Pros and cons of Venmo betting
Pro and Con
- Mobile-optimized
- Easy to use
- Fast processing speeds
- Not widely available
- Sometimes low limits
Making a payment with Venmo
Venmo is a digital wallet service owned by PayPal and available solely to users within the United States. It is designed as a secure online money transfer system that can be used simply by knowing the telephone number of the recipient. Without the requirement to share personal bank details, money transfers made through Venmo are more secure. Opening a Venmo account is fast, easy, and free.
How to Open a Venmo Account
- Download and open the Venmo app for either the iOS or Android platform
- Create a secure password of between eight and 32 characters after choosing your sign-up method
- Verify your personal details, which include your telephone number and personal email address
- Add and verify the details of your bank account – these will be stored securely and never shared with any other users
- You can then start making payments and receiving funds via the app immediately
Making a Payment with Venmo
- Open your Venmo app and log into your account
- Tap on the hamburger icon you will see in the top left corner of the screen
- Tap the settings button
- Select the payment settings option
- Select ‘add bank or card’ to securely add your chosen payment method to your account
- Use your chosen payment method to add funds to your Venmo account
- Choose the payment icon in the top right
- Select or add a recipient such as a friend or Venmo sportsbook
- Add the payment amount and tap ‘pay’
- You can also choose to add notes, stickers, and emojis to each payment
- Confirm and send
Venmo Debit Cards
Another advantage of using a Venmo account is that you can apply directly through the app to receive a free Venmo reloadable debit card. This card can be used exactly like any other debit card, with payments coming from the balance of your Venmo account. You can also add funds from an external source, such as a checking account, to your Venmo debit card in increments of $10. You can use a Venmo debit card at multiple online retailers and paysafecard betting sites to make payments securely without the need for a bank account or for sharing bank details.
As a US-only app designed to facilitate money transfers between friends, it is not currently possible to use Venmo payments directly when playing real-money games or placing sportsbook wagers with overseas operators online. However, many of the leading online casinos and sportsbooks will accept Venmo payments in the form of a voucher system. Operators accepting Venmo vouchers are bona fide Venmo betting sites and can be used securely.
Withdrawal and deposits with Venmo sports betting: average time scales
One of the key advantages of using Venmo over bank transfers is the length of time it takes to make a deposit, withdrawal or transfer.
Instant pay
With Venmo sports betting, you can select the instant pay option for placing bets immediately on US-based websites, such as with live betting. There is a small fee for instant pay services but this enables you to make wagers as the action happens.
Same-day payouts
Many Venmo sportsbooks and Venmo betting sites offer same-day payouts for users who have a registered Venmo account. Voucher codes and transfer codes are received within just a few hours of making the request. Venmo securely handles the transaction and the money is deposited in the player’s account as soon as the payment has been made.
Deposits
Deposits made into a Venmo sportsbook account from your account will usually appear on your balance instantly, letting you start playing as soon as you like.
Bank withdrawals
The amount of time it takes for funds to be transferred from a Venmo account to a bank account can vary. However, with most transactions taking place before 7pm EST, the funds will typically arrive in your bank account the next business day. Standard withdrawals from a Venmo account to a bank account are completely free of charge and can take between one and three business days. The Instant Transfer option incurs a fee of 1.5%, from a minimum of $0.25 up to a maximum of $15. If you choose this option, funds will clear in your account within 30 minutes.
Payments and transfers
Payments and transfers follow a similar schedule to bank withdrawals. Instant transfers take less than 30 minutes but incur a small fee (no more than $15), while regular bank transfers take between one and three working days.
Venmo verification requirements
Security is a top priority with Venmo and users are asked to verify their identities when signing up. This verification can usually be completed using the National Database, which verifies the name, address, date of birth, and SSN/ITIN of each new user. If for some reason this information cannot be found in the National Database, Venmo will request supporting documents that can be uploaded via the app. These might include copies of passports, driver’s licenses, utility bills, IRS letters, or pay stubs depending on the type of information that needs confirming. Venmo users need to have an active checking account to transfer funds. Identity verification instructions can be found in the settings option in the main menu.
Initial security verification
When you first start to use the Venmo app, you will be asked to verify your identity. You should only have to do this once. Tap the hamburger icon you see in the top left of the screen to access the main menu and select ‘settings’. Scroll down and tap on ‘security’, then select ‘identity verification’ and ‘one-time security check’. You will then be asked to input your personal information, which will include your full legal name, address, and date of birth. If you have a Social Security Number you will be prompted to enter the final four digits here. If not, you can select ‘I don’t have an SSN’. Venmo will attempt to verify this information immediately. However, there is a possibility you may have to scan documents into the app if your identity cannot be verified in this way.
Documents you may need
If your identity cannot be verified using the National Database, Venmo may ask you to scan one of more of the following documents into the app.
- US passport
- Current valid driver’s license
- DHS card
- US government-issued ID
- Tribal ID card
- Financial statement for a bank, credit card or 401K issued within the past year
- Utility bill sent to your home address within the past year
- Lease for residence dated within the past year
- IRS letter from the current year
- Car registration papers
- Recent W2 or paystub showing address
- SSN card or assignment letter
If you are required to submit additional documentation, this can take up to three days to process before you will be able to start using your Venmo account. If your identity can be verified using the National Database you will be able to start using your account immediately.
The history of Venmo
Venmo was launched by two former college roommates in 2010. Andrew Kortina and Iqram Magdon-Ismail became frustrated with conventional point-of-sale software whilst helping another friend launch a frozen yogurt business. At a concert, they conceived the idea of selling MP3 downloads instantly via SMS messaging, which could be purchased directly while at the performance. This germ of an idea evolved into the prototype for Venmo, which began as an SMS cash transfer service before being adapted for smartphones.
Financing
Once the prototype for sending cash through text messages was developed and ready for smartphone use, the duo raised $1.2 million in a financing round for seed money. Just two years later, the fintech payment company Braintree acquired Venmo. Braintree was then acquired by PayPal in 2013 for $800 million.
PayPal advertising
In 2015, PayPal launched an aggressive marketing push for Venmo, using the simple slogan ‘pay with Venmo’. The timing of the campaign coincided with an economy where people were becoming more reliant on digital payment methods and cash was beginning to become obsolete.
Venmo today
Today, Venmo is one of the most popular apps in the US for transferring money. The app has stringent security measures in place and is an affordable tool for individuals to manage their money.
All payment methods and operators reviewed by us are thoroughly checked and tested for security, licensing, and legitimacy.
Venmo sports betting compared to other providers
Most leading online sportsbook and casino operators work hard to ensure there are a range of betting deposit methods available to suit every user. The type of payment method you choose to use may depend on the operator and the types of payments you wish to make. There are still a limited number of Venmo betting sites and Venmo sportsbooks, so users who prefer this payment method may have to shop around to find the site that works for them.
Venmo vs. PayPal
As part of the PayPal group, Venmo sports betting offers a lot of the same advantages as its parent company, including payment and data security and ease of use. Some users may find PayPal is more widely accepted at online gambling websites in the US, although more betting sites that accept Venmo are springing up all the time. Venmo facilitates secure pay by mobile sports betting at sites where it is accepted.
Venmo vs. bank transfer
One of the primary reasons why digital wallets are becoming more popular is the additional layer of security provided when making transactions. Unlike with a bank transfer, users of Venmo are not required to share their account details with third parties. Venmo is seen as more secure than debit card betting sites as no personal information needs to be shared directly with the operator.
Venmo vs. Apple Pay
Venmo offers many of the same benefits of Apple Pay, including mobile-optimized secure payments, fast deposits and withdrawals, and low or non-existent fees. However, at present Apple Pay sports betting is more widely accepted at online sportsbooks in the US and can be used for overseas operators without requiring the purchasing of vouchers.
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Three essential facts about using Venmo
Venmo is fast becoming one of the top choices for making secure deposits and withdrawals for all forms of online gambling. You can use Venmo sports betting and casino betting directly at US-based sites, or purchase vouchers for use with operators based overseas.
Venmo sportsbook and casino deposits are typically only valid for standard bonuses. Using other payment methods may mean having access to better online promotions, bonuses, and discounts. All standard bonuses and betting promos are available on Venmo betting sites but anything additional is not usually included.
Venmo sports betting is fully optimized for mobile use, allowing you to place wagers wherever and whenever you like using your smartphone. All vouchers and player transfers are also mobile-optimized, so you can access almost any Venmo betting site through your mobile device and start playing instantly.
Vouchers and player transfers
When using Venmo for sport betting at operators based overseas, you will have to use vouchers or player transfers. There are both advantages and disadvantages to this system. Peer-to-peer transactions mean you can often access your money faster than with other types of payment methods. Once a transaction has been verified, the cash comes directly to you in US dollars, which makes this more convenient than many other same-day payment systems. As soon as the money enters your Venmo account, you can start using it immediately to shop for goods and services within the US. You can also choose to sell some or all of your account balance to other players at any time. However, you cannot make Venmo betting site deposits directly – each transaction must take place within the Venmo community to receive vouchers.
Conclusion
Venmo payments are trusted across the US as a secure way to transfer funds between individuals. Now you can use Venmo to bet on your favorite sporting events, with fast deposits and withdrawals, benefitting from knowing your payments are sent and your details are stored safely. Use Venmo sports betting directly at US-based sportsbooks, or exchange vouchers to make Venmo payments to overseas operators.
Check out some of the top online sportsbook operators offering Venmo sports betting and start placing wagers on horse racing, football, online casino, and more today.
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Venmo sports betting FAQ
⚽ Can I use Venmo to bet on sports online?
Until recently, restrictions made it almost impossible to use Venmo to bet on sports online as most operators providing services within the United States are based overseas. However, with player transfer and voucher pay, you can now find Venmo betting sites.
✋ Is Venmo safe to use for online betting?
The short answer to this is yes. Venmo is a trusted provider of online payment services used by some of the United States’ leading sportsbooks and casinos. Be sure to read our reviews to learn more about Venmo betting sites.
👫 Can I transfer money from my Venmo account to my PayPal account?
It is currently only possible to transfer money from a Venmo account to a PayPal account via a bank account, using a few additional steps.
💰 How do I cash money out of my Venmo account?
There are two ways to cash money out of your Venmo account – instant, or 1-3 biz days. When you have funds you wish to cash out, you can access the settings menu to transfer them to your bank account.
💯 Is there a limit on Venmo?
Venmo does have certain limits on the amount of money you can transfer each day. These limits increase once you have verified your account.
