Mastercard is one of the leading payment companies in the world alongside its greatest rival, Visa. This brand name has always been associated with transparency and security. The company was founded in the distant 1966 and for some time went by the name of Master Charge. Today, the presence of the multinational financial corporation on the global market remains as strong as ever. Presently, Mastercard’s headquarters are located in New York and over 25,000 financial institutions across the globe are authorized to issue cards carrying the company’s logo.
The services and products in Mastercard’s catalog range from credit, debit and prepaid cards to mobile payments, processed by millions of customers and businesses throughout the world. Using products from the payment company’s catalog enables customers to pay for both online and offline purchases in an exceptionally convenient, time-efficient and secure manner. Cards that have the Mastercard logo on top are accepted in millions of land-based retail shops and online stores.
As Mastercard presents itself as a quick, risk-free and easy-to-use payment solution, it is not surprising the company’s cards enjoy a tremendous success among sports betting fans. Furthermore, such cards are listed as a suitable deposit method by a great number of reputable web-based bookmakers which further contributes to their popularity. However, some online sportsbooks do not accept the cards as a means of withdrawal, so make sure you check whether cash-outs are an option at the bookmaker you bet at.
How to Obtain a Mastercard?
Punters who insist on using credit or debit cards by Mastercard in order to deposit funds into their sports betting accounts are recommended to first check whether the card is available in the country. To use this method of payment one is required to first obtain a plastic Master card. To do so, punters should visit their banking institution and inquire whether it is authorized to issue cards by the company. If the answer is yes, punters will be expected to fill in a form, containing some personal information such as their name, ID card number, permanent address, date of birth and so on.
You can receive your plastic Mastercard by visiting your bank again. You can also request your card to be sent to you by mail. If you choose the second option, you should bear in mind the card and your unique PIN will be sent separately. The chief reason for this is to prevent malicious persons from obtaining both your card and PIN at the same time. As you can imagine, if this happens, the results will be disastrous.
When you receive your plastic card and PIN you can opt to open an online banking account with the bank that issued the card. This will enable you to keep track of your balance and monitor all transactions to and from the card.
Once your card has been activated and you have loaded some money into it, you can use it to deposit and place bets at your favorite web-based sportsbook.
Types of Mastercards
Please note there are several types of Mastercards you can apply for, but these might vary depending on your bank and country of residence. You can use a debit Mastercard to fund your sports betting account. There are several types of debit cards, which carry the logo of Mastercard, namely standard, enhanced and World Debit Mastercard; the latter offers utmost security and comes with several premier benefits.
The second option is to apply for a credit card by Mastercard. This type is also classified into three categories – standard, World and World Elite credit cards.
Those of you, who wish to limit and control their expenses are recommended to get a prepaid Mastercard. You can buy a prepaid card at a retail store or purchase one online. The card is exceptionally easy to use and no bank account is required. It is accepted at all offline and online stores and sportsbooks where the Mastercard debit cards are accepted. To activate the prepaid card, punters should call the number displayed on top and provide some personal information like their ID number. The best part is that the card can be reloaded.
Punters who are in possession of a Maestro debit card can rest assured they can use it to fund their betting accounts as Maestro is a subsidiary of Mastercard and is accepted everywhere where Mastercard is accepted.
Deposits and Withdrawals with MasterCard
Depositing funds into your sports betting account is extremely easy when you are using Mastercard. You simply need to register at an online sportsbook (if you haven’t already) and head to the Banking section where you will be able to see a list of all accepted deposit options. There is a very good chance Mastercard will be present on the top of the list. After you select Mastercard as your deposit method, you will be asked to fill in your card’s number (a unique 16-digit code, displayed on the card’s front side), the cardholder’s name and the card’s expiration date. Finally, you should specify the amount you want to deposit and confirm the transaction. The money will be transferred instantly to your betting account’s balance. In most cases, the card details are automatically saved, so there is no need to fill them in each time.
Withdrawals of your winnings are conducted in roughly the same manner. Whenever you wish to cash out some of your winnings, you need to select the Mastercard and enter the amount you want to withdraw. Approve the withdrawal request and you are done. Please note that withdrawals are not instantaneous as is the case with deposits. It might take several business days until the money ends up on your credit or debit card.
Another important thing to keep in mind is that not all web-based bookmakers offer withdrawals with Mastercard. In some cases, it depends on whether or not online betting is legal in the country you reside in. If it is illegal to gamble online, there is a good chance your banking institution will decline to process withdrawals from your sports betting account to your Mastercard.
It is every punter’s dream to be able to bet on the go. Luckily, the advent of mobile technologies makes this possible. The good news is that Mastercard offers downloadable mobile applications which will enable you to transfer funds from your debit/credit card to your betting account in a matter of seconds. Currently, Mastercard’s free downloadable applications are compatible with iOS and Android-based portable devices.
If you download and install the mobile application on your device, you will greatly benefit from the many useful functionalities it offers. The Mastercard Nearby app stands out with great usability and an improved, user-friendly interface, not to mention it is quite easy to navigate. The application comes with two interesting and handy features – the ATM hunter and the PayPass Locator. Using the Mastercard Nearby, punters are provided with the opportunity to reload their prepaid cards. The ATM Hunter makes it possible for you to search for the nearest location where you can find a Mastercard ATM. You can locate two million ATMs in over 210 countries and territories.
Another convenient Mastercard offer is the MoneySend app but it is available to US customers only. The application needs to be linked to your credit, debit or prepaid card first. Please note it is necessary for you to obtain a card which is compatible with this service. The app enables you to send and receive money using your mobile device, be it a smartphone or a tablet. Your bank account is identified via the phone number you use to send the sum. Fees differ depending on how much money you send. Transfers that exceed $200 will cost you $2,95. Receiving money through the MoneySend app is free of charge.
As debit/credit cards with this logo are issued by banking institutions and not by the credit card company itself, the fees imposed on transactions may vary from one bank to another. In most cases, when you are funding your sports betting account, you are transferring funds from your personal bank account to the bank account of the online bookmaker. In order for the transfer to be completed in a time-efficient and secure manner, a small interchange fee is imposed by the bank which initiates the transaction.
It is important to remember the Mastercard company does not generate any revenue from interchange fees, nor does it have a big say in the amount you will be charged with for your transaction. Please note most reputable bookmakers do not charge you for deposits, it is your bank that does. In most cases, punters from Europeans countries are charged with an interchange fee amounting to 0,30% of the deposited sum. But keep in mind, a small monthly fee is also deducted from your balance.
As far as cash-outs go, punters are advised to always use the ATMs of the bank that has issued their Mastercard, if they want to be charged with minimal fees for the withdrawal.
Punters who have opted for Mastercard as their preferred method of payment can be certain that their transactions will be conducted in a secure manner and no sensitive information regarding their personal or financial details will be disclosed to any third parties.
Mastercard employs several tactics to ensure each customer has a peace of mind and is protected against fraudulent activities. The company offers the so-called “Zero-liability Protection”. If any unauthorized transaction has been initiated with your card, you will not be held responsible and will be compensated. Punters, who use the Mastercard products can rest assured they are 100% protected against identity thefts. A special chip is embedded into your credit/debit card to minimize the risks of frauds and misappropriation.
Advantages of Using Mastercard
It certainly is not difficult to see using Mastercard credit/debit cards is extremely beneficial. The reasons are numerous. First of all, the card is accepted by a mind-blowing number of web-based betting providers and ranks among the most commonly-used payment solutions for online gaming. You will not struggle for long before you find an online sportsbook which accepts Mastercard as a method of payment.
Mastercard cardholders are able to transfer funds in the most efficient, secure, and convenient way ever. Their banking and personal details are very well protected, so there is absolutely no need to worry when you are using your card to fund your sports betting account. Even if you become a victim of identity theft or other fraudulent activities, you can count that you will not be held responsible.
In addition, the fees charged for the service are within the reasonable limits. The ability to pay for online purchases through your portable device is yet another benefit you are guaranteed to reap.
Disadvantages of Using Mastercard
This widespread method of payment has only two weak sides. Some sports betting fans are put off by the necessity to visit their banking institution in person in order to apply for a credit or a debit card by Mastercard. Additionally, it is somehow inconvenient that one is expected to wait for several weeks before their card finally reaches them. Nevertheless, the wait is well worth it as the benefits of this payment solution outnumber its downsides.
The second disadvantage of using Mastercard for sports betting results from the fact that not all web-based sportsbooks are willing to process withdrawals with this method of payment. Punters are often forced to use the services of financial intermediaries such as e-wallets by Neteller and Skrill. This, on its own, might result in greater expenses for the punters due to the extra fees. Besides, even if withdrawals via Mastercard are possible, they might require an extended period of time to process.
Countries Where Mastercard is Used for Sports Betting
Mastercard credit and debit cards can be used to fund sports betting accounts in a mind-blowing number of countries. At the present moment, the company’s services are available in over 200 countries worldwide, while the branded cards are issued by 25,000 banking institutions around the globe. The numbers are rather impressive and speak for themselves. Meanwhile, cards with this brand name are accepted in millions retail and online shops.
It is not a bit surprising this method enjoys such great popularity among punters – after all, Mastercard often sponsors major sports events, such as UEFA’s Champions League and the MLB. Despite the rise of other payment solutions such as the e-wallets provided by Skrill, Neteller, and PayPal, Mastercard’s presence on the global financial market remains exceptionally strong to this day.
Before using their Mastercard debit or credit cards, punters must first make sure the country they reside in has legalized online sports betting. Sports fans, who reside in countries like the United States, China, and Turkey where online betting is illegal, often find themselves unable to use Mastercard for such purposes. In many cases, banking institutions are prohibited from processing transactions to foreign betting websites and might decline to complete your transfer. Please check whether or not wagering at foreign betting operators is legal in your country. If it is, feel free to use your Mastercard to deposit and withdraw funds to and from your betting account. If not, it is advisable to select another payment method, such as the aforementioned e-wallets. Although many online sportsbooks accept punters from the US, for example, some of them don’t process deposits with credit and debit cards, issued by banks in countries where online gambling is illegal.