Sports Betting with Maestro
What is Maestro?
Maestro is actually a product of MasterCard, one of the biggest credit cards in the world other than Visa. It was founded back in 1992. It is actually a debit card, albeit one of the oldest ones out there.
You can fund Maestro cards and accounts in two ways. The first way is by depositing amounts to your card, which you can use to pay for items you would like to purchase. In this way, you can say that it functions in almost the same way as any prepaid card out there.
However, you can also link your Maestro card to your bank account. This way you don’t have to go through the hassle of funding your card every now and then. Your Maestro card will automatically withdraw funds from your bank account when you make a purchase online.
Maestro took over the UK’s debit payment scene by taking over the system which was managed by Switch. It was more like Switch re-branded since being incorporated into Maestro. The result back then was a slightly different system compared to other Maestro systems in the world.
However, they standardised everything a few years later. And so they changed Maestro UK’s chosen system so that it would be on par with what the rest of the world was using. Nowadays, Maestro in the UK follows the International Form.
Maestro by MasterCard
MasterCard of course is the company behind the Maestro company and debit service system. MasterCard has enjoyed a longer industry experience since they have been around since 1979.
They formed the mother company way back in 1966 and people knew it then as Master Charge. The reason for this was that they wanted to create the company to compete against Bank of America and its product BankAmericard, which the world would later know as Visa. They then re-branded the company in 1979 and gave it its current name – MasterCard.
Today MasterCard and Maestro hold one of the biggest financial systems in the world. The bank itself is one of the biggest banks worldwide. Now, the company is currently working with Apple in developing its financial offering, Apple Pay, a contactless mobile wallet, which is available through Apple’s products the iPhone and iPad.
Pros and Cons
The Maestro system is one of the easiest and most convenient systems to use for online purchases. It is also one of the most common ways to top up and fund bookie accounts. A lot of sportsbooks make use of the Maestro service. However, it does have a few drawbacks that you should know about. But let us begin with the pros first.
- It makes online bookie transactions really convenient. A lot of people today have debit cards, which means everyone is used to using them. Using a Maestro should be very familiar.
- Maestro cards have low minimum withdrawal amounts. Well, not everyone is a high roller that deals in amounts of £500 or even higher than £1,000. If you are someone who likes to play the odds but will only risk smaller amounts of money then a Maestro would be pretty good idea.
- A Maestro is definitely UK friendly. There are payment systems that are not available to UK players.
- Not all sports books use them. Now, that is unfortunate for bookies who don’t offer Maestro payments. Think of it as an opportunity that they have lost.
Using Maestro for Sports Betting
Here’s how you can use your Maestro account when topping up your bookie account, withdrawing funds, and other transactions. Note that doing all of that is relatively straightforward. If you have used other debit cards other than Maestro cards then the process will be quite similar and you will have a pretty good idea how it works.
In order to process your deposits or any other transaction for that matter, you will need your bank card details. You will also need your login details for your bookie account.
The first step is to login into your bookie account using your very own login credentials. You then go to your account details page and/or locate the deposit option or page.
Once you’re on that section where you can place a deposit or top up your account, select Maestro as your mode of payment. Sometimes you won’t find Maestro as one of the options but there will be a “debit card” as one of the possible options. Select that and then you may find Maestro as a sub option.
The payment section page will then load up different required fields. This will include the amount you want to deposit to your bookie account. Don’t forget to select the right currency for that transaction. You may also be required to enter your bank card details.
Usually you will need to enter your Maestro card number, you can find the dates on the front, and the numbers that you can find on the reverse side of your bank card.
Note that the amount of info you need to enter will vary from one bookie site to the next. Some won’t even require you to enter your card info each time you make a transaction but you will have to register that information beforehand when you register for a bookie account. The system is different from bookie to bookie.
Once you have filled out all the necessary forms, you click the “deposit” button or link. After that the top up process will commence. You have just fully authorised your bookie to withdraw the indicated amount of funds from your bank account or Maestro funds if you have them (remember the two fund withdrawal methods?).
Note that in a lot of instances you can only withdraw your winnings to the same Maestro card or account that you used to register with and deposit your gambling money.
Note that with Maestro, you can withdraw as much as £5,000 in one transaction. If you meet those conditions, then you can proceed to withdraw your winnings.
The first step is to login to your bookie account and go to your account page and then click or select the withdraw option (yes, the menus and buttons will be different from one sportsbook page to the next).
Note also that there are different withdrawal limits for each bookie so keep that in mind for later. They will then take you to a page or window where you can enter the amount of funds you would like to withdraw. Make sure that it is within the site’s withdrawal limits or else they will cancel the transaction.
You may be required to enter your bank information and your login details again as an added security. It’s a tedious step but it keeps your account and your funds safe.
You will then click a “proceed” button or a “withdraw” button once you’re done filling out the forms. The rest of the process is now between the bookie and your bank. Note that it may take anywhere from 2 to 5 business days to transfer the funds into your account.
Some sites will send you a notification that the transaction is completed. The notification may also include an estimated delivery date. They can also email the notification to you, so check your inbox.
- Processing fees – a lot of sportsbook sites that cater to these transactions usually do not charge you anything for withdrawals and account top ups or deposits. You should also note however that if they decline any transaction (either deposit or withdrawal) that they should not charge or bill you for the declined transaction.
Is Maestro a Secure Payment System?
Many consider Maestro to be one of the safest ways to make online payments. People use it for pretty much for any other transaction and not only for sportsbooks. Websites that require you to enter your card details will be in SSL mode, which means that they will encrypt everything and keep it safe.
Bookies who make use of debit card systems are required to use very stringent measures to protect their customers data. Incidents of people hacking these accounts are rare if any.