Online Casinos and Mastercard


Posted by on Tuesday, April 9th, 2013 at 5:25 pm and is filed under Blog

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It shouldn’t come as a surprise to anyone that the most questions and concerns people have when they sign up with a new online casino, or for the first time, is how their money is going to be handled. Despite our tech-savvy culture, we are still suspicious of putting fungible assets into that virtual domain. By and large, this paranoia is exaggerated, since casinos (like other online organizations that use the internet to negotiate transactions) adhere to very strict protocol regarding the transfer of funds and credit. In many cases, the casino will have an arrangement with the actual bank or credit card company, who have their own security measures – honestly, you’re more likely to get ripped off buying your groceries at your local neighbourhood supermarket.

The setup that reputable online casinos like Silveroak, Planet 7, and Royal Aces use is quite simple – when you sign in and download their software, you have the option of choosing ‘Real Money’. Once you sign in, you can click on the ‘Cashier’ icon, which will bring you to another menu with a ‘Deposit’ option. This deposit can be in a number of different forms, including cash, debit, or form of credit – for instance, Mastercard. The deposit is put directly into your personal account, and from there you can use the credit as you would any other casino. The reason I mention Mastercard is that depending on what form of payment you’re interested in using, the process and restrictions vary. A Mastercard casino deposit, on the other hand, has the widest range of credit limits – from as low as $50 up to $5000 – and can be verified via phone or live chat, making it one of the quicker methods as well.

Once you give your bank account or credit card number the latest in encryption technology ensures complete security by offering you a peace of mind with a 24/7 interactive help line that can answer any of your questions and address problems you may encounter. An added feature that Silveroak and others have implemented is an automatic currency conversion, especially since, via the global nature of the internet, players from all over the world usually end up on the same virtual floor. For gamblers logging in from the EU or Canada, for instance, Silveroak’s system automatically converts deposits into American dollars, based on the daily fluctuations of both currencies. This may seem like a very obvious element to include in the software of any online casino. And it should be.

But it’s not unheard of for certain affiliations to use a standardized conversation rate, which doesn’t change, and may or may not reflect a conversion in your favor. It may be just skimming a few cents or a dollars, but that’s your money. By ensuring that conversions are up-to-date, and relying on the inherent security measures built into Mastercard, Silveroak and its adjuncts maintain an integrity that all online casinos should live up to. And this goes both ways. Yes, it’s important to know that when you deposit an amount, it will be put directly into your account fairly and expediently. However, when you win and want to cash out, this trust extends both ways, and withdrawals are just as fast and easy – and it’s definitely a good day when you can take out more than you put in!

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