Mastercard is a payment card company that is widely used around the world, offering debit as well as credit cards. Along with the rival Visa, it is one of the biggest payment companies in the UK and these two are essential for the gambling industry. Seeing as credit cards can no longer be used for gambling, a Mastercard or a Visa debit card is the default.
Those who are familiar with casino sites in the UK will indeed know that Mastercard is offered by every single one of them. The convenience of this method cannot be overstated in that sense, but more and more people are opting against using a debit card these days. With the rise of e-wallets, it is hard for the classic debit cards to compete.
As alluded to above, while there are perks to using Mastercard as your payment method on casinos, there are also some cons that punters should know about. Below, we have collected three pros and three cons of using this method.
Accepted Everywhere: The fact that you can deposit and withdraw with Mastercard on every single casino site is obviously a huge plus. Punters who want to use this method will not have to worry about whether the site accepts it or not, in other words.
Claim Welcome Offers: It is very common for casino sites to restrict sign-up offers for new customers to certain payment methods. Rest assured, however, you will always be able to claim a welcome offer with Mastercard as the deposit method.
Low Minimum Amounts: Another positive thing about using Mastercard as the payment method is the low minimum amount. This usually goes for both deposits and withdrawals, as sites tend to have a minimum amount of £5 for Mastercard.
Slow Withdrawals: This is without a doubt the biggest reason why many punters opt against debit cards, Mastercard just as Visa, for online gambling. Fast withdrawals are of the essence these days and given that withdrawals usually take 1-3 business days via debit cards, this is not fast enough.
Security: Let us preface this by saying that Mastercard is regarded as a safe payment method. However, some punters might not be comfortable with entering their card details on a casino site. This is also part of why e-wallets such as PayPal have become so popular lately.
Credit Cards Banned: Whether you have a Mastercard or a Visa-issued credit card, you will not be able to use this for gambling. As per Gambling Commission regulations, it has to be a debit card. Of course, Mastercard can do nothing about this but it is still worth taking into consideration.
If you have not deposited or withdrawn with Mastercard on a casino site before, you can follow our step-by-step guide below. The process is very straightforward, so you should have no issues regardless.
Given that all casinos accept Mastercard, this step will be very easy. However, it is still worth comparing the different sites to see which on suits you best.
Once you have picked a casino site and created an account, you need to head over to the cashier. You will usually find that there is a profile, account or balance icon in the top-right corner, so tap on that and then 'Banking'.
It could also be a case of just tapping 'Deposit' or 'Withdraw' immediately. Once there, choose Mastercard.
If this is your first time depositing, you will need to enter your card details. The casino site will then save the payment method, which will make the process much easier for both deposits and withdrawals in the future. If you do not want to enter your card details, you can opt for an e-wallet instead.
Finally, you will need to enter the amount that you would like to deposit or withdraw. The Mastercard minimum amount is usually set at £5 for both of these, but Lottoland even accepts £1 deposits with this method.
Once you have entered the amount, simply tap on 'Deposit' or 'Withdraw' to complete the process.
Isak is an experienced content writer with a background in sports journalism. Having focused mainly on football in the past, he certainly knows a thing or two about the betting industry and what makes a good bookie. At BettingLounge, he makes sure that the content is up-to-date and presented in the best way possible.