Online sportsbooks are constantly developing in the US. They've seen a wider selection of payment methods, including betting sites with Venmo, make their way into the gambling industry in legalized states.
Here at PromoGuy, our team of sportsbook experts created a review on online sports betting with Venmo to help you determine if this is the most suitable payment option for you and your betting needs. So if you want to discover how to bet with Venmo and how it compares to other payment types, take a look below.
We created this detailed guide to give you an overview of the steps you'll take if you're considering using Venmo for betting sites in the US.
Set up a Venmo account
If you haven't already, we suggest creating a Venmo account before deciding which sportsbook to join to make the process go more smoothly when it comes to your
sportsbook payouts. Online sports betting with Venmo requires you to have an active Venmo account, which you can set up through a Facebook account, or manually by first giving your phone number, which will send a link to verify your number. Then you'll be asked to put in your name, date of birth, email address and create a password. Once this is set up, you'll be able to connect your payment details to the account, so a credit or debit card.
Choosing a sportsbook and creating an account
You now have the option to choose an online sportsbook with Venmo payments and create an account. It's important to make sure your sportsbook details match your Venmo information, or you may not be able to use that payment method. Again you will need to give them your name, date of birth, phone number, email address and create an account password. Once this is done, you can link your Venmo details by inputting the email address and password and be one step closer to placing bets.
Finding the best odds and placing wagers
Once you've set up your Venmo account to the sportsbook, you can then deposit your funds into your betting account. Usually, this is processed within minutes, so you can start betting right away. Find a sporting event that you're happy to monitor, look through the odds/spreads, and you're ready to begin placing wagers.
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Withdrawal and deposits with Venmo: average time scales - withdrawals not as common using Venmo
At PromoGuy, we looked at betting sites with Venmo and found that it is not as available as other well-known payment options in the sportsbook world. However, we wanted to find out how well it performs its transactions if you decide to use it for deposits or withdrawals. If you do want to find more commonly accepted payment methods, then we recommend taking a look at
betting sites with VIP preferred, as this is a very widely accepted payment method in the US.
Depositing with Venmo
We found that betting sites accepting Venmo to transfer funds into their sportsbook had a pretty fast processing time. Compared to more common payment methods, Venmo will aim to have your funds in your account within minutes. It could take a while longer, but this is rare. However, if you do find that you've requested some money from your Venmo app and haven't received it yet, you can check with the operator's customer service team to keep you updated.
Venmo withdrawals
Currently, Venmo withdrawals are not a popular method to cash out if you're online sports betting with Venmo. Typically, Venmo withdrawals would be processed pretty quickly compared to other popular payment methods in an average of three to five days. This also depends on the
sportsbook withdrawal times
as well. the As Venmo is still a pretty new payment option for US sports bettors, there may be improvements to the timescale in which you can withdraw funds, but this is yet to be confirmed from our research.
Venmo verification requirements - what you need to use Venmo
Potential sportsbook customers will need to meet some key requirements in the US before using an online sportsbook with Venmo. The user must physically reside in the US and have an address within a legalized state to be able to bet online. If the customer is using a phone number to create a Venmo account, it can't be attached to another Venmo account, and the same goes with the email address.
Finding betting sites with Venmo is not as common as using a Visa, so potential customers should be cautious about which sportsbooks they want to create an account at. Some may have highly competitive odds and spreads but be unreliable and unregulated operators. In addition, sportsbook users may need to have an alternative to Venmo withdrawals as not every sports betting site allows this method. Some will ask the member to use a credit or debit card to cash out, so this should be considered before signing up to an operator. You can find
betting sites with credit cards
withdrawals that also take Venmo deposit here.
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The history of Venmo - how it all began
We researched a brief history of Venmo to understand better what kind of payment method it is. We found that it has great security and is one of the few reliable options to choose from if you're online sports betting with Venmo.
Initial release
Venmo came onto the scene in 2009 and was soon owned by PayPal in 2012. Speaking of PayPal, you can also check out
betting sites with PayPal
here. It aimed to be a financial service for friends and family to quickly transfer funds from one account to the next, like splitting bills, paying for rent or event tickets. It's currently processed through a mobile app available on Android and Apple devices, but the customers have to be living in the US.
P2P transactions
A P2P or peer-to-peer transaction is a great way for customers to make their payments online without a third party knowing what they are paying for. Venmo claims that its security is on the same level as fiat banks. But there has been criticism through the years of its development to think otherwise. In 2018, there were issues of payment frauds and the company misleading users to make transactions on the app without it being as secure as they mentioned. However, they have continued to grow in revenue and move past that as millions of US residents currently use Venmo.
Sports betting
Currently, it is quite rare to find an online sportsbook with Venmo. As the US sports betting industry is growing, we are sure to see more operators using Venmo for depositing and withdrawing funds.
Venmo compared to other providers - Is Venmo better than Apple Pay?
When discovering if online sports betting with Venmo is a reliable payment option, we wanted to see if it stands out against other more popular choices like
betting sites with Apple Pay. This is a popular payment method choice for iPhone users.
Fast deposit and withdrawals
Unlike Apple Pay, a betting site that uses Venmo will allow customers to place deposits and withdrawals back into their Venmo app. This makes it one of the best
sportsbook deposit options for US players. Although Venmo is still not as common in the sportsbook world, its features will enable it to maintain an efficient processing time if the operator has full access to Venmo and its uses.
Secure transactions
Venmo is a reliable financial platform. Compared to Apple Pay, it is a P2P transaction platform with a high-security level for millions of US customers. The P2P acts as a decentralized network to ensure your transactions are handled without interference. An online sportsbook with Venmo is an excellent place to start if you're concerned about your funds being safe. There are internal checks that each transaction will go through to ensure your deposits are handled effectively, your details are not shared with third parties, and it will give you a more streamlined experience.
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Three essential facts about using Venmo - key facts to know
At PromoGuy, we highlighted three key facts you should consider before using betting sites with Venmo. As it is not as popular as other methods, there are still potential points to think about.
Promotions may not be valid with Venmo
Most online sportsbooks will provide a range of welcome bonuses and existing player bonuses for their customers to keep them using the platform. However, some Venmo betting sites may not be eligible for these offers as this payment type may not be as widely accepted by the operator. Not every sports betting site in the US accepts Venmo, and not as many individuals will have access to this payment option. So if you're thinking about using bonuses to enhance your sports betting experience, make sure you check if Venmo payments support promotions.
Terms and conditions can change
Online sports betting with Venmo could mean that if you're thinking of using it as a payment method, the small print will regularly update itself as Venmo continues to develop. We recommend that you check the terms and conditions of the operator before creating an account to ensure Venmo payments are accepted on that sportsbook. In addition, if there is a bonus that applies to Venmo deposits, it's important to check the small print to see when this offer expires and what you need to redeem it.
Same payment methods
In general, sportsbooks will want you to use the same deposit and withdrawal method when processing your funds. Like Apple Pay, which doesn't allow withdrawals, some operators won't allow Venmo cashing out as their platform isn't fully supported yet. Some sportsbooks don't have issues with using Venmo for all your transaction needs, but always check the operator reviews to ensure this is possible, or you may have to use a more common method. In addition, sportsbooks can allow you to change your payment method if necessary as a last resort.
Conclusion - Venmo is a secure payment method
Overall, we found that online sports betting with Venmo was an excellent choice if you're new to the sportsbook world or an experienced bettor. At PromoGuy, we looked at what makes Venmo so popular, even though it's not as common as other payment options. It has a secure P2P platform to ensure your details and transactions are handled over a range of computers in a decentralized manner. Meaning your deposits or withdrawals shouldn't have any third-party interference.
In addition, using betting sites with Venmo is one of the most efficient ways to place your bets. The sign-up process is quick, as you'll be able to see your deposited funds within minutes.
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There are plenty of well-known sportsbooks in the US that have a wide range of payment types to suit customers and their different betting needs. However, betting sites with Venmo are not as common but are expanding in the online gambling industry and are becoming a popular choice for many sports bettors. Check out our website to find out which US sportsbooks use Venmo for deposits and withdrawals.
💵How do I successfully use Venmo for sports betting?
If you're new to the world of online sports betting and gambling, you may not be aware of the process of how to register an account, connect your payment details and start placing wagers. Online sports betting with Venmo is similar to other payment methods, but its key features make it an excellent choice to bet with. To find out how to successfully use sportsbooks with Venmo payments, check out PromoGuy.
❗Is Venmo sports betting legal in the US?
For sports betting enthusiasts, you'll need to live in a legalized state in the US to be able to place wagers and claim winnings online. There are plenty of popular payment methods available to US customers, including Visa, Mastercard and Apple. To find out if an online sportsbook with Venmo is legal in your area, have a look through the reviews and guides on our website.
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