For Jack Miller, a career that focused on sports was the only one he had ever considered.
When it comes to online gambling, it is not just about logging in to your account and placing bets. You have to look at some other things, such as depositing and withdrawing funds from your account.
And today, we are looking at betting sites that accept Venmo as one of the payment methods. At Betastic, we have done thorough research to ensure we give you facts about using Venmo as a payment option in online betting sites. Please keep reading to learn more about using Venmo, the average time it takes, and much more.
Making payments to betting sites that accept Venmo is just as straightforward as sports betting with American Express. However, you must ensure that you have a sufficient balance in your Venmo account. Otherwise, you must have your account backed up using an external banking method such as a card. To add a payment backup, follow these steps:
Download and install the Venmo app from either Google Play or App Store
Tap on it and log into your account
Tap on the hamburger icon on the top left
Go to Preferences and Choose Payment Methods
Tapp Add bank or Card
After doing this, you can make a payment to your preferred betting site by following the steps below:
Log into your Venmo app
Choose Recipient or Add a recipient, then you will be required to add a phone number, username, or email; you can also scan the user’s Q.R. code
Add your payment amount
Add a note about your payment
Confirm the payment
Note that you can set and control the privacy of any transaction that you make using Venmo. If you do not adjust these settings, your close friends and family may see your transaction history. To adjust these, click on the current setting, which is usually available on the top right of the screen, and select Friends, Public or Private.
Withdrawal and deposits with Venmo – average time scales
When making deposits to betting sites that accept Venmo, the process should be swift. Venmo tries as much as possible to ensure all deposits are processed within 30 minutes. This is the case for even weekends and holidays. This makes using Venmo a bit longer than sports betting with PayPal.
However, you won’t experience any risk of your deposits being declined due to specific betting laws, e.g., the UIGEA. Also, this means that the money will reflect in your betting site account almost immediately. Also, as long as the game you want to bet on is 30 or more minutes away, you will have more than enough time to analyze and place your bets.
For the withdrawals, you should expect the time to be even shorter. However, although the number of betting sites that accept Venmo for deposits increases, this is not the case for making withdrawals. Most of the gamblers are forced to use other withdrawal methods such as bank transfers. This is something that most betting sites that accept Venmo are looking to improve in the future.
So you may be wondering, what should I do in case my Venmo deposit or withdrawal doesn’t go through? You can always contact your betting sites that accept Venmo and ask for assistance. Also, note that sending money to your betting sites that accept Venmo triggers a 3% standard fee. However, Venmo waives this fee if you fund the transaction using a bank account, a debit card, or a Venmo balance.
The U.S. government requires Venmo to verify all its users by implementing the Customer Identification Program (C.I.P.). The requirements for doing this verification vary depending on the user’s country or region, and they are the same even for sports betting with Paysafecard. Some of the information that a Venmo user may be asked to provide includes:
I.D. or Passport number
Date of birth
If Venmo cannot verify a user’s account, they will ask the user to send specific documentation through the app.
Venmo was co-founded by Iqram Magdon-Ismail and Andrew Cortina, who were students at the University of Pennsylvania. The original version was used to send money via text messages. Over time, the company developed a mobile application, and in 2010, the company received a boost of $1.2 million in seed funding.
In 2012, Braintree acquired the company at a valuation of $26.2 million. The following year, Paypal bought Braintree at a fee of $800 million. Before 2016, Venmo had stringent rules regarding making payments online – for example, the company did not allow any payments to be made to merchants. After its acquisition by Paypal, Venmo started working with a few merchants including Game-Time and Munchery.
In 2020, the company announced that Venmo would be made available to purchase cryptocurrencies such as Bitcoin Cash, Litecoin, Ethereum, and Bitcoin. As of July 2021, any merchants that take Paypal as a payment method also accept Venmo. In April this year, Venmo announced that users would start buying and selling cryptocurrencies on their platform.
Key statistics about Venmo:
Venmo processed approximately $160 Billion in 2020.
The company had revenue of $450 million. This is projected to increase to $900 million this year.
Venmo has a user base of 50 million.
Venmo revenue numbers:
2017 – Approximately 160 million
2018 – Approximately 200 million
2019 – Approximately 290 million
2020 – Approximately 400 million
Venmo compared to other providers
Just like many top online platforms, the popularity of Venmo has grown tremendously in the recent past. There are a couple of things that could have led to this.
Quick payouts – no time wasted
In Venmo betting sites pay by mobile is quick and efficient. You may not want your winnings to be transferred into your bank account. This is where Venmo comes in as a very reliable method of receiving payments. Once you make a cashout, it will be processed within a few minutes. A few years ago, this was not common in the gambling world when people had to wait for a couple of days to receive winnings into their bank accounts. Venmo guarantees you a fantastic online casino experience.
Betting sites that accept Venmo also allow you to deposit money very quickly. This is very helpful for last-minute gamblers who do not spend much time analyzing the games. In addition, some Betting sites that accept Venmo offer special bonuses and promotions once you use Venmo for making deposits.
Optimized payment process – reasonable fees
Unlike most of its counterparts, as in sports betting with debit cards, Venmo does not charge users for basic tasks. These include Sending money from a debit card, linked bank account, or your Venmo balance and receiving money to your account using Venmo’s standard transfer. In addition, Venmo does not have any annual or monthly fees. In addition, Venmo has a unique feature that allows for split payments. This means that if, for example, you and your friend are contributing to pay for something, each can pay their share separately.
World-class security – top-notch encryption
Let’s now talk about Venmo’s world-class security. Venmo uses the most modern security methods to ensure that your private information is safe. When you use Venmo to make payments to online betting sites, no one can access that information, not even the staff at the betting site. If you happen to lose your phone, you can log in to the Venmo website and sign out to ensure your Venmo account is not accessible using that phone anymore. Also, you can add an I.D. or pin to your phone for extra security.
Pay more than you have in your Venmo account – low balance, don’t worry!
You will also find that Venmo allows you to make your payments even if you do not have sufficient money in your Venmo balance. The deficit will be retrieved from your primary funding sources such as credit card, savings account, or debit card. Also, you can make payments to people who do not have a Venmo account. In this case, the person receiving the money will have to create an account, log in and accept that money.
Customizable Venmo account – great additional features
As if that is not enough, Venmo has a “Nearby Payment” feature that allows you to make payments to users who are not in your friend group. However, they must be geographically close to you. Also, the “trust” feature lets you autoplay your recurring expenses, such as rent.
Venmo disadvantages – negligible downsides
However, there are a few limitations that come with using sportsbook that take Venmo. First, Venmo currently operates only in the United States. This means that you cannot make any payment to a U.S. sportsbook that accepts Venmo if you’re outside the U.S., even if you are an American citizen. This and the fact that some people are very skeptical of using mobile apps for making payments slows down the adoption of Venmo as a method of making payments into online betting sites. For gamblers who are not located in the USA but want to use a U.S. sportsbook that accepts Venmo, they can try sports betting with prepaid cards.
Venmo does not charge any fees for creating your account and receiving or sending money. Also, you will not be charged any monthly fees. So you may be wondering, how does Venmo make money?
Well, the company operated for a long time without making any profits. Nowadays, the company processes many transactions between businesses and users. In these cases, Venmo charges these businesses a small amount, just like it is the case with using credit cards.
Reaching the customer service – 24/7 customer support
In some cases, you may send money to the wrong hands and want some help. Also, you may encounter some personal issues, such as the inability to add your credit card details. Venmo doesn’t have a specific phone number for reaching out to them. However, you can use some of the methods listed below. The choice you make depends on the problem that you encounter.
Send them an email at [email protected] You can also use the contact form that is available on Venmo’s app. Just open the menu, tap Get Help, then Contact Us. Follow the same procedure if you are using the website.
For any Venmo Mastercard debit card questions, you should email support at [email protected] You can also contact them using the contact form or chat in their mobile application.
You can choose to chat using the mobile app. To do so, go to Menu, tap Get Help and then Contact Us. This function is not available on the website. Also, note that there are specific times that you can start a chat (Monday to Friday, 7:00 am – 1:00 am and Saturday – Sunday 9:00 am – 11:00 pm). The time zone is E.S.T.
If Visa supports your Venmo Credit Card and you encounter any issues, you can contact Synchrony bank using the number written at the back of your card.
No tolerance for fraud – not to be used for illegal gambling
As an online betting fanatic, you should not forget that Venmo is a reputable and reliable payment company with zero tolerance for illegal gambling. Your account will be flagged as soon as it displays any signs of suspicious transactions.
It would help if you spent some time reading reviews about betting sites that accept Venmo here at Betastic to ensure you do not fall victim to scammers. This way, you will find betting sites that accept Venmo that suit your needs. However, Venmo also blocks these fraudulent gambling sites to give you the maximum protection possible, just as is the case with sports betting with MasterCard.
If your account is flagged, Venmo will notify you through an email. You should respond to the warning immediately by logging into your Venmo account and following the required steps to prevent your account from being locked completely.
However, if you find that your account has been locked, you should contact customer support for more guidelines. You may be required to provide personal details to unlock your account. This information may include:
Proof of identity
Proof of address
Personal financial or bank receipts
Conclusion – a reliable payment method
As we have seen in this review, betting sites you can use Venmo are very reliable. The company, owned by PayPal, provides users with many benefits compared to most of its counterparts.
One of the apparent benefits is that Venmo is a prevalent payment method. You can access and use the application from every US location. Besides, Venmo is very secure. It uses advanced algorithms to ensure that your personal and financial details are safe. Also, making deposits and withdrawals using Venmo takes just a few minutes. Another exciting thing about Venmo is that you can pay more than you have in your Venmo account. The money is deducted from your linked bank. Besides, you can customize various features of your Venmo account to suit your preferences.
The only limitation we found about any U.S. sportsbook that accepts Venmo is that they’re only available for USA residents. Given the growing popularity of online betting, we think Venmo could take its operations a notch higher by allowing access from other regions. However, using Venmo comes with more benefits than limitations – we think you will have a wonderful experience using Venmo for your online payments.
There is no doubt that Venmo is one of the best payment methods when it comes to placing bets online. However, not all betting providers have managed to have Venmo integrated into their platforms. It will help if you read our sportsbook deposit methods review to find more information regarding making online payments with Venmo.
🎰How do I gamble online with Venmo
If you want to use betting sites that accept Venmo, It can be tough to get used to it, especially if you are a newcomer in this space. There are various regulations that you have to adhere to depending on your location. Furthermore, online betting sites that accept Venmo have a unique set of terms and conditions that you must strictly follow. To find more about gambling online, kindly read our latest online gambling review here at Betastic.
🔒 Is Venmo safe for making payments to online betting sites that accept Venmo?
As an online bettor, you want to use a payment method that guarantees you maximum safety. As much as mobile payment services have become popular in the last decade, not all of them have achieved it all when it comes to ensuring the safety of the users. To find more about the safety of Venmo, you can read our latest Venmo review and even compare it with sports betting with Visa.