Best Venmo Sports Betting Sites – Sportsbooks That Accept Venmo

Yes, that’s right. Your favorite payment app can be used at a sportsbook allowing you to bet on sports with operators like FanDuel Sportsbook and the DraftKings app. This service can also be used at Venmo online casinos if you prefer playing slots to daily fantasy sports or betting on your favorite sports.

With the surge in online sports betting in the United States, popular P2P (peer-to-peer) instant payment systems such as PayPal are offered at regulated online sportsbooks. In addition, there are numerous US online sportsbooks such as Caesars Sportsbook and BetMGM offering sportsbook promo codes giving players instant access to generous bonuses. As there are so many online gambling sites, this can make finding the best operator in the US that accepts your favorite payment method a challenge.

One of the newest payment methods is Venmo. Many bettors are now looking for Venmo betting sites as they prefer this option to more traditional banking methods. Online sports betting with Venmo has become a convenient way to move money around online, and Venmo transactions are speedy and efficient.

This article covers betting sites that accept Venmo, how Venmo instant cash out works, some background on Venmo, and other important info about Venmo sports betting that you should know. Additionally, we will look at how this payment method compares to other popular options such as debit cards, wire transfers, or sports betting gift cards.

The above are all fantastic Venmo gambling options, offering generous bonuses and numerous online betting options. These are the best Venmo betting sites as they offer the service in addition to betting tips, many different types of bets, and more. Once you have claimed your sportsbook bonus, you can choose from numerous betting options. You can legally bet on significant events like the Super Bowl on any of the Venmo sportsbook sites listed above. They are some of the best betting sites around. Choosing your preferred Venmo bookie may come down to which offers the most types of bets or betting markets, but all accept Venmo as a payment option.

You may wish to wager online with an offshore website such as Bovada; however, we would not recommend doing this. Bovada is not legal, meaning your information would not be protected and there’s no guarantee about the safety of your Venmo sports betting deposits. Instead, you should choose one of the licensed US sportsbook apps to place your bets safely, and securely.

What is Venmo?

Venmo is a mobile app specializing in peer-to-peer money transfers and payments. Its initial purpose was to help reimburse your friends and family for shared expenses like dinners, travel, or drinks. However, as the app’s popularity continued to grow, so has its uses. Now, Venmo has become a viable payment method for a plethora of online platforms, including online sportsbook venues.

Before you head into Venmo sports betting, there are two important things to note. The first one is that you have to be physically located in the US in order to use Venmo. This isn’t much of a problem since every legal US online sportsbook requires you to be within the borders of an eligible state in order to bet. Second, you need to have a working US cell phone that can receive and send text messages. Furthermore, all Venmo transactions are conducted via the mobile Venmo app, even though you can log into your web-based dashboard to view previous transactions.

Venmo Background

Venmo was launched back in 2009. The developers of the e-wallet system met at the University of Pennsylvania in 2001. Following graduation, Iqram Magdon-Ismail and Andrew Kortina spent most of their time building websites for all sorts of people. After numerous attempts at starting a company of their own, the friends looked into the online market.

The original idea for Venmo was as a way to sell music online but then turned into developing a way to make it possible for anyone to pay anyone. The payment method was initially started over text.

However, both realized that the list of transactions to various shows, restaurants, and bars was an intriguing way to see what friends were up to.  This led to the development of the social side of Venmo and the ‘news feed,’ and the news feed element was introduced.

It took a long time to raise money from investors, but eventually, a friend and his father came forward and were the first to back the app. Then, in 2012, PayPal COO Bill Ready took a significant interest in the app. Initially, Venmo was acquired by Braintree in 2012 and then purchased by PayPal for $800 million.

Nowadays, Venmo is one of the biggest names in the evolving peer-to-peer payment industry. More and more people are requesting the option to make a Venmo payment over more traditional options such as a debit card. It is no surprise to see why more Venmo sportsbooks are appearing.

How To Make A Payment With Venmo

Whether you are looking for the best PA betting sites or the best NJ sportsbooks & betting sites that accept Venmo, the following information still applies. This guide explains how players can get started with Venmo and then how the process works. Before we can get into the details of using Venmo bookies, players must download the app to their mobile devices.

Download the Venmo App and Register

Downloading is straightforward, and the Venmo app is available for both iOS and Android devices on iTunes and Google Play. Once the app is available on your phone, you must verify your mobile number and email address. Additionally, you are required to add a bank card and verify that as well.

Link Your Card to Your Venmo Account

Finally, when using a US online sports betting site that accepts Venmo, players can transfer money by linking a debit or credit card to their Venmo account. Consequently, they can then make Venmo deposits and withdrawals. In addition, Venmo offers the Venmo MasterCard. This acts in a similar way to a prepaid card and could be used as a sort of Venmo Visa gift card. It ensures live betting deposits are quick and straightforward. Prepaid cards are a popular payment option among bettors for both sports betting and iGaming sites. Prepaid cards for online casinos and sportsbooks are often given out as gifts. A Venmo transfer is typically done instantly, in the same way, that a bonus will instantly appear in your betting account once you have entered the bonus code.

Make a Venmo Deposit at the Sportsbook

That is all there is to it. Customers can then enjoy the benefits of betting sites that accept Venmo. From our experience, it is easier to use than a Paysafecard, with more features than Apple Pay. Additionally, there are no monthly fees to have a Venmo account, and your details are safe as all information is encrypted.

Venmo Payouts

If you are using a sports betting site that allows Venmo payments, you can claim same day payouts with no fees attached. To be eligible to make withdrawals on Venmo you must have already verified your credentials and made a deposit using the same method. If you are looking for a fast payment option, then we recommend using Venmo as it is one of the quickest out there.

In the same way as you did making a deposit, head to the cashier page on the sportsbook. Then choose the option to make a withdrawal and select Venmo as the payment method. If your account has already been linked, the sportsbook will process the transaction, which will be done within 48 hours, and typically quicker in most cases.

Once you have completed the task of linking your Venmo account to your sports betting account for the first time, you will be all set up and good to go. When the money arrives in your Venmo account, you can withdraw it to the bank account linked to your debit card. If there are any changes to your Venmo credentials, you will be asked to login again and go through the process of verifying your new credentials.

Venmo Sports Betting Transaction Fees

The great news is that you’ll incur little-to-no fees when wagering on betting sites that accept Venmo. There are no monthly maintenance fees or transaction fees for a Venmo deposit or withdrawal. The only notable fee is charged when you request an expedited withdrawal to your bank account, which incurs a 1.75% transaction fee that’s capped at $25. A regular bank transfer comes without any fees.

The lack of fees is exactly why a lot of sports betting fans flock to betting sites that accept Venmo.

Wait Time For Venmo Deposits & Payouts

With speed being a vital factor with payment methods, understanding the average Venmo deposit time is crucial. The first thing to mention is that standard deposits and withdrawals are free, although it may take a few days to show in a player’s account at a betting site that takes Venmo.

Venmo states the maximum time for payments to appear in an account is three days. However, most of the time, players will notice transactions will be completed in one day. The processor offers one of the fastest payout methods for sportsbooks.

Additionally, there is an extra option to make immediate payments, in addition to online bookie Venmo withdrawals. These payments are charged at a rate of 1%, with a minimum amount of 25 cents and a maximum of $10.

Typically there should be an extended timeframe from a US online gambling site that accepts Venmo. Therefore, any online sportsbook that accepts Venmo should offer the same wait time for deposits and payouts as a US sportsbook that accepts PayPal. However, if you choose to use Venmo betting sites that accepts Visa, MasterCard, or American Express as payment options, the processing time will be much quicker.

How to set up Venmo for sports betting

One of the main reasons we use Venmo is for its speed and convenience. Setting up Venmo with a sportsbook or online betting site is very easy to do. First, you will need to choose an operator. Any of the ones we list above are legal and licensed sportsbooks operating safely in the US. Click on any of the links and create a playing account. Y

ou will then need to create a Venmo account if you don’t already have one. This can be done at venmo.com/signup. Once you have your Venmo account and have successfully verified it, head back to the sportsbook site or app and go to your account. Proceed to make a deposit then select Venmo as the option. You will then be required to log in to your Venmo account and pair the services.

Verifying your account with Venmo is a must before you can link it to your betting account. It is normally very quick to verify the account and you may be required to send in ID such as your driver’s license or using your SSN. To do this, log into Venmo and click on the You option, then tap on the Identity Verification and follow the on-screen instructions. You may wonder why does Venmo needs to do this, but in short, it is to comply with federal laws around handling money.

How to use Venmo on FanDuel

Using Venmo on FanDuel sportsbook is easy to do. You can only withdraw via the same method you deposited with, so you must have first made the deposit using Venmo. If you have done that, follow these steps to withdraw your winnings:

1. Sign in to your FanDuel Sportsbook account
2. Click on the ‘Withdraw’ option in your account
3. Type in the amount you wish to withdraw
4. Select Venmo as the withdrawal option
5. Confirm the withdrawal

Venmo withdrawals from FanDuel can take up to 48 hours to be approved by the operator. Once it has been approved, you should see your funds in your Venmo account normally within the hour.

Verification Requirements

If you intend to carry a balance on the app while using Venmo Sportsbooks, you must verify your account entirely. To be able to do this, you must provide some details, including:

• Your full name
• Current address
• Birthdate
• Social security number or tax identification number

These details are required to ensure each user is a valid United States citizen. Going through this process ensures you are protected against identity fraud as it removes the possibility of multiple or fake accounts. These measures keep players and their funds safe when using sportsbooks that accept Venmo.

A benefit of sports betting with Venmo in the USA is the added geolocation service. Strict gambling laws govern each state when it comes to online gambling. The Venmo verification measures listed above help most sportsbooks that only allow US citizens to gamble. Consequently, the requirements ensure any player using a sportsbook that takes Venmo is living in the US.

Advantages of using Venmo

Venmo is a really convenient tool to use on real money betting sites. Although it wasn’t designed for online gambling platforms, there are still multiple perks. These benefits include:

• Using a Venmo card is entirely secure and private. Unlike a typical bank card, your Venmo card isn’t connected to your personal bank account. Consequently there is no need the bank your card details, and no gambling transactions will appear on your statement.
• Making a Venmo deposit is instant. There is no waiting around and you can start wagering straight away.
• Venmo by it’s nature is very versatile. Although no created for sports betting, is is still an excellent option to have available. Whether you want a player transfer to a friend or you want to order some groceries, Venmo can adapt to many daily tasks.

Using Venmo is also effectively the same as  paying someone to place bets for you as it acts as an intermediary service. Can you wager online without signing up for a sportsbook account.

Disadvantages of using Venmo

There are some drawbacks when using Venmo compared to other payment methods like a prepaid gambling site.

• You must apply for your Venmo Mastercard separately from creating your Venmo account which is an extra effort. You will then need to wait for your card to arrive.
• You can’t use Venmo to keep your betting account topped up. Some of the things we have listed on this page will help you navigate around this issue. However, if you want to transfer money to your account like you do with relatives or friends, that is not possible.
• Unless you are using a middle man service of some sort, you can’t withdraw to your Venmo account. For instance, if you deposit using your Venmo card, you must use a different payment option to withdraw.

Venmo vs. Venmo Alternatives

You may be wondering what makes betting with Venmo different from other providers and why is it better than using betting vouchers. First, it is a mobile platform. You can still make payments when using the desktop site, but it isn’t as optimized as the app. Making a payment on a Venmo betting site is straightforward.

Next, Venmo makes it simple to play at a US sportsbook that accepts the payment system with friends, as players can split the payments with this app. There is no other e-wallet that provides this feature.

Finally, the main benefit of using Venmo compared to similar providers is the speed of the transactions. If you select Venmo instant transfers, it should take only 30 minutes to reach your Venmo gambling sites account. This compares well to standard transfers, which will take between one and three days.

With that said, let’s take a look at some other payment options available on legal sports betting sites.

PayPal

Making PayPal deposits is a similar process to making Venmo transactions. Any payments made via PayPal are done instantly like with Venmo, which seems to be the standard for most e-wallet providers. Compared to debit or credit cards, PayPal provides you with the flexibility to pay using your preferred method as you can use funds from your PayPal account to fund the service you want.

Apple Pay

Apple Pay comes from the tech giant Apple and can be used to fund online gambling accounts. This simple payment service is already available on thousands of mobile devices, much like G Pay. When you use Apple Pay, you are using one of the most recognizable names in the online industry.

Credit Card/Debit Card

Visa and Mastercard options remain one of the most popular payment options among US bettors. Although using a debit card may incur a small processing fee, you can clearly track any transactions directly from your bank account. VISA is one of the biggest names in the banking world which is why people use this service for sports betting and online casino gaming.

ACH/e-check

This is a common payment option in the US with lots of users choosing it to protect their personal information. With the ACH payment service, you can complete transactions using an advanced computer network. Consequently, customers can fund their accounts to bet on sports on play online casino games without sharing their bank card details online.