Making a Payment With Venmo – Our Step by Step Guide
Open an account
Venmo, you will have the option to either link your account through Facebook or to create a separate Venmo account. To use this as your betting site deposit option, you will need to provide your name, email address, and phone number.
Verify Your Identity
You will then be asked to verify your phone by sending a text. Once this is done, you will be able to connect your credit or debit card to the app. You also have the option to connect your bank account if you want to deposit your balance, but this isn’t compulsory.
Make a deposit with Venmo
It’s reasonably straightforward to make a payment to a US sportsbook that accepts Venmo. You will find a pen and paper icon in the top-right corner of the screen. From here, you can fill in a payment form, and fill in the details and amount. Once the sportsbook accepts the payment, the money will be withdrawn from your account and you can start sports betting with Venmo USA.
Average Waiting Time for Deposits and Payouts
When depositing with Venmo sportsbooks, the money transfer should be reasonably fast. Venmo aims to process payment requests within 30 minutes, even on holidays and weekends. So the money should be deposited into your sports betting Venmo USA account almost instantly.
In theory, withdrawals using Venmo are possible and would have similarly short withdrawal times. However, while an increasing number of USA sports betting with Venmo sites are appearing, it’s unclear whether Venmo will be made available as a withdrawal method. For now, the majority of customers using Venmo for sports betting in the USA will simply carry out their withdrawals via bank transfer. This is something that online gambling providers may expand to accommodate in the near future.
In short, Venmo is a fantastic gambling site deposit option for safe and speedy payments.
Verification Requirements – Betting Sites That Accept Venmo
If you’re going to be carrying a balance on the app while using Venmo sportsbooks, you will need to verify your account fully. To do this, you’ll need to provide your full name and date of birth. Venmo will also ask for your address, this is usually for security purposes to check it against your banking address.
Finally, you’ll need to provide the last four digits of either your social security number or your taxpayer identification number. This is what Venmo will use to verify that you are a legally registered individual. It helps to prevent fraud by removing the possibility of multiple or fake accounts.
In some cases, Venmo will be unable to verify your identity just based on the essential information. If this happens, you will need to provide some additional proof of identity. This will usually ask you to provide a valid US passport or driving license. However, in some cases they will accept an SSN/ITIN assignment letter, or a tribal ID card.
It can take up to three business days for the site to review the additional information and verify your account. However, the site aims to have your account verified within 24 hours where possible. After this, you should be able to continue using US sportsbooks that accept Venmo.
The History of Venmo
The developers of Venmo originally met at the University of Pennsylvania in 2001. After graduating, Iqram Magdon-Ismail and Andrew Kortina spent their time building websites for anyone and everyone. During this time, the friends were also tossing around ideas for their own online business.
The original form of Venmo was a way to sell music online, but this soon developed into them wanting to make it possible for anyone to pay anyone. They originally started the payment method over text.
However, they quickly realized that the list of transactions to various shows, bars, and restaurants was an exciting way to see what friends were up to. This is where the social side of Venmo and the ‘news feed’ aspect was brought in.
It took a while to raise money from investors, but eventually, a friend and his father became the first backers of the app. Venmo was ultimately launched in 2009 as a fee-free way to pay friends and follow their daily activities.
In 2012, the app caught the attention of PayPal COO Bill Ready. Venmo was originally acquired by Braintree in 2012, which was later bought by PayPal for $800 million.
Today, Venmo is the top name in the growing peer-to-peer payment industry. It processed transactions of almost $18 billion last year, 126% more than the previous year. It’s understandable why more and more Venmo sportsbooks are starting to appear.
Comparison to Other Providers
The main benefit of Venmo compared to similar payment providers is the speed of transfer when betting with Venmo. Venmo instant transfers should take only 30 minutes to reach your Venmo gambling sites account. Standard transfers will take between one and three days, still reasonably short compared to PayPal’s one to four or Google Pay’s one to five business days.
Another significant benefit of the app is that it offers its own MasterCard debit card for easy access to their Venmo balance. While some banks have suggested online methods, and accounts can be linked to your bank account, this is the only provider that offers its own debit card for your account. This makes it easier to top-up your funds while sports betting with Venmo USA.
One downside to Venmo payments is when using a credit card. A 3% fee applies to all transactions through Venmo with a credit card. However, there are no fees for using a debit card or bank transfer to make payments.
Venmo is also a great option with betting sites to pay by mobile. The Venmo app can be downloaded to your phone, making it easy to link your account with a US sportsbook that accepts Venmo.
Alternative Popular Payment Methods for US Betting Sites
There are several top payment methods to be aware of when placing deposits at any sportsbook. The top-rated operators and payment methods have reliable reputations and are guaranteed to be secure and legitimate.
The most popular payment methods alternatives for US sportsbooks that accept Venmo include VISA/MasterCard, bank transfer, E-wallets, and PayPal.
A big question is always whether the payment method is secure and legitimate. Top-rated Venmo betting sites will require a betting license. This demands any US sportsbook that accepts Venmo to adhere to certain requirements concerning security and data encryption.
The benefit of online betting with Venmo is that you don’t need to input any banking details into the online sportsbook. All you need to do is make a typical payment to your sportsbook from a Venmo USA account. This means you can keep your banking information private when you bet Venmo. For those outside the US, betting sites that accept MasterCard are always an option.
How Do I Know If a Website Accepts Venmo?
As a subsidiary of PayPal, most betting sites that accept PayPal will also be betting sites that accept Venmo. When gambling using PayPal as your payment option, you may be offered Venmo as a form of payment on the following page.
Sometimes, Venmo sportsbooks payments will have a link directly from the payment page.
Will I Be Charged a Fee When Paying With Venmo?
Businesses associated with Venmo will not necessarily charge a transaction fee, even for credit card payments. Legitimate Venmo betting websites will usually cover these charges for you. However, fees for deposits will always vary depending on the sportsbook, so always read up on the terms and conditions for your payment method.
Can I Make a Purchase from My Venmo Account Online?
Currently, making a payment through Venmo is only available via the app or mobile websites that are approved Venmo sportsbooks. To have access to Venmo betting, you are required to sign up for the Venmo app. Once you opt-in, you’ll be able to pay through the PayPal or Venmo buttons on a US sportsbook that accepts Venmo.
Can I Get a Venmo Welcome Bonus?
Many US sportsbooks that accept Venmo will offer exclusive bonuses related to specific payment methods. When you’re gambling using Venmo, it may be worth checking whether sports betting using Venmo in the USA makes you eligible for the various bonuses. You want to sign up for a site that gives you all the usual benefits when sports betting Venmo USA.
3 Steps for Making a Secure Deposit With Any Sportsbook
Whether you’re gambling using VISA or Venmo, it’s essential to make sure the site is secure. Not many customers experience problems when placing deposits at legitimate betting sites that accept Venmo. This is mainly due to the extra privacy that online betting with Venmo provides. However, there are several ways to be more careful when placing online deposits. Below you can find some top tips on keeping your money safe while betting.
License: Make sure that the US sportsbook that accepts Venmo you’re using is fully licensed. Don’t place any deposits with companies that don’t have a proper gambling license. These companies will not be subject to the strict regulations enforced by gambling commissions.
To gain a gambling license, companies have to follow strict regulations, particularly concerning data protection. All data processed by the sportsbooks has to be fully encrypted and stored securely. Companies that violate these requirements will have their licenses removed. When sports betting with Venmo USA, most of the affiliated providers will be reliable.
Reputation: Check that the betting site that accepts Venmo has retained a good reputation over several years. While this does not mean that newer sportsbooks aren’t reliable, it can give you an idea of the service it provides. If a company has sustained its license along with a positive reputation from its customers, then it’s more likely to be reliable.
Reviews: Read through customer reviews. This is always a good idea, as it’s an unbiased and therefore more reliable review of the betting site that accepts Venmo. Customers will usually be open about the things they don’t like about a casino.
If there aren’t any complaints regarding deposit payments, then most likely, there aren’t many issues with payments. This is again another good indication of the degree and quality of service provided.
Bonus Section – Making The Most of Free Bets
When placing the first deposit for sports betting with Venmo USA, most sportsbooks will award you with a welcome offer. For many US Sportsbooks that accept Venmo, this will be in the form of a free bet. These are designed to encourage bettors to be more adventurous with a bet.
The following tips should give you a better idea of how to make the most from a free bet with betting sites that accept Venmo.
- If it’s a matched deposit, take full advantage of it. Some free bets will be offered as a percentage of the deposit placed, up to a certain amount. In most cases, it’s worth making the highest available deposit to get the largest free bet amount available to you. This will give you the most money to play with when placing your free bets.
- Try something new. Free bets are intended to allow customers to try out something different from their regular bets. This is offering you the opportunity to have a risk-free bet. Often, free bets will have particular terms on what bets you can place. This may include accumulators or other specific bet types.
If you’re used to placing relatively safe, low bets, then this is your opportunity to experience some higher-risk betting. The wagering requirements for free bets may include minimum odds for using the free bet. Your winnings will only be the profit, so you may as well take a bigger risk for the chance to make some significant winnings.
- Always read the terms and conditions. All sportsbooks and offers will have particular conditions and wagering requirements. It’s essential to be aware of the specific requirements attached to your free bets. This includes the requirements for the free bet, such as minimum odds.
If you want to make the most of a free bet when betting sports using Venmo in the USA, then you need to be aware of all the terms and conditions. This will allow you to ensure that you are eligible for the offer, and place bets that fit in with the requirements.
Alternative Payment – When Venmo Isn’t An Option…
Sports betting with Venmo in the USA isn’t the only popular gambling site deposit option. It’s always good to know what other options are available. Here, you can read about some of the different reliable payment methods alternatives that you can find at the majority of any US sportsbook that accepts Venmo.
Debit card payments
US sportsbooks that accept debit cards are by far the most common. Debit card payments are often straightforward, fast, and have little or no fees. You simply need to enter your card details to make a direct deposit into your sportsbook account. Gambling using debit cards also lets you use this method for withdrawal.
Credit card payments
Credit cards such as VISA and MasterCard are also available. When gambling using VISA be aware that there may be a charge or additional fees for credit cards. The same applies for betting sites that accept MasterCard. Credit cards are only available for deposits.
e-Wallets such as Skrill and Neteller. These are popular methods because of the transaction speed attached. E-wallets offer online casino quick withdrawal as well as instant deposits. Another benefit is the security offered by e-wallets, as you aren’t required to provide any bank details to the sportsbook. Online casinos with apple pay or other methods can be found but are less popular.
Prepaid card payments
Betting sites that accept prepaid cards, including paysafecard. This is one of the most popular deposit methods available due to the ease of access and security. Paysafecards are available from many supermarkets and newsagents.
When sports betting with Paysafecard, the only details required are your paysafecard number and deposit amount.
Our Expert’s Conclusion
Though sports betting with Venmo in the USA may be a relatively new payment method, there is an increasing number of betting sites for Venmo. This is a straightforward and secure method of payment. You have the additional benefit of not needing to input your banking details online.
In most cases, there is little verification required when registering for your Venmo account. It’s quick and easy to set up and use, so why not look into making betting sites that accept Venmo your first choice? If you can’t get set up, then there’s always US sportsbooks that accept debit cards and online casinos with Apple Pay.