The best Mastercard betting site in Canada is Betway
Betway lets you deposit cash using Mastercard credit cards and debit cards, so it’s easy to fund your account with these payment methods and start placing bets right away. Wondering why it’s our top pick? Let’s look at just a few top reasons.
First, it’s a highly-reputable gaming platform. This is especially important when using a credit or debit card, since you’ll be sharing your banking details with the company directly. You need to make sure they have a great reputation for customer safety and security. Betway, which has been operating since 2006, has a great track record, and is fully licensed by the Malta Gaming Authority as well as eCOGRA.
Beyond this, Betway is easy to use, and offers a wide variety of gambling opportunities on major leagues and sporting events like the NHL, NFL, MLB, NBA, soccer, horse racing, golf, tennis, and much more. You can bet with over 12,000 different betting markets.
Finally, Betway has great promotions for both new and existing users, and also has fantastic 24/7 customer support, so you can always get the answers you need about placing bets, managing your account, and much more. For all of these reasons, it’s our top pick for the best Mastercard betting site in Canada.
- More than 12,000 betting markets available
- Wide variety of casino games
- Audited & licensed by eCOGRA
Mastercard in Betting
Want to use Mastercard to place bets? Using a debit card or credit card is a fast and convenient way to place bets, and it’s a safe and secure method of depositing cash as long as you use a reputable sportsbook. Let’s take a deeper look at the benefits and details of using Mastercard in betting now.
Advantages of using Mastercard in betting
Why use Mastercard to deposit cash and place bets on Canadian sports betting websites? Here are a few of the reasons why you may want to use a credit or debit card when depositing cash to gamble online in Canada.
- Use your current card – If you already have a Mastercard credit or debit card, you can just use it to deposit cash in the same way you’d make any other purchase. The process is very fast and easy.
- Get fraud protection – In the rare case that your data is stolen, the card issuer who provided your Mastercard will usually be responsible for compensating you if fraudulent charges are made on your card.
- Deposit money instantly – Unlike some other deposit methods like a direct debit, Mastercard deposits from credit and debit cards usually go through instantly, so you can start betting on sports in Canada right away.
- Avoid high fees (debit cards) – Mastercard debit cards typically do not have any fees for deposits or withdrawals. However, this is not true with credit cards. We’ll discuss the fees associated with Mastercard credit cards later in this guide.
How to deposit and withdraw with Mastercard in betting
Not sure what to expect if you want to deposit and withdraw with Mastercard while betting online in Canada? Let’s take a look at the basics now.
How to deposit with Mastercard
Depositing cash with Mastercard on a betting site is quick and easy, whether you’re using a credit card or a debit card. You’ll log into your account, then navigate to the cashier/payments section of your preferred sports betting website. Then, you’ll enter your card information, choose how much you’d like to deposit, and confirm the transaction. Your cash will be deposited immediately.
How to withdraw with Mastercard
It’s usually not possible to withdraw money using a Mastercard credit card. Credit cards can typically only be used for deposits. However, some sports betting websites do allow withdrawals via Mastercard debit cards.
The process is very similar to a withdrawal. You will choose the amount you want to take out from your account, enter your card information (or choose a pre-saved Mastercard, on some websites) and then confirm the transaction. It will usually take 3-5 business days to process your withdrawal using a Mastercard debit card.
How secure is it to use Mastercard in betting?
Betting with Mastercard debit and credit cards is very secure if you choose reputable, well-known gambling websites in Canada. However, it’s not a great idea to enter your Mastercard information on lesser-known gambling websites. This is because a data breach could potentially expose your personal information.
It’s better to stick with highly-regarded betting sites when using Mastercard. You can also use a Mastercard with a third-party service like Skrill or PayPal to make your purchase. These services work as “middlemen” and ensure that your card details are not exposed when making online transactions.
What Is Mastercard?
Mastercard is a multinational financial services organization based in the United States. It’s one of the largest payment card operators in the world. Here are a few facts about Mastercard that you should know.
- Mastercard was founded in 1966 as “Interbank,” and was founded to compete with BankAmericard (which later became VISA)
- Mastercard was named “Master Charge” between 1969 and 1979. After 1979, it adopted its current name
- Until its Initial Public Offering (IPO) in 2006, MasterCard was a cooperative owned by more than 25,000 different banks and financial institutions that issued its cards
- Mastercard processes more than 160 million transactions per hour
- Mastercard is currently ranked at #211 on the Fortune 500, which lists the largest companies in the United States by revenue
How does Mastercard work?
The way Mastercard works when you deposit cash online varies, depending on whether you have a Mastercard debit card or credit card.
Mastercard debit cards work just like any other bank card. When you make a purchase, cash is immediately withdrawn from your account to pay for your transaction, just like it would be if you paid with cash or a check.
A Mastercard credit card is a little bit different. Instead of you paying directly, the bank that issued your Mastercard will pay for your purchase, which will contribute toward your maximum available credit limit.
You have the option of making a minimum payment on your Mastercard each month, or paying it off in full, but you do not actually pay anything until you make a payment toward the balance on your Mastercard credit card.
Note that using a Mastercard credit card to pay for a deposit to a gambling website is considered a “cash advance” by most financial institutions, so you’ll incur a percentage-based fee and you will start paying interest right away.
Mastercard in Canada
Mastercard may have started in the United States, but it’s been operating in Canada for a very long time, and it currently offers co-branded cards with most major Canadian banks, including Desjardin, Capital One, National Bank of Canada, Scotiabank, and HSBC, to name just a few.
If you’re going to apply for a Mastercard in Canada, make sure you choose a bank that will allow you to use it to gamble. Some Canadian banks do not allow credit or debit cards to be used for gambling purchases, and the same is true of American financial institutions like Capital One, due to gambling restrictions in the United States.
How to open a Mastercard account
Don’t have a Mastercard account for a credit or debit card? Here is a quick guide on how to get started with this payment method.
- Choose a bank or card issuer
A wide variety of banks offer Mastercard-branded credit cards and debit cards in Canada, so do a little bit of research to find the one that’s right for you.
- Apply for a credit or debit card
You’ll need to get approved for a bank account for a debit card, which is very easy. Credit cards are harder to qualify for, since the bank issuing the card will usually need to see information about your income, credit history, and other such details.
- Get approval & start using your card
Once you’ve been approved, your card will be sent to you by mail. However, some banks let you use your card virtually right away, which means you can use it to make purchases or deposit money at Canadian sports betting websites right away.
Using a Mastercard debit card to deposit or withdraw money usually does not result in any fees, because it’s essentially the same as depositing cash or a check.
However, this is not true of credit cards. As mentioned, credit card deposits to gambling sites in Canada are typically treated as a cash advance. This means your bank will charge a fee of between 3-6% (or higher) and you will begin paying interest on your deposit in full right away – there is no grace period. Because of this, using a Mastercard credit card to deposit cash on a sportsbook can be a very expensive method.
Alternatives to Mastercard
Wondering what other payment methods you can choose instead of a Mastercard debit or credit card? Here are a few top choices.
PayPal – PayPal lets you deposit cash using your bank account, but you can also use a Mastercard debit or credit card. Doing this encrypts and protects your banking information, which keeps it safe while you place bets online.
Skrill – Skrill is similar to PayPal. This eWallet service lets you fund your account in a variety of ways, then use it to pay for deposits on gambling websites without sharing your banking details.
Interac e-Transfer – If you’re in Canada, Interac e-transfer is a great alternative to a debit or credit card deposit. If you already have a bank account, you can get started without signing up for any other service. Transactions are processed in less than 30 minutes, in most cases. Deposits are usually free, but gambling websites may charge fees for Interac e-Transfer withdrawals.
FAQs about Mastercard & betting
Do you have questions about using Mastercard for sports betting? Find the answers you need here.
Yes, but only on reputable sites, and we recommend using a service like PayPal or Skrill if you bet on multiple gambling sites, as this will reduce the risk of a data breach.
Mastercard debit card will withdraw cash directly from your account when you make a purchase. With a credit card, you’ll have to pay down your balance from a bank account, but it won’t be charged immediately or your purchase.
Debit cards are usually fee-free, but Mastercard credit card deposits are typically subject to applicable cash advance fees from your bank.
You may want to contact your bank to see if there are any issues with your account. Some Canadian banks block the use of Mastercard credit and debit cards for online gambling.
Deposits made using credit and debit cards like Mastercard are instant, so you can start betting right away.
Credit card withdrawals with Mastercard are not usually possible at most gambling sites, but you can withdraw money on a debit card, in some cases. It will usually take 3-5 business days for a debit card withdrawal to process at most Canadian gambling websites, but this can vary.
Tips for using Mastercard in betting
- Take your time when selecting the best payment provider for you – It’s always a good idea to think about which payment providers are offered by your preferred gambling site, and to weigh their pros and cons before making a decision.
- Be aware of any fees which may occur – While you won’t pay fees with Mastercard debit cards, credit cards can have very high cash advance fees. Make sure you understand what fees you may need to pay when using your card.
- Make sure that your favorite betting site accepts your preferred payment method – Most betting websites do accept major credit and debit cards like Mastercard and VISA, but it’s still a good idea to do your homework and make sure you can pay with Mastercard on the sportsbook you want to use.
- Know the transaction limits of your preferred payment method – Different financial institutions have different limits for credit and debit card transactions, so make sure you know how much you can deposit or withdraw with your Mastercard account.
Choose Mastercard for fast, simple online deposits when sports betting
Using Mastercard is definitely one of the most convenient ways to deposit cash when betting on sports online in Canada. You can use a credit or debit card at most sportsbooks, and get instant deposits to start betting right away.
However, be sure to only use your Mastercard on well-known gambling websites, or consider using a service like Skrill or PayPal to encrypt and protect your card information. This reduces your risk considerably.
And, of course, be aware of the costs associated with using a Mastercard credit card to place bets. The fees can be quite high, so it may be a good idea to consider an alternative payment method, like a Mastercard debit card. You should never gamble with money you don’t have, so avoid using credit cards to deposit cash when possible.