A look at the online sportsbooks that accept Venmo as a method of funding online betting accounts before placing sports wagers.
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Which online sportsbooks accept Venmo? Online sportsbook wagering options are consistently expanding, and the same is true of deposit and withdraw methods.
People love online sportsbooks for the convenience and the ability to play at a moment’s notice. Accordingly, the ability to fund your account and withdraw your money is becoming more and more convenient with time.
Credit cards, debit cards, bank transfers – they’re all available. So is good, old-fashioned cash. But just like when reimbursing a friend who paid for drinks or picked up a pizza last night, Venmo is becoming more and more popular as an option for funding online sportsbook accounts. Let’s take a closer look.
What is Venmo?
Venmo is a U.S.-based mobile payment service that’s been around since 2009.
The original intent was a means for friends who wanted to split payments for meals, cab rides, tickets, just about anything – without the inconvenience of separate checks.
In other words, if four people go to dinner and the bill is $200, one person pays for the meal on a debit or credit card. The other three people each send that person $50 via Venmo, effectively splitting the bill.
It wasn’t until 2015, after Venmo was acquired by PayPal, that the App’s creators enabled consumer-to-business transactions. As a result, people were able in many places to pay businesses or artists directly for goods or services using Venmo.
Today, if you attend a sporting event or another entertainment venue, you’ll often see a QR code that takes you directly to the proprietor’s Venmo account, allowing you to buy memorabilia, refreshments, or other goods. Sometimes you can even buy your tickets using Venmo.
It was only a matter of time until Venmo became an option for funding an online sportsbook account.
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Which Online sportsbooks Accept Venmo?
Remember above when we mentioned that Venmo was acquired by PayPal about ten years ago? Here’s why we brought that up – several licensed online casinos don’t directly list Venmo as an option for funding your account, but they do list PayPal!
|Brand||Does it accept Venmo?|
|BetMGM||Yes through PayPal|
|Caesars||Yes through PayPal|
|BetRivers||Yes through PayPal|
Others also list PayPal as an option on the Deposits section of their Apps and websites.
That means you can use your Venmo account through PayPal in order to fund an online sportsbook account!
How Do I Fund My Online Sportsbook Account with Venmo?
We’re going to list the specific steps one by one, but don’t be discouraged by the number of steps. If you already have a Venmo account, it’s really quite simple.
- Download the Venmo App. This can be accomplished on iPhone or Android using iTunes or the Google Play Store.
- Open the App and Register for Venmo. If you have already created an account online, you can log in via the App. Otherwise, create your account from your phone app.
- Verify your personal identity. This usually only requires a valid U.S. phone number.
- Fund your account. This can be done via a debit or credit card, or directly using your bank account.
Now it’s time to fund your online sportsbook account.
- Go to the ‘Deposits’ menu at your sportsbook of choice and click the Venmo icon. Remember, if you don’t see Venmo listed, choose PayPal, which will allow you to deposit by linking to your Venmo account.
- Choose the amount of deposit. At FanDuel, for example, options for deposits of $10, $25, $100, $200, or a ‘custom’ amount are offered.
- Authorize. When you click your chosen amount of deposit, the Venmo App will open. If you don’t have your sportsbook authorized, the screen will prompt you to do so by going to “Settings > Connected Businesses” on the iPhone.
- Connect Your Bank Account. Venmo uses a service called Plaid to verify your bank account information and, when needed, your account balance to ensure you have sufficient funds to cover transactions. You can turn off Plaid by simply removing your bank account.
About 20 major banking institutions are listed. If you don’t see your bank, use the convenient search box at the top of the screen.
Frequently Asked Questions About Funding Online Sportsbook Accounts with Venmo
Is Venmo Safe for Online Betting?
Yes, Venmo is safe for online betting. The App and service are free for U.S. residents ages 18 or older, and via concealing of private data Venmo provides a safe and secure platform for using and receiving cash.
Additionally, more and more online sportsbooks are beginning to accept Venmo for online transactions.
Of course, that doesn’t mean you can afford to be careless. Always double-check your privacy settings and security on your phone.
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How Long Do Venmo Deposits Take to Become Available?
Generally, Venmo says it will take up to three business days for funds to become available.
In reality, many transactions only take one day. You may even see your funds become available the same day.
Nevertheless, be prepared to allow three business days for your funds to become available.
Is There A Fee for Using Venmo to Fund My Online Sportsbook Account?
There is no fee for standard transactions with Venmo – they are free of charge.
However, there are some circumstances that come with fees attached. For example, immediate payment and withdrawals are charged at a rate of 1% (in other words, they’ll take 1 cent for every dollar, or $1 for every $100 of the transaction.)
There are limits on these fees – each transaction will be charged a fee of at least 25 cents, but no fee will be charged more than $10.
So if you deposit $10 and want the funds available immediately, you’ll be charged 25 cents (even though that’s greater than 1%). By the same token, a withdrawal of $2,000 would be charged $10 (even though that’s less than 1%).
Credit card transactions (separate from debit card or bank account transactions) come with an automatic 3% fee.
Venmo and online sportsbooks are convenient, they’re gaining popularity – and the two go hand-in-hand in allowing bettors to deposit and withdraw from their accounts.