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MasterCard

You have many options open to you as an online betting enthusiast and one of the most popular methods for deposits and withdrawals is Mastercard. Mastercard is one of the world’s leading debit and credit card providers and comes with an exceptional reputation and hundreds of millions of users across the globe. In this article we will set out what you can expect from using a Mastercard as well as all the positives and negatives.

What Canadian bookmakers support Mastercard?

Mastercard has been one of the most popular online payment methods in the world for years. The general use of Mastercard extends even before the internet era, and it remains an extremely popular choice today thanks to its reliability and ease of use. It will come as no surprise to learn that Mastercard’s popularity extends into the betting industry, especially here in Canada. Along with the likes of Visa, it is the most used method of banking for betting. Players are always happy with the familiarity of utilizing a payment method they use nearly every day, and the safety and security that comes with a Mastercard ensures that users have peace of mind from a trustworthy provider. 

With this in mind, Canadian bookmakers have recognized the widespread popularity and security of Mastercard and near enough every Canadian betting site will allow you to use Mastercard as a payment method. We have included a list of just some of the sites that accept Mastercard, however, the total list is much more extensive than this. It is always worth checking with your favourite betting site to ensure they too accept it before making plans to switch payment method, however, the likelihood is very high.

The history of Mastercard and how does it work?

Mastercard Incorporated was founded in 1979 as an American multinational financial institution. Their global objective was to act as an intermediary between merchant banks and banks that issue cards, and to then work with their people who use Mastercard to perform business transactions. We will now briefly explain how it works. It may sound a bit technical, but the process is very straightforward for you the end user.

A Mastercard becomes functional at the time of purchase and it stores all the account information inside the card. All of the cardholder’s data that is transferred to the vendor or merchant comes directly from the card. When a transaction is made the Mastercard determines who the cardholder’s bank is, as requested by the bank of the vendor. The sophisticated security technology then begins to check the credit card before it is sent to the cardholder’s bank for approval. 

At this point the responsibility for approving the transaction sits with the cardholder’s bank. Once this has been approved, Mastercard sends the approval to the vendor's bank, who then informs the vendor that the transaction is viable. After the transaction has been completed, the cardholder will receive a receipt.

Clearing of the transaction is usually finalized within a day. Mastercard will receive the transaction information from the vendor's bank before validating it within the Mastercard clearing system, which will automatically send this purchase information over to the cardholder’s bank. The information is then prepared for the cardholder’s statement for them to view their transaction history.

Mastercard offers four different types of card to its users. These consist of credit cards, debit cards, prepaid cards, and gift cards. The flexibility of products on offer ensures that there is a suitable Mastercard for every consumer and as it stands, the credit card and debit card options are some of the most used within the online betting world. As always though, availability does come down to location, but we are happy to say that Canadians get full access when it comes to Mastercard.

Are there any fees when using Mastercard on Canadian betting sites?

One of the primary things that Canadian punters consider when choosing their online betting payment provider is the payment fees that are associated with it. Nobody wants to pay high fees to deposit or withdraw their own money when they have already had to work hard to earn it.

One of the advantages to using Mastercard on betting available to Canadians is that the majority of providers do not charge any extra fees for its use. As Mastercard payments are available in your account immediately, the fact that Mastercard provides a fast and efficient service for free is a huge plus point for potential punters. As we have mentioned, the majority of providers don’t charge a fee, but make sure you don’t get caught out by a surprise fee and check the Mastercard policy with your chosen bookmaker before you start your transaction.

However, although most betting sites do not charge the customer any fee for using Mastercard for their deposits and withdrawals, it can be known that Mastercard themselves will charge fees depending on the type or size of the transaction you are making. We would always recommend checking with Mastercard to learn more about when they charge fees and what those fees are likely to be before placing any deposits. This will ensure you have no unpleasant surprises when checking your bank statements.

How to use Mastercard at an online bookmaker

Funding your betting account by using a Mastercard really could not be simpler. All you need to do is follow these five easy steps and you will be ready to place your bets in no time at all:

  1. Register or log in at your favourite bookmaker that accepts Mastercard
  2. Click on the ‘banking’ or ‘deposit’ button
  3. Select Mastercard
  4. Fill in the necessary details (usually consists of name on bank card, card number, expiry date and CVV) and choose the amount you would like to deposit
  5. Confirm your deposit.

Mastercard deposits are almost always processed instantly so you should have the money in your account in a matter of seconds to start placing bets straight away.

Security & Safety when using Mastercard

When you are assessing potential payment methods, one of the first things that you should consider is the safety and security of your funds. When you have worked hard for your cash, and you are looking to deposit and invest it somewhere, you want to ensure that the place you are keeping it is locked tight and safe from any potential criminals. The stellar reputation for security and protection has made Mastercard the global platform it is today. Their dedication to delivering the highest level of security is unrivalled and that is why they are such a well-renowned, trustworthy organization.

With a Mastercard you can pay with confidence anywhere and at any time. Each individual card comes with a unique PIN and CVV number that will be known only to the card holder. These identification methods ensure that only the owner of the card can process any transactions. Mastercard has also equipped their cards with different mechanisms such as microchips and a fingerprint check to further guarantee your funds’ safety. These microchips are protected by 128-bit encryption technology which is the same grade of security used by the top-level banks, as well as governments and various national armed forces.

Pros and Cons of using Mastercard

When choosing how to fund your betting account, there are a series of different variables that you need to assess before making a decision. As with any of the options, choosing Mastercard as your preferred banking method comes with its own range of advantages and disadvantages. Let’s have a look at the pros and cons that come with using a Mastercard:

Pros

Cons

Conclusion

Mastercard is a fast, familiar, and efficient method of making online payments which is perfectly suited to online betting. Being such a simple yet secure process is one of the huge plus points for using Mastercard. Anyone who has made a payment online will be able to understand how to use it and the technology and protection offered ensures that your hard-earned money remains as safe as possible. On top of this, Mastercard is accepted by nearly all Canadian bookmakers, so if you are looking for one stable payment method to use across a range of betting sites, there aren’t many more suitable solutions than Mastercard.

FAQ - MasterCard Betting in Canada

Is it safe to use Mastercard?

Yes. Mastercard is one of the safest methods of placing transactions online thanks to its highly sophisticated technology and state-of-the-art protection systems. It boasts a 128-bit encryption to ensure safety, with the same technology used by all the leading banks and government.

Are there any fees associated with using Mastercard?

Small fees may be applied if you are using a Mastercard credit card, but there are no fees for prepaid or debit cards. Always check with your chosen online bookmaker to learn the specific terms and conditions for their fees.

Do I have to open an account with Mastercard to use their services?

No, you don’t have to open an account with Mastercard. However, you do have to open or possess a bank account in a bank that issues Mastercard cards to their customers.