Online and mobile sports bettors can now choose from a wide range of payment methods for funding their account. This article will focus on Venmo, one of the newest payment options offered at US sportsbooks. We will tell you what Venmo is, how it works, which sportsbooks offer it, its pros and cons, and how it compares to other sportsbook banking methods.
Venmo Betting Sites
Venmo is one of several digital wallets that have recently become a popular way to make deposits and withdrawals at some of the top sports betting sites in the US. When the company was founded in 2009, it operated exclusively as a peer-to-peer mobile app for individual users to transfer funds. However, the acquisition of Venmo by PayPal in 2013 led to Venmo’s expansion to also become a safe, easy, and convenient way to purchase goods and services from Venmo-authorized merchants.
Today, Venmo operates much like its parent company, PayPal but as a separate entity. Simply use a linked bank account or debit card to add or withdraw funds anytime day or night.
As a subsidiary of PayPal, Venmo takes its responsibility to provide a fast, reliable, and safe way to transfer funds very seriously. Users can rest assured that their accounts are fully protected against fraud since the same safeguards apply that are in place for PayPal users.
In recent years, the number of businesses that accept Venmo as a payment method has increased tremendously. Among them are some of the leading legally operating US online sportsbooks. Today, Venmo has over 88 million users.
The number of sportsbooks that accept Venmo deposits and withdrawals is still limited, but due to its growing popularity, many more can be expected. Meanwhile, here are the top US betting sites that accept Venmo:
Pros and Cons of Betting with Venmo
| Pros | Cons |
|---|---|
| Security: Venmo is owned by PayPal, a company known worldwide for its trustworthiness | Only available at a few sportsbooks |
| Convenience: Easy to set up and use and mobile device-friendly | You must download the Venmo app and create a Venmo account before using it |
| Speed: Fast deposits and withdrawals | Your gambling transactions are not private unless you remember to disable the social feed |
| No fees to set up, and most transactions are also free | 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25) for instant transfers to your bank account or debit card |
| Dependability: Unlike gambling transactions with credit cards, those made with Venmo have a low rate of decline | |
| High limits on both deposits and withdrawals | |
| Social feed option |
The biggest benefits of using Venmo include:
Fast deposits – The speed of transactions with Venmo is a real perk, as money transfers can take less than 30 seconds to hit your betting account. Deposits take less time than withdrawals as getting money out can take days, although using an e-wallet is the quickest option.
No fees – Using Venmo to fund your online betting accounts have zero fees except the 3% charge when using a credit card. Debit card payments and bank transfers are entirely free.
Great Venmo app – There is an excellent Venmo app, which makes paying on a mobile easier. The Venmo app is available for both iOS and Android devices.
Things to Consider with Venmo Betting Sites
Limited Availability
Since Venmo is a subsidiary of PayPal, one would think that, like PayPal, Venmo is an accepted method of payment at virtually all major online sportsbooks. However, that is not the case. As of this writing, only a handful of online sportsbooks allow the use of Venmo for deposits and withdrawals.
The good news for Venmo account holders is that the short list of sportsbooks that accept Venmo includes some of the top sports betting sites in the US, but not all of them. For example, bet365 is one of the betting sites that accepts PayPal but not Venmo. Therefore, if you are considering using Venmo as your primary sportsbook payment method, be sure to check beforehand if your preferred sportsbook accepts it.
Specific Criteria to Look For
On the other hand, I do not recommend hastily signing up with any random site simply because it accepts Venmo payments. Compare your options and then base your decision on which sportsbook best fits your betting needs. The following are some important variables to consider.
First and foremost, only do business with legitimate and trustworthy state-licensed and regulated sportsbooks in states where you are legally permitted to play. Your preference should be a legally operating sports betting site that has been in business long enough to receive favorable reviews from both sports betting professionals and actual users.
Also, since Venmo is strictly a mobile app-based payment method, be sure to check the latest average user ratings for the app you would be downloading to your device. Apple iOS users should check the ratings and comments given on the App Store, while Android users should check the ratings and comments on Google Play.
The following are some additional important variables to consider:
- Minimum and maximum deposits and withdrawals
- Processing times
- Applicable fees, if any
- Special welcome offer for first-time users and other bonuses and promotions
- Betting markets and bet types
- Likelihood of competitive odds compared to other sportsbooks
- Variety, quality, and speed of customer support
We mentioned the importance of checking recent user ratings for the sportsbook’s mobile app. Take the time to read the detailed comments, also. While a few disgruntled losing players may give the app a lower rating than it deserves, most users will give an honest appraisal. Therefore, by reading their comments, you can gain valuable information about how well a given sportsbook satisfies the above-mentioned criteria.
Privacy Concerns
Lastly, since this article is specifically about Venmo, keep in mind that Venmo was originally set up as a peer-to-peer social platform whereby individual users (such as friends and family members) could exchange funds electronically quickly and safely. Venmo still uses a social feed, which means that unless you turn this feature off, the type of transaction and the reason are not only visible to the party you are doing business with but the general public. If you prefer to keep your gambling transactions private, Venmo might not be the best payment method choice for sports betting.
Best Betting Sites That Accept Venmo
Among the relatively few sports betting sites that currently accept Venmo, the following eight are the ones that our experts consider the best.
DraftKings
- Deposit Limits: Minimum: $5; Maximum: $7,000 per week
- Welcome Bonus: Bet $5 and Get $150 in Bonus Bets
- Withdrawal Limits: Minimum: $1; Maximum: $20,000
- Processing Time: 24-48 hours
- Fees: None
This sports betting giant, which was originally exclusively a Daily Fantasy Sports (DFS) site, is now one of the leading full-scale sportsbooks in the US. DraftKings is available in more states than any other legally operating sportsbook. New players receive a generous welcome bonus, and there are plenty of bonuses and promotions for existing customers as well. DraftKings offers a tremendous variety of betting markets and bet types at competitive odds. Its iOS and Android mobile apps are rated among the best in the industry. DraftKings is also one of the few state-licensed sportsbooks with a $5 minimum deposit via Venmo.
FanDuel
- Deposit Limits: Minimum: $10; Maximum: $7,000 per week
- Welcome Bonus: Get up to $1,000 in Bet Resets
- Withdrawal Limits: Minimum: $10; Maximum: $10,000
- Processing Time: Up to 24 hours
- Fees: None
FanDuel is similar in many ways to its chief competitor DraftKings. Like DraftKings, FanDuel originally offered DFS only before expanding its services to become one of this country’s top full-service sportsbooks. The user-friendly and easy-to-navigate iOS and Android mobile apps are rated among the highest of any sportsbook. Customers can take advantage of a generous welcome bonus and many more special offers and promotions afterward, and choose from a ton of betting markets and bet types at competitive odds.
Caesars
- Deposit Limits: Minimum: $10; Maximum: $7,000 per week
- Welcome Bonus: Get 100% Profit Boost Tokens On Your Next 10 Wagers
- Withdrawal Limits: Minimum: $10; Maximum: $5,000
- Processing Time: 24 hours
- Fees: None
This renowned international conglomerate is widely recognized as one of the most highly experienced and trustworthy gambling operators in the world. Caesars is also home to Caesars Rewards, one of the top player’s rewards programs for US sportsbook bettors and casino players. The sportsbook not only covers a wide range of betting markets but offers daily odds boosts in multiple sports and is one of the few Venmo betting sites offering NFL streaming.
BetMGM
- Deposit Limits: Minimum: $10; Maximum: $7,000 per week
- Welcome Bonus: If your first real money bet loses, get the full amount back up to $1,500 in bonus bets
- Withdrawal Limits: Minimum: $10; Maximum: $25,000
- Processing Time: 24 hours
- Fees: None
BetMGM is another highly experienced gambling operator with an international presence. The sportsbook offers a very wide range of betting markets and bet types, along with more banking options and a higher cap on its welcome bonus than most of its competitors. An additional big perk is automatic enrollment in the highly acclaimed player’s loyalty rewards program, MGM Rewards.
ESPN Bet
- Deposit Limits: Minimum: $10; Maximum: No limit
- Welcome Bonus: If your first real money bet loses, get the full amount back up to $1,000 in five bonus bets
- Withdrawal Limits: Minimum: $10; Maximum: No limit
- Processing Time: 24 hours
- Fees: None
ESPN Bet is a relatively new sports betting site, but with the brand’s years of sports broadcasting experience, it should come as no surprise that this sportsbook quickly caught on with bettors and has received consistently favorable reviews. ESPN Bet offers an easy-to-navigate mobile app, a wide range of betting markets and betting options, a ton of bonuses and promotions including daily odds boosts and profit boosts, and an attractive loyalty rewards program.
BetRivers
- Deposit Limits: Minimum: $10; Maximum: No limit
- Welcome Bonus: If your first real money bet loses up to $500 in most states, but only up to $250 in New Jersey and $100 in West Virginia
- Withdrawal Limits: Minimum: $10; Maximum: No limit
- Processing Time: 24-48 hours
- Fees: None
This Venmo sportsbook offers a very wide range of betting options, including numerous prop bets and unique bets. Special perks include daily odds boosts, live streaming, and the iRush loyalty rewards program.
Fanatics
- Deposit Limits: Minimum: $5; Maximum: No limit
- Welcome Bonus: Up to 10x $100 in FanCash
- Withdrawal Limits: Minimum: $1; Maximum: No limit
- Processing Time: 24 hours
- Fees: None
Fanatics Sportsbook did not launch until 2023, but it has quickly become a major force in the sports betting industry. Among the many great things going for it are a generous welcome bonus, $5 minimum Venmo deposits, a user-friendly, easy-to-navigate mobile app, live streaming of NFL games, and FanCash rewards (redeemable for either FanCash sports merchandise or bonus bets).
Hard Rock Bet
- Deposit Limits: Minimum: $10; Maximum: $7,000 per week
- Welcome Bonus: If the first real money bet loses, get the full amount back up to 100 as a bonus bet
- Withdrawal Limits: Minimum: $10; Maximum: $25,000
- Processing Time: 48 hours
- Fees: None
The low cap on the welcome bonus will deter high rollers, but Hard Rock Bet is a smart choice for casual bettors looking to get a good bang for their buck. The site offers competitive odds across a wide range of betting markets, daily odds boosts, and a loyalty rewards program.
Setting Up a Venmo Account
If you are a registered account holder at a sportsbook that accepts Venmo and you would like to use Venmo as your payment method, before you can do so, you will need a Venmo account in your name. You also need to download the appropriate Venmo mobile app to your iOS or Android mobile device.
If you do not already have a Venmo account, you can use the Venmo mobile app to apply for one. Although Venmo offers both business accounts and personal accounts, the only type that can be used for sportsbook deposits and withdrawals is a personal account.
Complete the Venmo registration form with the requested information, including your name, email address, phone number, and the password you wish to use for the site. Venmo will then send you a verification code to enter on the app.
Once your new Venmo account has been assigned, it needs to be connected to the bank account or debit card you will be using to make deposits and withdrawals. Upon receipt of your banking details, Venmo will verify the account, and you can start using it.
How to Verify a Venmo Account
Before you can safely use the Venmo app to make payments at online sports betting sites, you must verify your account. Venmo will need details that go beyond just your banking information to prove your identity. Therefore, you must provide a valid US passport, driving license, SSN assignment letter or a Tribal Card. Once you have uploaded some copies of the required documents, it will take a few business days for Venmo to verify your identity. Once this has been done, you will be notified and then you can make transactions via Venmo on any online sportsbooks.
How to Fund Venmo Sportsbooks
Using Venmo to add funds to your sports betting account is a quick and easy process. These are the steps you need to follow.
- Log into your sports betting app, go to the Cashier, and select Venmo as your deposit method.
- Enter the amount you wish to deposit and click on Confirm.
- You will then be redirected to the Venmo app to confirm the amount and complete the transaction.
As you can see, using Venmo as your deposit method could not be easier, and as soon as your deposit is confirmed, the money gets credited to your account virtually instantaneously. Another big plus is that you do not have to re-enter your payment information manually each time. If you need to have additional funds available in your sports betting account very quickly, for example, to make a live bet before the odds change, using the Venmo mobile app as your payment method is an excellent option.
Betting with Venmo Online
As soon as your sports betting account is sufficiently funded to cover the bets you wish to make, you can proceed. If you subsequently discover you need more money than anticipated, no problem; simply make another deposit. Conversely, if you have excess funds in your sports betting account, you can withdraw it back to Venmo and either keep it in Venmo for future use or return it to your bank account.
For even more flexibility, you can place your bets either online or via the sportsbook’s mobile app. However, the only way to deposit or withdraw money through Venmo is with the mobile app.
Cashing Out Your Winnings from Venmo Betting Sites
Most but not all sportsbooks that accept Venmo as a deposit method also allow you to use Venmo for withdrawals. Wherever that is not the case, you will need to select another method for cashing out your winnings. To avoid this inconvenience, it would be preferable not to use Venmo under those conditions and to choose another method instead that the sportsbook will let you use for both deposits and withdrawals.
Another point to keep in mind is that just as sportsbooks typically only allow the use of PayPal as a withdrawal method when PayPal was also used to make the last deposit, the same restriction applies to Venmo.
The steps you need to follow when using Venmo for withdrawals are similar to those used for deposits but in reverse with the funds leaving your sportsbook account and going back to your Venmo account. Start by visiting the cashier, then select Venmo as the withdrawal method, and indicate the amount. Then verify and finalize the transaction. Venmo withdrawals are typically very quick, especially when compared to other withdrawal methods at online sportsbooks, but not as fast as Venmo deposits. Allow for 24-48 hours processing time in most instances.
The minimum withdrawal amount with Venmo varies but is usually $5 or $10. Maximum withdrawal amounts, if there are any, vary depending on the sportsbook and the customer. Where a maximum exists, it is usually quite high.
Venmo vs Other Sportsbook Banking Methods
Venmo is one of many fast, convenient, safe, and secure banking methods that your favorite online sportsbook may offer. If you are looking for a fast payout sportsbook, using Venmo is a great way to get your winnings to you quickly. Some of the other popular choices include the following:
- Other e-wallets such as PayPal
- Credit and debit cards
- ACH (e-Checks)
- Online Banking
- Play+Card
- Cash deposits and withdrawals
- Apple Pay
Each of these payment options has both advantages and disadvantages, so choosing one over another should be a personal decision based on individual needs and playing style. Below we will briefly compare Venmo with the most popular alternative banking methods. You will then be better equipped to determine if Venmo is a good payment option for you.
Venmo vs PayPal
Since Venmo is owned by PayPal, they are very similar in how they work, but there are also some important differences. For starters, many of the sportsbooks that accept PayPal as a banking method do not accept Venmo. But assuming that the sportsbook you wish to use accepts both, here are some important considerations.
One important difference between Venmo and PayPal is that to use Venmo, you must download the Venmo iOS or Android app onto your mobile device. With PayPal, on the other hand, you can make payments and withdrawals in any of three ways: through the app, online, or in person with a PayPal debit card.
Another important difference between Venmo and PayPal is that the Venmo social feed feature still exists. Users have the option to disable it, but otherwise, the details of your transactions are visible to the public.
Venmo vs Credit and Debit Cards
Venmo transactions for gambling purposes are much less likely to be declined. Also, when the bank issuing the credit card approves the transaction, it is likely to treat it as a cash advance and charge hefty fees. Thirdly, most sportsbooks only allow credit and debit cards to be used for deposits, not for withdrawals, whereas Venmo can be used for both.
Deposits and withdrawals are both free, but withdrawal processing time is longer than with Venmo.
Play+Card
Unlike Venmo, which can be used with any business or individual with a Venmo account, a Play+Card can only be used at the betting site that issues it.
Cash Deposits and Withdrawals
For people who do not have a bank account or do not want their bank to know about their gambling activities, a recommended option, where available, would be to make instant cash deposits and withdrawals at the retail sportsbook or casino. Alternatively, the customer can make cash deposits but not withdrawals via PayNearMe at a participating retail store such as 7-Eleven. Both methods involve traveling, whereas with Venmo, you simply use your phone, wherever you happen to be.
FAQs
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Can I use Venmo at online sportsbooks?Yes, Venmo can be used for both deposits and withdrawals at sportsbooks that accept this method.
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Is Venmo safe?Yes, Venmo is owned by PayPal and uses the same security measures to ensure that all players’ accounts are fully protected.
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Can I use another person’s Venmo account to fund my sports betting account?No, the Venmo account must be in your name and match the name on the sportsbook account.
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Do I need a Venmo account to use Venmo as my sportsbook payment method?Yes, if you do not already have a Venmo account, you will need to open one to use Venmo as a payment method for sports betting.
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How soon do Venmo deposits become available for betting?The money is available nearly instantly.
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How fast do withdrawals with Venmo become available?
Withdrawal processing times at different sportsbooks vary, but Venmo withdrawals are typically processed very quickly, within 24 hours.
