Best Venmo Betting Sites in USA

✅Fact Checked by: Michael Savio

Recently, online sportsbooks have started to allow Venmo as a banking method that can be used for deposits and withdrawals.

Venmo is an online e-wallet platform founded in 2009 but is now owned by PayPal (also can be used in several betting sites), another prominent online e-wallet service.

Both methods accomplish the same thing, but Venmo has been a popular source of paying for things online, which now includes betting on sports.

Below, our USA Legal Betting experts will explore the best Venmo betting sites, how to use them, and much more.

As mentioned, Venmo is an online e-wallet service that, as of 2019, had more than 50 million active accounts.

It was founded in 2009 by Andrew Cortina and Iqram Magdon-Ismail. It was sold to Braintree in 2012, and PayPal Holdings Inc. bought Braintree that same year.

So, today, Venmo is owned by PayPal. They’re similar platforms, but there are some differences.

Venmo and PayPal allow you to pay for things with linked bank accounts, credit cards, or account balances.

However, Venmo is a platform that focuses more on social interaction. It was founded originally as a peer-to-peer payment service for things such as going out to eat with friends and quickly sending money to them. When you open the Venmo app, you’ll notice that it integrates with your Facebook friends list, and you can see interactions and leave notes on payments to friends.

PayPal works excellent for international transactions, whereas Venmo is more localized to the United States, but for online sportsbooks, it’s a fantastic method that is available.

Venmo is a straightforward payment method and app to use, whether it’s for betting sites or everyday purchases.

First, you'll search for it on the Apple App Store or Google Play Store, depending on whether you use an iOS or Android device.

To create an account on the app, follow these steps:

1. Click “Create Account.”
2. Choose whether it’s for Personal or Business.
3. Provide your phone number and email address.
4. Link your bank account.

That’s it; it’s that easy.

After your account is confirmed and you load up the app, you’ll notice a menu at the bottom for the following sections:

• Home: Brings you back to the homepage.
• Cards: This includes Venmo-issued debit and credit cards.
• Pay/Request: This is where you’d pay or request money from friends.
• Crypto: You can invest in cryptocurrency on the app.
• Me: This takes you to your account page, where you’ll see your linked bank account, cards, and Venmo balance.

How To Fund Your Venmo Account

While you can use Venmo as a payment method for online sports betting, how exactly do you get the funds into your Venmo account?

To fund your Venmo account, you can use the following methods:

•  Transfer funds from your bank account to your Venmo balance.
• Open a Venmo debit or credit card.
• Add a credit/debit card.
• Receive money from friends.

Venmo is owned by PayPal Holdings Inc., which is, of course, PayPal. With Venmo under this umbrella, this should create a strong peace of mind for using this product.

However, if you’re still uncertain, Venmo uses several encryption techniques to keep your data safe.

• SSL./TSL: These allow for secure connections between your Venmo account and device and encrypt the data for all transactions.
• Algorithms: Using algorithms such as Advanced Encryption Standard, your data is confidential, and these algorithms are routinely reviewed.

Additionally, we’ll only ever recommend online sportsbooks that accept Venmo, licensed and regulated to operate by the states they’re in.

Thus, rest assured that if we recommend a site that accepts Venmo, it’ll be safe to play at and use as a payment method.

Here’s how you’ll use Venmo as a payment method for online sportsbooks:

1. Open the deposit page of the online sportsbook you want to play at that offers it.
2. Click Venmo as your payment option.
3. Log into your Venmo account.
4. Once you log into your Venmo account and authorize the transaction, the funds will be pulled from your account.

Venmo Sports Betting Sites Depositing Time

If you use Venmo as a deposit method, not only will the funds land in your account instantly, but using it on the sportsbook takes a few minutes to complete. You can have funds in your account in less than five minutes with Venmo.

Using Venmo as a withdrawal method is as easy as using it for a deposit.

When you open the withdrawal page at your favorite online sportsbook that accepts Venmo, you’ll input the amount you wish to withdraw and choose Venmo as a payment method.

The funds are then sent to your Venmo balance.

Here’s how to do it, step-by-step:

1. Open the online sportsbook desktop site or mobile app.
2. Navigate to the withdrawal page.
3. Input the amount you want to take out of your virtual wallet.
4. Select Venmo. For many places, you’ll need to have used Venmo as a deposit method before using it.
5. Allow for internal review processes.
6. Funds land in your Venmo balance.

Venmo Betting Sites: Withdrawal Time

Whenever you use an e-wallet like PayPal or Venmo to withdraw funds, it’s usually processed relatively quickly.

After reviewing the betting sites that accept Venmo, such as DraftKings and FanDuel, you can expect to receive your funds in 48 hours or less.

Suppose you use Venmo as a deposit or withdrawal method for online sports betting. In that case, you won’t encounter any fees.

The only fee you’ll ever run into while using Venmo is a 3% fee for sending money with credit cards, which isn’t relevant to funding your withdrawal from your online sportsbook account.

If you’re having issues with Venmo, customer support is available.

To get customer support using Venmo, follow these steps:

1. Log into your Venmo account.
2. Click the wheel icon in the upper right corner.
3. Scroll until you see “Get Help.”
4. You can choose the FAQ page, check in on disputes/requests, or click Contact Us.
5. With Contact Us, you can engage in a live chat or email support.

Venmo is a widely used source of paying for online transactions. When it comes to advantages and disadvantages, the benefits are far more notable.

As with any payment method, there will be some downfalls to be aware of, but thankfully, with Venmo, some of them can be curtailed.

In addition to Venmo, you can use numerous other deposit methods to fund and withdraw from your online sportsbook account.

Below, we’ll list the other methods we commonly see and compare and contrast them to Venmo.

• PayPal: PayPal and Venmo are incredibly similar to one another. With these methods, you’ll fund your account using a linked bank account or account balance. You’ll also log into your account on the deposit page of the online sportsbook. Since they fall under the same company, the processing times also take the same amount of time.
• Online Banking: Online banking and Venmo are similar. With Venmo, you can fund your account with a linked bank account, where online banking involves logging into your bank account on the deposit page. Some players may prefer Venmo or PayPal because Venmo is an intermediary between your bank and sportsbook accounts. In contrast, online banking is direct to your bank account.
• Debit/Credit Card: Debit and credit cards are an efficient way to perform transactions online. However, you do need to type the information in, and, in some circumstances, your bank could deny your payment, which you’ll need to contact to authorize the transaction.
• PayNearMe: PayNearMe is a different service than Venmo. Suppose you don’t have access to an iOS and Android device. In that case, PayNearMe allows you to make in-person transactions to fund your account, whereas Venmo requires a device to do so, but it is far more convenient.
• Play+ Card: The Play+ Card is almost like a combination of Venmo and debit cards. You’ll fund the Play+ Card online and use it and withdraw at ATMs, whereas, with Venmo, you can fund your account with your bank account balance but also have withdrawals sent directly to your balance and then transferred to your bank account.
• Wire Transfer: It’s hard ever to recommend a wire transfer unless you plan to deposit a large amount. Wire transfers typically carry a minimum deposit of at least $1,000 and can come with fees.