What is Mastercard and How Does it Work?
Mastercard is an online payment services company with a presence all around the globe. Just like Visa, Mastercard doesn’t supply cards directly to the public, but instead, offers them through other financial institutions such as banks.
Today, Mastercard is one of the most popular payment methods, with people all over the world using it for all kinds of transactions. All you need to do in order to acquire a Mastercard is open a bank account and ask your bank to offer you a credit or debit card by Mastercard.
Whenever you want to pay at online casino sites using Mastercard, all you need is your card information, and your payment will go through right away. The company is also international, which means your online casino transactions don’t have to be dependent on your location.
A History of Mastercard and its Use in Mastercard Casinos
The history of Mastercard started in 1966, when the company began as a part of the Interbank Card Association, or the ICA. Their first credit card was known as an Interbank card but despite the different name, it still bore the red and orange circles that have come to be associated with Mastercard. The name of the issuing bank was also written on the card.
It wasn’t until 1969 that the card started going by the name of Master Charge, which then changed to Master Card in 1979. The name has stayed the same to date, but there have been other changes in the overall branding. For example, in 2016, the company changed its name to Mastercard in all lowercase letters.
The company might have gone through a bunch of changes in its name and logo, however, one thing has stayed consistent for decades, and that is its customer base and reach. Today, Mastercard has a global presence with over a billion cards in circulation. As of 2023, the company has 33,400 employees and an annual revenue of over $25 billion.
The reason why Mastercard has been a prominent part of the online casino circle since the start is because of its repute and popularity. This is one of the most trusted bank cards around the world, with people using it for all kinds of transactions on a daily basis. Individuals who are used to bringing out their Mastercard whenever they need to pay online also gravitate towards this card when they need to place their online bets.
Thus today, most online casinos accept Mastercard as a form of payment. It further helps Mastercard’s case that it is an international card that can trade in multiple currencies. So, the bottom line is that people are able to place their trust in Mastercard when it comes to online casinos and gambling.
Understanding Payments and Withdrawals at Mastercard Casinos
We now know that Mastercard is one of the most popular payment methods at online casinos, but how do players go about using it to place their bets? The deposit and withdrawal processes for Mastercard are both fairly simple - and the good thing is that a lot of casinos will allow you to use a Mastercard for both these purposes.
Thus, online casino players don’t need to worry about shifting between multiple accounts to manage their gambling funds. All you need is one Mastercard, and you’re good to go. Just make sure to check your chosen casino’s website beforehand to verify that it actually allows both deposits and withdrawals through Mastercard because some casinos don’t.
With that in mind, let’s take a detailed look at how you can make a deposit or withdrawal at an online casino using a Mastercard.
Understanding Mastercard Casino Deposits
The deposit process using Mastercard is fairly straightforward. All you need to do is follow a few easy steps, and you’ll be ready to place your bets in no time at all:
- Go through our list of the best Mastercard casinos and pick any one that you would like to gamble at. Sign up for a new account (if you don’t already have one) and log in.
- Navigate to the banking page of the casino, where you will have the option to pick your chosen payment method.
- Some casinos will require you to pick ‘credit/debit card’ before you select Mastercard, whereas some will let you do it directly.
- Once you’ve selected Mastercard, you will be asked to enter essential details regarding your Mastercard, such as the card number and expiry date, along with the amount you want to deposit.
- As soon as you click on deposit, you will be asked to verify your transaction. This will most likely be done through a code sent to your mobile phone or email address.
- After verifying the transaction, you will just need to wait a few minutes for it to go through. You can then open your casino wallet and see that the amount has been transferred.
- Some sites will also give you the option to save your card information so that your next deposits can be even quicker.
- Now you can easily place bets on any casino games that you’ve been eyeing.
The best part is that this entire process will barely take you a few minutes, which is what makes Mastercard such a great option to gamble with.
Withdrawing Money Using Mastercard Casinos
Given that your chosen casino allows Mastercard withdrawals, the process is quite similar to making a deposit. Here are a few easy steps you need to follow to accomplish it:
- Check whether you have enough money to reach the minimum withdrawal limit.
- Go to the banking or the withdrawal page and select Visa as your chosen method.
- Enter the amount you wish to withdraw.
- Provide any card information that the casino asks you for.
- Wait for your withdrawal to go through.
It is worth noting that withdrawals can take slightly longer than deposits. The exact time frame depends on the casino, but it usually takes anywhere from 1 to 3 days.
Read the Terms and Conditions Thoroughly at Mastercard Casinos
This is perhaps the most important part of making online payments using Mastercard. To make sure that you aren’t caught off guard later on, read up on any payment terms and conditions that your casino has.
Most casinos have limits pertaining to how much amount can be withdrawn or deposited at one time. Some casinos may even have daily, weekly, or monthly limits. Being unaware of these limits will make it difficult for you to manage your bankroll because you won’t know what you’re signing up for.
Do not forget to check the requirements at each individual casino you play at because they are not the same all across the board. Each casino differs in its limits and as a bettor, it’s essential for you to be aware of all of these restrictions.
Pros and Cons of Using Mastercard at Online Casinos
| Pros 👍 | Cons ⚠️ |
|---|---|
| Convenience and popularity | Transaction fees |
| Multiple layers of security checks | Credit limits |
| A wide range of currency options | Long withdrawal times |
| Global Presence | |
| Easy to use | |
| Special casino rewards |
👍 Advantages of Using Mastercard
Mastercard is definitely one of the best options to be used in an online casino, but what are the factors that contribute to its reputation and fame? Here are some of the top reasons why we recommend using Mastercard when you’re gambling online:
Widely Accepted
You would have a harder time finding casinos that don’t accept Mastercard rather than those that do. This is because the payment method is so popular, that it is one of the first choices for casinos all around the globe.
Furthermore, most individuals already have access to at least one Mastercard, which means they don’t need to register for any additional accounts before they start playing. You could start placing your bets today without needing to worry about finding a digital wallet to store your winnings.
Security
For a payment method as widespread as Mastercard, there is no doubt that the company is extremely serious about its security measures. Mastercard uses multiple layers of security and fraud prevention mechanisms to ensure that no unauthorized activity takes place from your account.
At all times, there are safeguards in place that work to prevent hacking attempts or any other breaches of security. Thus, any bettors using Mastercard can feel secure about their financial information being in the right hands.
Currency Options
Because Mastercard has a global presence, it also gives you the option to use various currencies. The only thing you would need to check is what currencies are allowed at the casino you’re playing at. This makes this option quite convenient for those who don’t want to go through the repeated hassle of currency conversion.
Special Rewards and Deals
Some casinos offer special rewards and discount deals to players who use a Mastercard for their betting. This can include unique promotions, cashback deals, loyalty rewards, and maybe even free spins. The rewards can improve further as you go up the card tier, meaning that players get better rewards for having higher-value Mastercards such as gold or platinum.
Familiar Process
Most people have already used a Mastercard for making other types of online payments, so they don’t need to learn how to use it. The payment process looks exactly the same as making a purchase from any other merchant, be it a casino or not. This familiarity is why many people resort to using Mastercard for their online gambling because they find it to be convenient and easy.
⚠️ Disadvantages of Using Mastercard
Now that we’ve touched comprehensively on all the benefits of using Mastercard, we also have to shed some light on the downsides. Despite all its plus points, the card does come with some negative aspects as well. Here are some of the disadvantages that we consider most important:
Fees
One of the biggest drawbacks of using Mastercard is the fees. One example includes a cash advance fee on your deposit, which can be as much as 3%. Similarly, another 2-3% transaction fee can be implemented when you try to make a withdrawal.
If you’re a casual player with small winnings, paying such transaction fees might not always be in your best interest. However, something to consider is that a lot of payment mechanisms come with some type of fee, so your best shot is to compare them with each other to see which one is the cheapest for you.
Payout Speed
You will rarely find Mastercard to have very quick processing times for withdrawals. Usually, the withdrawal will take up to 48 hours, while at other times, it may even take a few more days. If you want your withdrawals to be more swift, you can look into other withdrawal methods that help you get your money within 48 hours.
On the other hand, you may come across casinos that don’t even allow withdrawals using Mastercard. This is something you should always ensure beforehand, so you don’t run into any problems later on.
Location Restrictions
Mastercard is present in 210 countries and territories around the globe, but not all of them allow it to function in the same way. Some places may have gambling restrictions in place, which prevent financial institutions such as Mastercard from approving gambling payments. This can make it harder to use Mastercard and thus, the local regulations should always be something you look into.
Credit Card Issues
As with any other credit card, getting a Mastercard credit card comes with some considerations. People who have a poor credit history, are in too much debt, or do not meet certain income requirements cannot qualify for a credit card.
Furthermore, if you’re someone who likes to gamble excessively, you may go over your credit limit, which will impose certain additional fees on you. Players in the US are always notified when they are about to exceed their credit limits, as required by the law. But other countries might not have this safeguard in place.
If this is an issue for you, you might be better off using a prepaid card or a debit card, which prevents such issues from occurring. The bottom line is that as long as you gamble mindfully and responsibly, you won’t run into these problems.
Are Mastercard Casinos Still Worth It?
Once you compare the pros and cons, the real question comes down to whether Mastercard is still worth it, and we totally think it is. All the fees and limitations on using a Mastercard are for your own benefit. For example, the credit limit keeps people from overspending and reminds them to stay within their budgets.
Apart from these things, Mastercard is easily one of the safest and most convenient payment methods you can use. It is widely accepted and works in almost all parts of the world. As bettors, you can always stay relaxed, knowing that your money is in the right hands.
Mastercard Casinos vs. Other Payment Options
Even though Mastercard is one of the most popular online payment methods, how does it compare to the other options out there? Let’s take a look at the difference between this card and some other online payment methods:
Mastercard Credit and Debit Cards vs. Bank Transfer: A bank transfer consists of directly transferring the money from your bank account to the merchant. This is also called a wire transfer. The only difference between using a card and doing a bank transfer is that the latter is more susceptible to wire fraud. To keep things simple and convenient, you can make payments using your card.
Mastercard vs. E-Wallets: E-wallets are digital wallets that connect with your bank and act as a middleman between you and the merchant. They allow you to keep your identity anonymous since you do not need to share any bank details with the casino on the receiving end.
However, they come with their own fees, which might add extra expense to your wallet if you already own a Mastercard. In that scenario, you should just use the card you already have.
However, if your biggest priority is staying anonymous, then you should try out an e-wallet like Skrill, NETELLER, or PayPal.
Mastercard vs. Cryptocurrency: Cryptocurrency is a fairly new option in the world of online casinos, which is why it’s also the least regulated one. If you’re a complete beginner with crypto, we do not recommend using it for casino payments. The only benefit of cryptocurrency is that it is highly secure and completely anonymous. On the other hand, credit cards are much simpler to figure out and are also highly regulated.
Mastercard vs. Visa - Which is the Better Payment Option?
This is probably the biggest debate in the world of online payments. If you’re also wondering whether you should resort to a Mastercard or a Visa card, here are the main differences between the two methods side by side:
Visa Mastercard Service fees are based on card volume Service fees are based on global dollar volume Present in 200 countries and territories Present in 210 countries and territories Over 4 billion cards worldwide Around 1 billion cards worldwide More benefits on the basic card Lesser benefits on the basic card
Both Visa and Mastercard are equally trustworthy and are accepted all around the world. The only real difference comes down to the benefits that you can find on each card in the companies’ tiers. This is the part you should look at closely, and then decide which option you want to proceed with.
Final Thoughts - Why You Should Consider Mastercard Casinos
There’s no doubt that Mastercard is one of the safest and most convenient options you can use for online gambling. If you value ease above everything else, then this is a great choice for you. Not to mention that this option is accepted by a range of casino sites, with players from all over the world considering it a trustworthy choice.
While you’re playing, just make sure to keep your fees and spending limits in mind, so you don’t end up putting extra financial burden on yourself. All in all, Mastercard is one of the best choices you could consider, and we recommend giving them a shot if you plan to gamble online!
