Pros and cons of Venmo
- Easy to set up, connect, and use
- Doesn't require a bank account
- Offers great security
- Little to no fees on transactions
- Standard transaction times are lengthy
- Limited availability
Sign up process for Venmo – Five steps to seamless mobile payments
Your Venmo sports betting experience requires you to have a Venmo account. Like PayPal, you need to register and set up a profile to begin using the service. Fortunately, you can do so in a few easy steps.
- Head to the official website at venmo.com. Otherwise, visit the Play Store or Apple Store to download and install the app.
- Create an account by completing the registration module as requested.
- Verify your phone number and email.
- Link a bank account or bank card to your Venmo profile.
- Verify your linked account, and you're good to go!
Making a payment with Venmo – How to start using Venmo for betting sites
Making payments at an online sportsbook with Venmo will prove just as easy as signing up with the payment service. As long as you have Venmo set up on your phone with a linked card or bank account, you simply need to head straight to the gambling site.
Sign up for a betting site that uses Venmo
To gamble with this method, you have to be sure that the betting site allows Venmo. Register on the site or log in if you already have an account with the sportsbook.
Deposit
Navigate to the deposit page under the cashier section. Choose Venmo from the deposit options available and the amount you wish to deposit.
Complete the transaction
For first-timers, you'll need to log in to your Venmo account to complete the transaction. This won't be necessary if you've used Venmo at the sportsbook before. Instead, simply click through the prompts to complete the transaction.
Average timescales for deposits and withdrawals when online sports betting with Venmo
Transactions with Venmo take between 1-3 days for both deposits and withdrawals. These are the standard timescales and will require no fees. However, you'll often hear Venmo described as a fast payment method. That’s because it provides an instant transfer option that will cut down approval delays and allow your transactions to go through almost immediately.
For a fee of 1.75% (minimum of $0.25 and maximum of $25), you can take advantage of the 'Instant' option and have your funds credited within 30 minutes. Note that withdrawals may take longer due to the processing times of betting sites accepting Venmo. Sportsbooks may take between 24–48 hours to approve a withdrawal request. Afterward, it's up to the transaction efficiency of the payment provider.
How fast is Venmo compared to other online betting payment channels?
The answer is very fast, at least when you opt for instant transfer.
Most
sportsbook deposit methods
are quick. The problem is usually with withdrawals. Credit cards take between 1–3 days or may extend up to 5 days. E-wallets are faster but will still take up to 24 hours. So Venmo instant transfer is pretty ahead of the competition for payouts.
It's worth noting that this mobile payment service may not always be available for withdrawals, and is more commonly provided for deposits alone.
How about delayed payments from betting sites with Venmo?
Funds can be delayed due to several factors. Either Venmo or your betting site may be experiencing network issues. You could also have made an error when filling out your details. It is crucial that you take note of the payment details you indicate.
Although Venmo assures you of 1 to 3 days to complete transactions, you should allow up to 24 hours after the stated time. An additional day is enough time to resolve any backlogs or connection issues.
However, beyond this, you may have to reach out to the Venmo customer service team after confirming that there is no problem on the betting operator's end.
| Transfer time |
Fees |
| 1 – 3 days (Standard) |
None |
| 0 – 30 minutes (Instant) |
1.75% |
Venmo verification requirements – A necessary step for safe transactions
To get full access to your Venmo account, you need to be verified. Even online sportsbooks are required to verify players that sign up. For a financial service like this one, verification is even more crucial.
Fortunately, Venmo can often do this automatically, so there's no hassle for you. This payment company implements the Customer Identification Program (CIP) linked to a national database. So they can verify your identity as long as you've provided the following details:
- Your name
- Surname
- Date of birth
- Residential address
- Social security number (or individual tax identification number/ITIN if you don’t have one of those)
Venmo may also verify your identity through your linked bank account. They'll initiate a microtransaction (usually less than $1) to confirm that you're the owner of the said account.
If the provider still cannot verify your identity, you'll be asked to manually upload relevant documents.
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The history of Venmo
This mobile money sending app was first launched in 2009 as a private financial app used by the founders Andrew Kortina and Iqram Magdon-Ismail. The idea was to erase the need for cash while maximizing the comfort and ease of making payments. It was originally designed to let friends and families send money to each other for simple bills and debts.
At its initial private launch, it was more of a text-based money payment solution, enabling payments via text message. In 2012, the founders launched Venmo publicly to massive approval. That same year, it was acquired by Braintree.
In 2013, PayPal took over Braintree in an acquisition deal that included the Venmo financial service. When Paypal split from its parent company eBay in 2015, it also took Venmo along. Since then, PayPal has continued to manage, modify, and promote the mobile payment service as its parent company.
Venmo's socially inclined structure has made it one of the top mobile payment solutions in recent years. Due to its convenience, it's been quickly adopted into the online gambling industry.
Betting sites with Venmo compared to other payment providers
Receiving and sending money is super quick, easy, and convenient when using an online sportsbook with Venmo. It helps that it doesn't require bank or card details. This way, your personal information doesn't have to be in danger. Venmo is also cheaper than most. It has fewer fees and sometimes none at all (with standard transfers). Checking or banking methods also fall short of Venmo in terms of convenience, speed, and the need for a bank account.
Clearly, this payment solution has many features that make it an attractive option for making online transactions and online betting specifically. However, when playing at betting sites with Venmo, you'll find several other payment methods. If you don’t wish to carry out your online sports betting with Venmo, here are the next best alternatives:
Paypal
Available in over 200 countries, PayPal is renowned for top-notch security, ease of transfers, and speedy payments. It's a complete payment solution that allows you to deposit, withdraw and store funds. Since Venmo is a part of PayPal, you'll most likely find the latter at any Venmo betting sites.
Paysafecard
Paysafecard is an online prepaid card method that uses a 16-digit PIN to facilitate secure transactions. This, like Venmo, doesn't require you to disclose your personal information to the merchant. Even better, you don't have to sign up or anything. Just purchase the prepaid cards and use them for fee-free and instant deposits. Although it's not available for withdrawals, it's excellent for gambling on a budget since you can only use the amount stored on the voucher.
Skrill
Skrill is another e-wallet with a long-standing reputation and widespread availability. The popular payment method is secure and ensures your transactions are kept private. It supports deposits and transactions and is great for keeping track of your activities. You'll also enjoy competitive fees and fast payout times.
Debit/Credit cards
The majority of the
betting sites
in the world are debit card casinos or credit card casinos. These are arguably the most popular deposit solutions because they are fast and secure. Card payments also enable withdrawals, although at a relatively slower rate than e-wallets. They are also readily available.
Alternative payment method providers
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Three essential facts about using Venmo
- Venmo was originally designed as a peer-to-peer sending service and, as such, has several restrictions on the vendor side of the transaction. So before paying for your online sports betting with Venmo, ensure that the bookie is on the approved list.
- International payments, transfers, or other foreign transactions are not supported with Venmo.
- Venmo incorporates a social feed where users display their purchases. Your gambling spends and winnings will be broadcast here unless you disable the feature on the app.
All gambling and sportsbook deposit methods
Conclusion – Why you should use an online sportsbook with Venmo
Venmo is an excellent payment method that many people love. Its most remarkable feature is its convenience for using betting sites with Venmo. It doesn't get better than a mobile payment system that allows you to transfer to friends, family, and merchants in a friendly, social way.
Transfers are simple and low-cost as well, with the only real drawback being the geographical limitation. But when playing at an online sportsbook with Venmo, this won't be a problem. Although this payment service also has limited merchant approval, there are several top online sportsbooks where it's available as a
betting deposit method. You've got them right here in our list of recommended sites.
Our favorite bonuses
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Online sports betting with Venmo FAQ
How do I link my Venmo to a bank account?
Venmo is a mobile payment service that requires you to link a bank account to enable seamless payments. Whether you prefer to link your bank details directly or use a debit or credit card, you'll learn how to go about it in our guide.
Can I get a bonus if I deposit at a sportsbook with Venmo?
Casino and sports betting sites offer various bonuses and promotions. Some may attach bonuses to specific payment methods and restrict those same bonuses for others. Venmo is a convenient way to deposit, so it's understandable that you’d want to know the if this payment method is affected. Read our detailed guide to get the low-down.
Can I use Venmo for withdrawals?
A common rule at online gambling sites is that you must withdraw with the same method used to deposit. Suppose you deposit $10 with a given payment method. In that case, you would need to first withdraw that same $10 to the same method before you could use another alternative to receive any winnings. The problem is that not all payment methods work both ways. In our Venmo casino guide, we discuss all the services this mobile payment provider offers.
