MasterCard Casino Banking
MasterCard and Visa kind of go hand-in-hand; not that they are associated with each other, mind you. In fact, quite the contrary. But it would be very rare that you find an online casino accepting one of these major credit cards that doesn't accept the other. Formerly known as MasterCharge, it came into existence in reaction to the issuance of the original BankAmericard, which of course has evolved into Visa.
And like Visa, this is an extremely popular method by which to open up a real money online casino account. The MasterCard is issued by a bank, which means that it is associated with a line of credit for a customer who has an existing account (or maybe not).
What happens when you use MasterCard to open up a gambling-related account is that you simply offer the online casino the card number, the name that is on the card, the expiration date and a three digit security code that is on the back of the card. The casino processes the card and you've got a deposit, just like that.
Canadians use MasterCard for gambling transactions a great deal; such is not the case in the United States, where its association with financial institutions brings it into territory that might constitute a violation of gambling laws. This is not to say that some casinos that accept US players do not figure out a way to get around the restrictions, by classifying the transactions as something other than gambling. This might be the case for some Canadian customers, but by and large, it is because the gambling laws are not the same for Canadians as they are for Americans.
If there is a drawback to using MasterCard, or any credit card, for that matter, it's the fact that it is not widely used as a method of withdrawal from an online casino. In other words, while you can deposit money in an account using MasterCard, it's a lot more difficult to get your funds credited back to the card. More likely than not, a payout that comes from the casino will come in the form of a check or bank transfer. This is one reason why certain electronic wallets are in use, aside from the fact that they provide for more confidentiality as far as the customers' financial information is concerned.
But if you're in Canada and convenience is what you're looking for, you should be able to use a MasterCard in any number of casinos that cater to the Canadian trade.