's not an issue though since I keep a $US account as I'm in the States a lot. It also allows you to speculate on the dollar and sell when the $CDN declines as it always does.

 

[yyz]

The sooner we annex you fuhkers, the better. No sense horsing around with this kind of shit, right?

 

[Myron]

You're more than welcome to Quebec.

 

[yyz]

Sacre bleu!

 

[1837]

YYZ, we are more than ready to be part of USA!

 

[Myron]

1837 I tend to agree. Today the Canadian government announced it will not replace its troops in Afghanistan because there are none to replace them with. What a disgrace of a country we have become under long term Liberal rule.

 

[1837]

For once we agree Myron!:clap: :Yep:

 

[wondo]

yyz
fOR THIS EXEMPLE.

if you open an account for 100 in cnd dollars.
cost 100
After a time your account gets to 200 cnd and you close it at that moment and get back 200 cnd.
benifit 100

if you open an account for 100 but in usa dollars
cost 155.33 in cnd(considering a rate of 1.5533 when buying)
After a time your account gets to 200 usa and you close it at that moment and get back 303.14 in cnd.
(that is considering a rates of 1.5157 when selling).
Benifit 147.81
-------------------------------
My point is that in canada you get credited in cnd dollars and each time you win a dollar you win +/- 1.50 in cnd dollars is your initial deposit is in usa dollars. Of course, your account doesn't go up by 1,5 its when you cash in that it makes a diff.
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I re-read this a few times and still seem to be missing something:
I understand what you are getting at, but aren't you still losing a small percentage in the exchange?

Because if you put in 155.33 in cnd and doubled it, you'd take out 310.66 cnd, which is slightly better than the other figure of 303.14, after pulling out and converting your USD .

I guess if you are doing some specualting on the USD and whatnot or have US accounts as well, it doesn't really make a difference but it seems like the convenience factor outweighs any gain or loss monetarily.

 

[Frogy]

Windo
I could speculate but in my exemple their is no such thing.
No speculation, thats another field and considering my accounts balance its not worth it.......
the offshore account is in usa dollars(thats my decision;it could be in cnd dollars), my credit card and my day to day transactions here in canada are in cnd dollars.

When i cash out from my offshore account the cash i receive gets transfer into cnd dollars. My winning gets multiply by the rate factor so i can use it here in canada.

The only loss for me is about 4% and that comes from the spread in betwen the buying and selling rates, the spot being the middle rate. I loose 4% but that is a virtual lost cose in reality i win +/- 48% depending on the rate at that moment.

 

[ozball]

Is this any different than betting in canadian dollars with a unit size that is 50% or so larger...or in Yen with a 100x unit size?

You're betting 150 canadian dollars for a $100 player...Why not just do this?

Seems like the same esult, without the exchange loss

My 2 cents (Canadian) worth

 

[Frogy]

The beauty here is that you have two economical systems that are geographically and monetary very close but on wich the currency valu or rate is not egal.
You are right in the sense that depending on your starting bankroll you may want to change the valu of your units becose they are more expensive to buy and represent more in money of their country of origine. My point is that the exchange rate give you an edge. Depending on the type of your wager you dont have to be a 52% player to brake evan in the long run.


It's more expensive at start but if you win in the long run its more profitable.


If we look at it the other way.
If you the US citizen open an acount for 100 usa, you get 153.00 in cnd.
If you bring the bankroll to 300$ cnd wich would only be 195 in usa becose of the .69 valu on the exchange. You have to achieve a much higher level of wins to achieve the same valu on your dollar.

Once again it is at start that you pay more for us in canada but we get more when cashing in and for you on the other side of the border its less profitable in the long run cose you get more at start but less in the long run.