When your opponent activates a Spell Card: They can discard 1 Spell Card to negate this card's effect, otherwise negate the activation of their Spell Card, and if you do, destroy it.
It's either negate the spell card or decrease your opponent's card by 1.
Cons
Enemy can still activate their spell card if they discard a spell card.
Tips
If you want to simply negate a spell card, it's better to use Magic Jammer.
This card is more effective if you use more than once. The first time you use it, they can maybe discard a spell, but they have less cards to counter a second or third use.
While you can't use it in a chain, you can also bring Terrible Deal in a deck destruction deck.
Since spell cards are often used, this has a high chance of being used, making it really good to get Dark Voltanis out. Regardless if they negate it or not, voltanis can be special summoned (if you have a dark monster on the field) and you can then choose any card on the field to destroy.
this card is versatile...discarding another spell in order to cancel magic drain can be painful. eg. the top tier relinquished deck listed here runs 5/20 spell cards and will be destroyed if relinquished cannot be summoned. a venus deck that runs 6-7/20 spell cards will have a difficult time gaining card advantage using OTC+white elephant gift+ mystic shineball.
This is a great card and way better than "magic jammer" from Ultimate Rising.
Magic jammer, you must discard 1 card of yours to activate it. Magic Drain forces your opponent to discard their spell card - and if they don't have another spell card anyway, they can't cancel it's effect.
Although people say it is better than "magic jammer", I always happy when I face this card more than "magic jammer". Because I often can play game-breaking spell with just discard.
"Regardless if they negate it or not, voltanis can be special summoned (if you have a dark monster on the field) and you can then choose any card on the field to destroy" this doesn't seem to be true, as the official card ruling say that it can't be special summoned when they discard a spell
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