Best Venmo Casinos for Desposit

Online Casino Payment Methods: Venmo

Venmo is a digital payment platform that allows users to quickly and easily transfer money safely and securely. The e-wallet has grown in popularity from 3 million users in 2015 to over 90 million in 2022. It shows no signs of stopping, and this convenient payment method is now becoming commercially available in online casinos!

Learn more about how using Venmo can improve your US Online casino experience.

What is Venmo?

Venmo is a payment system that allows you to transfer money from one Venmo account to another immediately. Although this PayPal-owned payment system was initially intended for payments between peers and friends, they have recently expanded to allow commercial payments. These payments are made using the Venmo app, which is available on Android and Apple cellular phones. 

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 quickly 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, provides quick and easy banking at online casinos. Despite initially being designed to send money to friends and family quickly free of charge. Venmo has 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 soon.

There are plenty of reasons to use Venmo at online casinos. First, it is a safe, secure, and reliable payment option, as PayPal owns it. It is a fast and convenient payment method perfect for cellular phone 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 can still use services by linking your Venmo account to Venmo Mastercard, which we will discuss later.

Venmo Average Withdrawal Limit and Payout Time

As there aren’t many casinos that officially accept Venmo, getting more than a ballpark estimate for how long transactions will typically take is tough. However, as an e-wallet, Venmo deposits, like all Venmo transactions, are near-instant, no matter what casino you play at. 

The most significant deciding factor for Venmo payout times is the casino itself. Similarly, in e-wallets such as PayPal, the time for a withdrawal to clear after processing could take less than 24 hours. On the other hand, 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 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 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 shady – requiring someone else to fund your account while you Venmo their money. Any winnings would go back to the source of the deposits, meaning you could be at risk of not receiving your winnings. Most casinos don’t take too kindly to this middleman practice, so they 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 particular credit card for banking purposes. This card is the Venmo Mastercard – a credit card backed by Mastercard and directly linked to your Venmo account. After this point, any casino that accepts Mastercard will be business as usual.

An increasing number of US casinos allow you to make deposits and withdrawals via Venmo. The process works like any other payment method; sign up, verify your account, register your Venmo payment details, make a deposit and start playing. In addition, this method doesn’t require a particular Venmo Mastercard, making it 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 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 charge a 2.9% fee per transaction. Therefore, you should link Venmo to a bank account when playing at a legal US Casino. The Credit Card fee will not apply then.

Similarly, Venmo makes its money from business transactions by charging the same fee per transaction – this should not apply to you as an individual. Still, you should be aware of the credit card fee if your Venmo account is not linked to a regular bank account.

Venmo Payments Security

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 safe 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. However, 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

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 varies by casino. 

• BetMGM and FanDuel currently accept Venmo Casino deposits directly as a payment option. 
• Other online casinos accept Venmo through PayPal or Venmo Mastercard. These include DraftKings, Betway, 888Casino, Unibet, Bet365, and BetRivers.