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Mastercard has been around since the 1960s and it is one of the biggest names in the financial industry. At first, Mastercard was designed to counter Visa’s expansion, but it quickly became a powerhouse payment institution in its own right. It is a widely accepted bank card in over 200 countries with millions of users daily. As such, Mastercard has become a favored payment method for many Canadians who play in online casinos.

In this article, we will explore the usage of Mastercard in online casinos in Canada and learn more about the characteristics of Mastercard, which helped it become one of the top payment options worldwide.

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Mastercard In a Nutshell

Mastercard casinos are not so different from any other online casinos out there. The only difference is that Mastercard online casinos offer Mastercard as one of the payment methods. All other aspects of the casinos are the same, starting with the choice of games, licensing, security measures and everything else. What makes Mastercard casinos stand out are the options that come with it.

Mastercard is wrongly believed to be a bank. In fact, it is a financial institution that cooperates with top banks from many countries, including Canada. These banks, in turn, issue Mastercards to their clients.

Mastercard bank cards are connected to players’ bank accounts, allowing them instant access to their funds. There are several types of Mastercard cards that banks across Canada, such as the Bank of Nova Scotia (Scotiabank), Bank of Montreal, Royal Bank of Canada, and many others issue.

There are credit cards, debit cards, and prepaid cards. Depending on the user’s membership level, which is determined by how much you earn and spend, these Mastercard bank cards offer multiple benefits, such as cashback bonuses, travelling miles, discounts, different credit limits, interest rates, and more.

With credit cards, players can make their purchases instantly and pay for them in installments later on. Also, credit cards give you the option of spending more than you have at the moment, which can lead to debts accumulating and shouldn’t be taken lightly.

On the other hand, debit cards allow you to spend exactly the amount you have on your bank account, and not more, which neutralizes the threat of going into debt. Prepaid cards are similar to debit cards since you can only use the cash you load onto the card from your bank account.

The Advantages of Using Mastercard in Online Casinos

There are numerous advantages of using a Mastercard in online casinos, such as being able to use it for both casino deposits and withdrawals. Here are some of the most prominent advantages:

Mastercard Deposits Are Instant and Widely Accepted

When playing in an online casino, you want to know that your account can be topped at your convenience, and Mastercard gives you that ability. All deposits you make via Mastercard, be it a credit or debit card, will be instantly processed by the casino, so you can expect your funds to be available within minutes.

What’s more, Mastercard is a widely accepted payment method as the majority of online casinos available to Canadians offer Mastercard for both deposits and withdrawals.

Mastercard Payments Are Safe and Reliable

Not only are Mastercard payments fast, but they are entirely safe and ever-reliable. Since Mastercard payments are conducted via banks, you can rely on bank security protocols to protect your sensitive data and transactions at all times. Also, Mastercard uses state-of-the-art fraud detection technology, which prevents any unwanted third-party interference.

Furthermore, Mastercard makes use of Zero Liability coverage, which means that you won’t be held responsible for any “unauthorized transactions” as long as you have taken the necessary steps to protect your banking information.

Mastercard Casino Payments Have Huge Limits and Incur No Fees

When using Mastercard for your casino deposits and withdrawals, you can count on the ability to deposit large sums of money. The limits on e-wallets, vouchers, and online banking methods are usually much lower than those that apply to Mastercard deposits, making them a perfect choice for high rollers. Mastercard deposits, together with bank transfers, have the highest limits in the online casino world.

Besides, most Mastercard casinos do not charge any additional fees for using Mastercard for either deposits or withdrawals. What’s more, most Canadian banks do not charge any fees either, which makes Mastercard usage even more convenient.

Possible Disadvantages of Using Mastercard

Even though the usage of Mastercard in online casinos has multiple advantages, there are some potential drawbacks as well. First of all, Mastercard withdrawals take a long time to complete. Usually, you will have to wait between 3-5 business days for your winnings to reach your account.

Additionally, by using Mastercard in online casinos, you are obviously giving classified banking details to online casinos, which might undermine your account’s security, especially if you are playing in a relatively shady casino.

Also note that depending on which bank you are with, transactions may or may not go through so your best option in this case would be to use an alternative payment method.

How to Make Mastercard Deposit and Withdrawals

Using your Mastercard to make online casino deposits is a fairly simple process that can be broken down into a couple of steps:

  • First, log in to your casino account and head to the Cashier section
  • Choose Mastercard as your preferred deposit method
  • Enter your card details, such as number, name on card, expiration date, and the CVV/CVC number you can find at the back of your card.
  • Enter the amount you wish to deposit
  • Confirm the transaction and start playing

The withdrawal process is similar. Just select Mastercard as your withdrawal method and the amount you wish to withdraw. Since the casino already has your Mastercard card details, you don’t need to input them again. The funds are expected to arrive within 3-5 business days.

Final Thoughts

Mastercard payments in online casinos are one of the most popular forms of payments out there. Mastercard deposits and withdrawals are safe, fast, and reliable. Also, a majority of Canadian online casinos support Mastercard payments, which makes them one of the widest spread methods in the iGaming industry.

Mastercard casino payments have higher limits than other methods, making them a go-to option for players who want to bet big. You can also claim most deposit casino bonuses by using Mastercard since it is never a restricted payment method when bonuses are concerned.

Of course, players need to be aware of the fact that local Canadian banks reserve the right not to process gambling-related payments, which will impede casino payments. Still, it is safe to say that most banks do process Mastercard casino deposits and withdrawals.

Author:

Chief editor and creator, Tom drives the direction of CanadianCasinos.ca with the goal to provide the best and most honest resource for online gambling enthusiasts in Canada