Online Casino Payment Methods: Venmo
Venmo is a popular digital payment platform that allows its users to quickly and easily transfer money safely and securely. The e-wallet has grown in popularity from 3 million users in 2015 to 90 million in 2021. It shows no signs of stopping, and this convenient payment method is now starting to be commercially available at online casinos!
Read on to find out more on how using Venmo can improve your casino experience.
What is Venmo?
Venmo is a payment system that allows you to immediately transfer money from one Venmo account to another. Although this PayPal-owned payment system was originally intended for payments between peers and friends, they have recently expanded to allow some commercial payments. These payments are made using the Venmo app that is available on both Android and Apple smartphones.
Like other popular e-wallet services, the main selling point of Venmo is its quick, convenient and free transactions. However, Venmo is still geared towards personal payments more than commercial ones. Currently, they have not officially expanded to online gambling.
Although you can’t use Venmo to play at an online casino as easily as you can order takeout, that doesn’t mean it’s impossible to use Venmo for online casino payments, though! Read on to find out more.
Why Use Venmo to Deposit at an Online Casino?
Venmo, like other e-wallets, can provide quick and easy banking at online casinos. Despite originally being designed to send money to friends and family quickly free of charge. Venmo has since expanded to allow users to pay for commercial and recreational services.
Although technically a grey line in their terms and conditions, there have recently been very clearly approved partnerships with online casinos, such as FanDuel and BetMGM. More and more casinos are likely to accept Venmo in the near future.
There are plenty of reasons to use Venmo at online casinos. First of all, it is a safe, secure and reliable payment option as it is owned by PayPal. It is a fast and convenient payment method that’s perfect for mobile use. Finally, the few fees associated with using the app are very competitive with existing casino payment methods.
Even when a casino does not directly accept Venmo, you are able to still use these services by linking your Venmo account to Venmo Mastercard, which we will go into detail on later.
Venmo Average Withdrawal Limit and Payout Time
As there aren’t too many casinos that officially accept Venmo it’s hard to get more than a ball-park estimate for how long transactions will typically take. However, as an e-wallet Venmo deposits, like all Venmo transactions, should be near-instant, no matter what casino you play at.
The biggest deciding factor for Venmo payout times is the casino itself. Similarly, to e-wallets such as PayPal, the time for a withdrawal to clear after processing could take less than 24 hours. FanDuel, a casino that officially accepts Venmo, says that Venmo payments are typically processed within 48 hours.
As far as withdrawal limits are concerned, you can once again expect Venmo to have similar withdrawal limits to PayPal. Most casinos have a $10 or $20 minimum withdrawal limit for most payment options, including e-wallets. Maximum withdrawal limits will vary by casino and can range from nonexistent to tens of thousands of dollars.
How do I pay at Online Casinos using Venmo?
There are a few different ways to pay at online casinos using Venmo. The easiest method is only possible at casinos where Venmo has been fully allowed by the casino. The other methods are slightly more inconvenient as they were initially workarounds that allowed Venmo to be used via already accepted payment methods.
The early options for using Venmo were a little bit shady – requiring someone else to fund your account while you Venmo them money. Any winnings would go back to the source of the deposits, meaning you could be at risk of not receiving your winnings. Not to mention most casinos don’t take too kindly to this middle man practice, so would likely freeze your account or cancel any winnings made. Take this as a warning – if in doubt, use alternative payment methods!
Originally, Venmo was not designed for commercial transactions like casinos or sportsbook betting.
However, even at casinos where this is the case, you can use a special credit card for banking purposes. This card is the Venmo Mastercard – a credit card which is backed by Mastercard and directly linked to your Venmo account. After this point, any casino that accepts Mastercard will be business as usual.
Nowadays, an increasing number of US casinos allow you to make deposits and withdrawals via Venmo. The process works like any other payment method; simply sign up, verify your account, register your Venmo payment details, make a deposit and start playing. This method doesn’t require you to have a special Venmo Mastercard, so it is slightly faster and more convenient.
Are there any fees for Paying with Venmo at Online Casino Sites?
Generally speaking, no. Venmo is free to use and does not charge any fees for deposits and withdrawals specifically – neither do any of the casinos that officially allow Venmo. However, the credit cards that Venmo accounts are linked to do charge a 2.9% fee per transaction.
Similarly, Venmo makes its money from business transactions by charging the same fee per transaction – this should not apply to you as an individual, but you should be aware of the credit card fee if your Venmo account is not linked to a regular bank account.
Venmo is a mobile payment service operated by PayPal – one of the most secure and highly trusted payment options available at online casinos. All Venmo transactions, for both deposits and withdrawals, are secure as the data is fully encrypted, stopping anyone from being able to access your bank account details.
Since Venmo is relatively new to online casinos, there is a considerable amount of investment a casino must make to provide the service. Practically, this means that legitimate casinos that offer Venmo can be considered trustworthy. Not only because Venmo has partnered with them but because it would be counterintuitive to provide poor service after the investment.
Advantages and Disadvantages of Venmo
✔ Simple and easy to use
✔ You can deposit funds near-instantly
✔ You can instantly access deposits at your online casino
✔ High maximum deposit limits
✔ Mobile-friendly payments
✔ Your bank account information is not exposed to third parties
✔ Zero monthly account fees
✔ No transfer fees
✔ High-level data protection and online security
✔ 24/7 customer support
❌ Not currently available at all casinos.
❌ Venmo is not available in some states.
❌ Venmo’s current max weekly transfer limit is $19,999.99, which may put off high rollers.
Welcome Bonus Available for Venmo Users
You can enjoy a broad selection of generous welcome bonuses and welcome offers through Venmo, but how you do so does vary by casino.
- • BetMGM and FanDuel currently accept Venmo directly as a payment option.
- • Other online casinos accept Venmo through PayPal or Venmo Mastercard. These include DraftKings, Betway, 888 casino, Unibet, Bet365 and BetRivers.
Venmo is a digital wallet that allows you to transfer money to friends and pay for services. This is done via a mobile app and is now available at some online casinos.
Venmo was founded in 2009 and was bought by PayPal in 2012.
You can use Venmo to deposit money the same you would use other e-wallets, such as PayPal. Just be aware that not all casinos currently accept Venmo directly. If that is the case you can link your Venmo account to a ‘Venmo Mastercard’ and fund your account like you would with any credit card.
Venmo is a safe and secure payment option. This is thanks to data encryption technology that protects your account information, preventing others from accessing your associated bank account or credit card.
There are no monthly or transaction fees when you use Venmo. You can use Venmo on casinos free of charge. Venmo does have minor fees when using other services, but none of these should apply to your play at a casino, unless you request a cash advance.
Venmo, like all e-wallets, is one of the fastest withdrawal options available at online casinos. After individual casino processing times, you can expect to have your money within 24 hours, if not almost immediately.