Venmo Betting Sites

Venmo, a PayPal company, has become a ubiquitous name in the world of digital payments, particularly among millennials and Gen Z. As a result, the app is now part of the growing US sports betting market.

While it may not be ideal for all bettors, Venmo can be a great option for many. It's a flexible payment solution that is readily available and easy to use. There are several advantages, detailed below, that boost Venmo's position among the various deposit types.

Venmo transactions are also typically faster than some other deposit methods and its secure connection helps keep you protected.

Many sports betting operators allow Venmo deposits and, in most cases, withdrawals. However, there is still a small handful of local sportsbooks, like Crab Sports in Maryland, that aren’t yet on board.

Many sportsbooks offer enticing bonuses to attract new players and reward existing ones. These promotions can be a great way to enhance your sports betting experience. However, if you're considering using Venmo as your payment method, it's important to be aware of a potential drawback.

Venmo isn't as widely accepted by sportsbooks compared to other payment options, such as debit cards. This means some operators might not allow Venmo users to participate in their bonus programs. Additionally, even if a sportsbook accepts Venmo deposits, its bonus terms might specifically exclude it as a qualifying payment method.

Check the fine print before depositing with Venmo to ensure you don't miss out on valuable sports betting bonuses and other promos. Make sure the sportsbook allows Venmo deposits to qualify for the promotions you're interested in.

Bettors know that having multiple deposit options gives them greater flexibility in managing their bankroll. There are several reasons to consider using Venmo, although there are some drawbacks that have to be mentioned, as well.

For those who have the option of utilizing Venmo for sports betting, there are some potential benefits:

• Convenience: Venmo's ease of use translates seamlessly to sports betting deposits. Quickly transferring funds from your linked bank account or balance eliminates the need for slower methods like bank transfers.

• Budget Tracking: Venmo transactions are easily tracked within the app, allowing you to monitor your sports betting spending and potentially avoid overspending.

• Easy Access to Funds: Withdrawn funds go directly to your Venmo balance, where they can be immediately used for other purposes, such as sending money to friends.

Despite the convenience, there are also drawbacks to consider:

• Limited Availability: As mentioned earlier, Venmo is not a universally accepted payment method for sports betting. Even though it's gaining ground, you should still check your sportsbook's payments options to see if Venmo's available.

• Potential Account Restrictions: If Venmo detects suspicious activity related to sports betting, it may restrict your account or reverse transactions. This will impact your sports betting activity until you resolve the problem.

• Additional KYC: In some cases, as Venmo deems appropriate, you may have to comply with additional KYC (Know Your Customer) requirements to make withdrawals. You won't know until you try to collect your funds, and this could slow down the withdrawal process considerably.

In addition to any deposit/withdrawal restrictions maintained by your sportsbook, Venmo also has spending limits in place to help ensure the security of your account. These limits depend on whether you've verified your identity.

Unverified accounts have a weekly spending limit of $299.99. This covers all your transactions, including sending money to friends and paying at authorized stores.

Verifying your identity unlocks higher limits. With verification, you can send up to $60,000 per week and spend a combined $7,000 a week using Venmo for various purchases. This includes using your QR code in stores, paying at online checkouts with Venmo, and using Venmo to make deposits into your online sports betting accounts.

It's important to note that payments to other Venmo users also count toward your purchase limit, and transactions may be declined for reasons beyond reaching the limit.

Withdrawing your winnings from a sportsbook to your Venmo account can take up to two days. The money will be deposited into your Venmo balance, not directly to your linked bank account.

In order to withdraw funds from your Venmo account, you must meet a few requirements. First, your Venmo account needs to be verified with a valid ID, and all the information must match exactly what's on your sportsbook account.

Additionally, your Venmo balance should already have funds available. Finally, you must have previously funded your sportsbook account using your Venmo account, with the first deposit made through the sportsbook's app or mobile website.

To check the status of your withdrawal, you can visit the withdrawal tracker on the sportsbook's account withdrawal page.

When it comes to deposits and withdrawals on sportsbooks, consistency is key. Some payment methods, like Apple Pay, are fantastic for depositing funds but don't allow withdrawals.

Some sportsbooks allow you to use Venmo for both depositing and withdrawing funds. This creates a seamless experience, but it's not always the case. Before you deposit money using Venmo, be sure to check the sportsbook's website or reviews. Not all operators have fully integrated Venmo yet, so they might only allow deposits but not withdrawals using this method.

If your preferred sportsbook doesn't allow Venmo withdrawals, you might need to choose a different deposit method for your initial deposit. Alternatively, you could consider using a different sportsbook that offers full Venmo functionality for both deposits and withdrawals.

For the best user experience, sportsbooks that accept Venmo provide dedicated apps for both Android and iOS devices. These apps are designed to cater to the specific functionalities and user interfaces of each operating system, ensuring optimal performance and ease of use.

Both versions offer full access to the sportsbook's features, including account management, live betting, and customer support, ensuring that users can enjoy a comprehensive and engaging betting experience directly from their mobile devices.

Android users can download the Venmo app directly from Google Play. Out of over 50 million downloads, it has a 4.5 rating overall, with some users complaining of not always being able to receive funds.

One user complained that Venmo automatically declined payments, even though he had interacted with the recipient on multiple occasions. However, that seems to be an isolated incident, and doesn’t represent the experience most users have had.

Downloading Venmo for Android

• Open the Google Play Store app on your Android device

• In the search bar at the top of the screen, type "Venmo"

• Tap the Venmo app by Venmo in the search results

• Review the app information and ratings, then tap "Install"

• You may be prompted to confirm your Google account password or fingerprint. Once confirmed, the download and installation will begin

• Once the installation is complete, tap "Open" to launch the Venmo app

iOS users can find their version in the App Store. Apple users seem to like Venmo better than Android users, as they’ve collectively given it a 4.9 rating. However, the user base is much smaller, with just 14 million downloads. Still, the majority of those users have given Venmo five stars.

Downloading Venmo for iOS

• Open the App Store app on your iPhone or iPad

• Tap the search bar at the bottom of the screen

• Type "Venmo" in the search bar

• Tap the Venmo app by Venmo in the search results

• Review the app information and ratings, then tap "GET"

• You may be prompted to use Face ID, Touch ID, or your Apple ID password to confirm the download. Once confirmed, the download and installation will begin

• Once the installation is complete, tap "Open" to launch the Venmo app

We looked into using Venmo for online sports betting to see if it could compete with more established options like Apple Pay, a favorite among iPhone users.

Faster Access to Funds

While Apple Pay works well, sportsbooks using Venmo allow you to move money both ways – deposits to the sportsbook and withdrawals back to your Venmo account. This makes Venmo a strong contender for deposits for US sports bettors. Even though Venmo adoption in sportsbooks is still growing, its features promise efficient processing times, assuming the sportsbook has full integration with Venmo's system.

Security First

Compared to Apple Pay, Venmo acts as a peer-to-peer (P2P) transaction service with robust security measures protecting millions of US users. This P2P network acts like a decentralized system, ensuring your transactions are completed without any outside interference.

Choosing a sportsbook that accepts Venmo is a great starting point. It has built-in checks to ensure your deposits are handled correctly, your information stays private (as long as you configure your account properly), and the overall experience is smooth.