Venmo is one of the newest payment options for legal sports betting. Venmo betting sites are currently not widely available, but some of the most popular sportsbooks now accept Venmo as a payment method.
The four betting sites that accept Venmo are BetMGM, DraftKings Sportsbook, BetRivers, and FanDuel Sportsbook. The top Venmo betting sites offer fast deposits and payouts for customers and generous sign-up offers.
This page will go over everything you need to know about using Venmo when sports betting.
Top Venmo Betting Sites To Wager on Sports
Venmo Is A Safe Sports Betting Payment Option
Venmo is a payment app that is owned by PayPal. It allows users to easily send money directly to friends or pay for online goods and services. PayPal is already a popularly accepted payment method for most of the top online sportsbooks. Many sports bettors prefer this option over depositing with a credit card, using a bank transfer, or buying a sportsbook gift card at a select retailer.
In 2022, the Moneyline payment platform, which services most US online sportsbooks, added support for Venmo. This allowed sportsbooks to start accepting Venmo as a payment method.
DraftKings, BetRivers, and FanDuel were three early adopters of adding Venmo to their sportsbook cashiers. BetMGM joined the list shortly after. Likely, some of the other best betting sites in the US will soon add the option, including:
Best Legal Sportsbooks With Venmo
Currently, only four major online sportsbooks, BetMGM, DraftKings, BetRivers, and FanDuel, accept Venmo as a payment method. When you deposit with Venmo, ensure you take advantage of the best sports betting promos these sportsbooks offer.
BetMGM is one of the most popular sportsbooks in the country and is the latest to allow users to wager with Venmo as a payment method. The app is known for its easy-to-use interface, frequent odds boosts, and a robust rewards program for customers.
BetRivers, formerly called SugarHouse, initially launched in Pennsylvania in 2018. It is now available in several states, including Arizona, Colorado, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Ohio, New Jersey, New York, Pennsylvania, Virginia and West Virginia.
FanDuel was a big name in the daily fantasy sports space before launching its sports betting business, making it one of the most recognized brands out there. The sports betting app has a huge variety of betting markets and an extremely fast user interface.
DraftKings also got its start in the fantasy sports industry and had a large customer base when it launched its sports betting platform. It is one of the market leaders in the industry, and you will likely see a DraftKings commercial when watching sports.
Venmo Betting Sites Sportsbook Promo Codes
|Venmo Betting Site||Bonus||Promo Code|
|BetMGM Sportsbook||Up to $1,500 September Promo||THELINES|
|BetRivers Sportsbook||BetRivers $500 Welcome Bonus||LINESRIV|
|FanDuel Sportsbook||$200 in bonus bets||Click to Claim Promo|
|DraftKings Sportsbook||$1,400 SIGNUP OFFER||Click to Claim Promo|
How to Bet on Sports With Venmo
It is free and easy to set up a Venmo account. Many people already use it to transfer money between friends or pay for online goods and services.
There are no fees for starting or maintaining your Venmo account. There are also no fees for depositing or withdrawing funds via bank transfer.
Using Venmo to deposit and withdraw online sports betting funds is also free. The only fee Venmo charges is 1.75% ($25 max) for an expedited bank transfer.
Top Benefits of Using Venmo As A Payment Method
- Rapid Deposits and Withdrawals – Venmo is a regulated payment provider owned by PayPal that allows for quick deposits and withdrawals to your online sports betting account.
- Mobile Friendly – Transferring money from Venmo to your online sports betting account is quick and easy. Once you choose Venmo as your deposit method and confirm the transaction via the Venmo app, you can almost immediately place your wager.
- Secure – Venmo is owned by PayPal, which has a robust fraud protection team and ensures any suspicious activity is monitored and flagged. Venmo also lets bettors avoid putting in their credit card or banking details every time they make a betting transaction.
How To Deposit Using Venmo on Betting Apps
- Create a Venmo Account
If you don’t already have one, setting up a new Venmo account is simple and free. Download Venmo’s mobile app to begin the registration process. Make sure you sign up for a personal Venmo account.
- Provide Personal Details
In order to complete your Venmo registration, you will need to provide your phone number, name, and email address. You will also need to create a password for the site. The password should be between 8-20 characters long and contain a number or symbol. Venmo will send a verification link to your email to verify your identity and complete the registration.
- Add Banking Information
Your bank account will need to be connected to your Venmo account in order to make deposits and withdrawals. Once you enter your banking details, Venmo uses a service called Plaid to instantly verify the account. If it cannot be instantly verified, you can go through the verification process manually on the app.
- Use Venmo to Deposit Onto Your Sports Betting App
When you log in to your sports betting app, head to the cashier and select Venmo from one of the available deposit methods. Choose your deposit amount and click confirm. You will be redirected to the Venmo app to confirm the transaction amount and complete the transfer of funds.
Depositing on FanDuel Using Venmo
Venmo is a popular new option for those looking to deposit on FanDuel because the deposits are nearly instant, withdrawals are quick, and limits are high.
When making your first deposit on FanDuel via Venmo, you will need to be on the mobile app or on FanDuel’s mobile site on your phone. This is so FanDuel can redirect you to the Venmo app to confirm you want to make the deposit.
In order to deposit with Venmo, log in to your FanDuel Sportsbook account and head to the Cashier. You can access the Cashier by clicking the green circle at the top right of the app’s homepage.
Once there, choose “deposit,” which will bring up a screen where you can choose your deposit amount and method of choice. Set your amount and then choose Venmo.
After you’ve selected Venmo, you will be automatically redirected to Venmo’s app to confirm the transaction. Once you do, the funds will be in your sports betting account almost immediately.
Venmo Betting Sites FAQs
Yes, you can use Venmo for betting, but only at select sportsbooks. DraftKings, FanDuel, BetRivers, and BetMGM allow users to fund their accounts and withdraw them using Venmo.
Find “Payment Methods” on the sportsbook betting app that you are using. It will list the various types of payment methods you can use to deposit and withdraw money from your account.
No. The sportsbook will reject the deposit if the name on the Venmo account does not match the name on the sportsbook account.
No. You must first create a Venmo account before using Venmo to deposit money into a sportsbook app.
A Venmo deposit will be reflected on your account in minutes, if not seconds.
A Venmo withdrawal will be reflected on your account in minutes, if not seconds.
Yes. Venmo is a safe sports betting method. It is just as safe as using a debit or credit card.
No, not every legal online sportsbook accepts Venmo. BetMGM, DraftKings, FanDuel, and BetRivers are the only sportsbooks that currently accept Venmo.
Ways Venmo Could Improve As A Payment Method
While Venmo is a quick and secure deposit method, there are a few drawbacks to using this method.
- Secondary account – Using Venmo as a payment method saves you from having to enter your banking or credit card details every time you make a deposit. However, you will need to download the Venmo app and create an account before you can use this method, which can be a roadblock for some users.
- Social Feed – One of the main components of Venmo is the social feed that displays who you’ve sent money to and for what purpose. If you do not like this information being public or shared with friends, ensure you disable this feature on Venmo before using it.