Venmo is a mobile payment service that allows users to easily and quickly transfer money to one another. Customers can link their bank account, debit card, or credit card to their Venmo account to add and withdraw funds. This digital wallet has grown significantly in popularity over the last few years and is now an accepted form of payment on many U.S. betting sites.
DraftKings, FanDuel, and several other online sportsbooks allow their users to make deposits and withdrawals using Venmo, and many other platforms are expected to add Venmo to their list of available payment options in the near future. Continue reading to learn about all your options for Venmo sports betting, the pros and cons of using this payment method, how to make your first deposit and start placing bets, and much more!
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Best Sportsbooks That Accept Venmo For Deposits & Withdrawals
Although not all online sportsbooks allow for Venmo transactions in or out of your account, there are plenty of high-quality options for this popular method of payment. A few of the best options are listed and explained below.
DraftKings Venmo Sports Betting
DraftKings Sportsbook is one of the most well-known sports betting sites currently accepting Venmo. Customers can make a single deposit of any amount between $5-$2,999.99 from their Venmo account to DraftKings. You can also add as much as $5,999.99 in funds to your DraftKings account each week using Venmo. DraftKings also allows Venmo withdrawals as long as your Venmo account information matches what is found on DraftKings and an initial deposit was made using Venmo.
FanDuel Venmo Sports Betting
Another great betting site for Venmo transactions is FanDuel Sportsbook. You can immediately transfer funds from your Venmo account to your DraftKings account at any time and start placing wagers. In addition, Venmo withdrawals are available for your FanDuel Sportsbook, Daily Fantasy, or Casino account and will typically be received within 48 hours.
BetMGM Venmo Sports Betting
You may also want to consider BetMGM Sportsbook if Venmo is your preferred form of payment. BetMGM has a minimum deposit requirement of just $10, and no additional fees or charges are incurred when making deposits from your Venmo account. Furthermore, Venmo withdrawals from your BetMGM Sportsbook account are available at any time and will generally be received in five days or less. BetMGM also ensures that your personal information and funds are always well-protected and secure.
Pros & Cons of Venmo Sports Betting
There are many advantages to choosing Venmo as your preferred payment method. First, Venmo deposits are almost always immediately processed and credited to your sports betting account. Venmo withdrawals are also fairly quick and tend to be quicker than withdrawals using your online banking account.
In addition, Venmo transactions are extremely safe and well-protected, meaning you will not need to worry about personal information being compromised and funds being mishandled or stolen. You will also find that Venmo does not charge any additional or hidden fees when you make deposits and withdrawals with your online sportsbook.
On the other hand, there are a few downsides to sports betting with Venmo. The major disadvantage is that Venmo is not offered as a payment option by all U.S. sportsbooks. However, it is expected that more online sportsbooks will add Venmo to their list of available banking methods in the near future. Another disadvantage is that maximum deposit and withdrawal amounts are typically lower than other options such as online banking or debit and credit cards.
Choosing Your Venmo Sportsbook
After you have found some online sportsbooks that allow deposits and withdrawals from your Venmo account, you will want to consider a few other important factors in order to determine which sportsbook will work best for you. Other important features and qualities to look for are provided below.
- Reputation: You will want to find a sports betting site that has a reputation for being trustworthy and reliable. Therefore, you will know that your winnings will be paid out in a timely manner and your personal information will be kept private.
- Variety of Sports & Markets Offered: Another important factor to consider is the sportsbook’s market depth. It is always beneficial to have access to a wide variety of betting options across different sports and leagues across the world as well as at different times throughout the year.
- User-Friendly Platform: You may want to test out the sportsbook’s website and mobile app to make sure they are user-friendly and easy to use. In addition, you may want to avoid any platforms that tend to crash, freeze, or buffer while you are trying to make a bet.
- Competitive Odds: It is always important that your betting site offers competitive odds. For this reason, many bettors choose to sign up for accounts on multiple platforms in order to shop around and ensure they get the best possible odds for the wager they would like to make.
- Bonuses and Promotions: Promotional offers and bonus opportunities are always exciting and enhance your overall betting experience. Certain sites will offer daily odds surges, profit boosts, second chance bets, bonus bets, and much more to both new and existing customers.
- Customer Service: Lastly, it is worth considering a site’s customer service. Although you will not need their help on an everyday basis, you will find it very comforting to know that the sportsbook’s customer support team is available 24/7 to answer your questions and help you with your problems when necessary.
How To Start Betting With Venmo
It is very easy to start betting with Venmo! You will just need to follow the detailed steps listed below.
- If you do not already have a Venmo account, you will need to visit the Venmo website or download the mobile app. Begin the registration process, enter all required information in the boxes provided, verify your identity, and link your bank account or debit/credit card.
- The next step will be choosing a sports betting site that accepts Venmo as a valid form of payment and checks all the boxes you are looking for in a sportsbook.
- Once you have found an option that works for you, sign up for an account. You will need to provide your personal information (e.g., name, phone number, and address) and complete the account verification process. You may also choose to enter a promo code if you would like to claim the site’s welcome offer for new users.
- Next, you will need to make an initial deposit to your sports betting account. Select the “Deposit” or “Add Funds” option, and then select “Venmo” as your preferred form of payment. Enter the amount you would like to deposit and sign in to your Venmo account to confirm the deposit.
- Your deposited funds should be available instantly, and you will be able to start placing wagers on all your favorite sports and leagues.
- When you are ready to make a withdrawal, select the “Withdraw” or “Cash Out” option on your sportsbook. Then, enter the amount you would like transferred to your Venmo account and confirm the withdrawal. Payout times will differ depending on the sportsbook, but your funds will typically be available within 2-3 business days.
Venmo Sports Betting FAQ
Your options may be somewhat limited for online sportsbooks that accept Venmo as a valid form of payment. However, DraftKings, FanDuel, BetMGM, and several other popular betting sites currently allow deposits and withdrawals to and from your Venmo account in select states.
On betting sites that offer Venmo as a payment method, you can make deposits and withdrawals from your online sportsbook account by simply logging into your Venmo account and selecting the amount you wish to add or withdraw. Venmo deposits are immediate, and Venmo withdrawals typically take 2-3 business days (but vary depending on the sportsbook).
The specific payment methods offered will differ across sports betting platforms. However, you will typically be able to make deposits and withdrawals using your online banking account, debit card, credit card, PayPal, Prepaid Play+ Card, and several other popular options.