Venmo is a mobile payment service available in the United States that was founded in 2009. Venmo’s basic business is allowing account holders to transfer and receive money to other users via their mobile app. Venmo was purchased by PayPal in 2012 and has only gone up in popularity since then. In 2015, Venmo had a total of 3 million users with $7.5 billion in annual payment volume. Fast-forward 6 years later to 2021 and Venmo now has 70 million users with $230 billion in annual payment volume. As Venmo continues to grow, they’ve looked into different industries to cut out a niche in the market. One of these industries is the online casino industry, particularly FanDuel.
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FanDuel Venmo Deposit
With all this growth, it’s no wonder that there would be an online casino that accepts Venmo. FanDuel Casino to Venmo deposit and withdrawals are now one of the ways that online bettors can fund their accounts to bet on their favourite online casino games. Not only for the casino, but FanDuel Sportsbook also accepts Venmo as well. FanDuel is the first, and currently only, online casino and sportsbook that accepts Venmo. There are talks of online casinos and sportsbooks that accept Venmo in the future, giving online bettors more options moving forward. FanDuel has made depositing with Venmo incredibly easy for their players. All a user has to do is log in to their account/create an account and click “Add Funds”. From there, they’ll be shown a screen with all the depositing methods that FanDuel has available to them. Then you just have to select Venmo and the amount you would like to deposit. A point to remember is that the steps are a bit different on mobile in comparison to the desktop site. Side note for depositing on FanDuel, card transactions through Venmo are not currently accepted. You can make a deposit using a linked bank account or your current Venmo balance.
Desktop: Next, a QR code will appear on the screen and users can now go into their Venmo app in order to scan the QR code. Once the QR code is scanned and connected to your account, you should be good to go with your FanDuel account funded.
Mobile: Once Venmo is selected, it will take you to the Venmo app on your mobile device and connect you through there. It will let you choose whether you’re funding the account from your linked bank account or your current Venmo balance.
FanDuel Venmo Withdrawal
Now that you’ve funded your account through Venmo and found some luck at the blackjack table or made some smart decisions at the FanDuel Sportsbook, you’re ready to cash out. Go to your account and select “Withdraw Funds”. Select Venmo as your method of withdrawal. Input the amount you want to withdraw and you’re all set. The initial Venmo casino / sportsbook withdrawal can take up to 48 hours to be approved according to the FanDuel Support page. Once the funds are approved, they should be seen within an hour. Please note that you can only make a withdrawal through Venmo if you have made at least one deposit to fund your account on FanDuel through Venmo.
The Future Of Online Casino Payments
The online casino and sportsbook industry is geared towards a younger demographic. Currently, more than half of online casino players are between the ages of 25 and 34. For online sportsbooks, half of the users are between the ages of 18 to 34 with the average age around 27. And with the Venmo app being popular with users under the age of 35, it makes sense why Venmo has gotten into the online gambling industry and should be moving into other online casinos soon. A digital wallet, like Venmo or PayPal, provides a user with a sense of security while also making a user’s journey more enjoyable and efficient throughout the process. The other options, like funding an account through online banking, credit/debit cards, and even wire transfers will never go away. But the convenience that’s shown with Venmo to FanDuel account withdrawals and deposits shows that this could be a popular payment option that can’t be ignored by other online casinos and sportsbooks for much longer.
Wagering On FanDuel
FanDuel currently has two new user options running on their site. For their online casino, new FanDuel customers receive 100% back on your net casino losses that you made in your first 24 hours of play, up to $1,000. The bonus period starts when you make your first cash wager on any casino games and goes for 24 hours. In those 24 hours, if you have a net loss, you get it back within 72 hours in site credits. The minimum to get back is $5 while the maximum is $1,000 in site credit. On the FanDuel Sportsbook end, new users can get a risk-free bet of up to $1,000. When you make your first sports wager on FanDuel, it’s like you can’t lose. If you win your first bet, you’re good to go. If you lose, FanDuel will give you a refund of whatever amount you wagered, up to $1,000, in site credit. The credit will be added to your account within 72 hours.