Mazooma is no longer operational in the US, but alternatives like PayPal and Skrill are currently the closest options for e-wallet payment services.
For years, the payment service has been quietly operating behind the scenes in the sports betting industry, processing and verifying payments via ACH.
If you have ever deposited or withdrawn money from a major sportsbook, such as DraftKings, it is likely that you’ve used their technology.
Now, the company has accumulated years of experience in the industry are ready to go it alone.
In late 2020 Mazooma announced that they had teamed up with Plaid, a financial data network that supports thousands of apps and services.
The idea was simple - Mazooma would bring the technology connecting the sportsbooks with the ACH system, whilst Plaid would bring the interface and banking connections. The result would be a seamless instant payment experience for US sports bettors.
- When you select Mazooma as a payment option, you will be required to enter your bank details.
- Mazooma will then verify your bank details via the ACH system.
- Once approved, Mazzoma and Plaid’s service will contact the bank and transfer your funds from your savings or checking account directly into your sportsbook. It should be instant.
Mazooma vs. Visa/Mastercard
There is only one winner here, and that is Mazooma.
Although Visa and Mastercard are offered as depositing options at almost all major online sportsbooks. Customers are often inundated with issues, including blocked deposits due to no fault of their own.
This occurs because the US banking system has, in many ways, simply not caught up with the changes in legislation that have been sweeping the country.
Before 2018, almost all forms of online sports betting were illegal. After the Senate removed the ban at a federal level, some states have legalized online betting, some have allowed restricted online betting and others are either considering legislation or have not addressed the issue. This has meant that there are different regulations all over the country. Many banks are not up to date with the changes in legislation, which means that you may attempt to deposit into a legally licensed sportsbook but still have your deposit rejected.
Then comes the issue of withdrawals which is almost impossible to process with your Visa and Mastercard. If you do manage this, then you will be looking at $40-$50 in fees.
Mazooma vs PayPal
PayPal is a tried and trusted payment option for sports bettors in the US. It allows you to circumvent the banking issues that come with a card transfer. The payment service also adds an extra layer of security to the whole transaction.
There are a number of drawbacks including a 2.9% deposit fee if you use Visa/Mastercard. This has meant that many experienced bettors in the US, deposit money using their card, and then withdraw their winnings using PayPal. This system works if you are familiar with both services, but it is a lot of extra work, a problem that Mazooma could solve.
The advantage with Mazooma and its latest partnership is that it is excellent for both depositing and withdrawing money with sportsbooks. Transactions are also fast and reliable, unlike PayPal which can take days for withdrawals to show in your bank account.
For a full breakdown of different payment options check out our page on what services sportsbooks offer for deposits and withdrawals.
Where is Mazooma offered?
At the time of writing the Mazooma payment option is offered only at Unibet Sportsbook in Pennsylvania, New Jersey and Indiana.
Unibet, a European sportsbook, has been operational in the US since 2018. They have a proven track record and have enjoyed considerable success in New Jersey, partly thanks to their partnership with the New Jersey Devils.
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FAQs
Is Mazooma Legit?
Mazooma is a trusted payment service provider that is customized specifically for the online sports betting industry. Its technology is used by most of the major online sportsbooks including DraftKings and Bet365.
In November 2020 the company announced that they had partnered with Plaid and would be offering payments via their own branded platform. So far, only Unibet sportsbook offers Mazooma as a payment option.
Can you trust Mazooma?
Yes, you can trust Mazooma since it is a safe and reliable platform for payments to and from sportsbooks. It is a tried and tested platform with years of experience in the sports betting industry.
Currently, it is only Unibet that offers Mazooma as a payment option. Many other sportsbooks use Mazooma’s technology.
Can you use Mazooma to deposit money into a sportsbook?
Yes, you can use Mazooma’s platform to send money from your bank account to a sportsbook, such as Unibet, which offers it as a payment method.
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