Making a deposit with Mastercard is very easy. In fact, once a betting site has been selected, it's quite simple. From there, bettors must:
Create an account with the betting site. Bettors may need to provide the necessary information. Some other information may also be asked - IDs, location, and other KYC standard requirements.
- Find the Cashier option. Choose Mastercard among the deposit options provided.
- Enter their Mastercard details, such as the account number, expiration date, and CVC.
- Enter the amount they wish to deposit to the betting site, then authorize the transfer. Transactions usually reflect in minutes.
Something to keep in mind is that while many banks accept credit card gambling deposits on a regular basis, others automatically deny them.
Some laws like the Unlawful Internet Gaming Enforcement Act of 2006 prohibit financial institutions from knowingly transacting with another individual in connection with illegal Internet gambling.
Although internet betting is no longer illegal in many jurisdictions, the prohibition remains on the books, and some banks refuse to process any online gambling transactions. Betting sites are not to blame for this, so it's best to do a little research beforehand.
The deposit limits may differ for betting sites, but it's usually somewhere at $5000 maximum and $10 to $50 minimum.
As for fees, some banks on Mastercard's network may charge low to no fees. Some online sportsbooks treat a deposit as a cash advance and demand greater fees as a result. Betting sites may also charge fees on their side.