Venmo Sports Betting Sites

Sportsbook Hank Sportsbook Hank
March 5, 2023
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Venmo stands out as one of the most reliable payment services in the United States, offering a secure and efficient option for legal sports betting.

Venmo stands out as one of the most reliable payment services in the United States, offering a secure and efficient option for legal sports betting. Bettors can swiftly fund their betting accounts using Venmo, ensuring minimal delays and more time spent placing bets on their favorite sports. What’s more, the process is incredibly straightforward, with users from all 50 states able to utilize Venmo to deposit funds into their legal sports betting accounts.

Without further ado, here’s a list of the current sports betting sites that accept Venmo payments in April, 2024:

MyBookie

TRUSTED
4.9/5
  • Friendly odds
  • User-Friendly Interface
  • Promotions and bonuses with a generous offering
  • High Rollover Requirements
  • Limited Payment Options
Match 50% up to $1000 in Free Play
BET

XBet

$10 FREE CHIP
4.8/5
  • USA friendly
  • Crypto friendly
  • Smooth interface
  • Painless sign-up process
  • Country restrictions
  • No live streaming
Welcome bonus up to $500 + $10 casino chip
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Cloudbet

CRYPTO
4.7/5
  • Good rep
  • Mobile app
  • Fast withdrawals
  • Live betting
  • Sharp lines
  • No phone support
Welcome bonus up to 5 BTC.
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GTBets

GREAT ODDS
4.6/5
  • Cryptocurrency friendly
  • Rec-friendly sportsbook lines
  • Welcome bonuses are generous
  • No live streaming for sport
  • No mobile app
150% signup bonus up to $750
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Nitrobetting

15% REBATE
4.6/5
  • Anonymity
  • Lightning fast withdrawals
  • Slick user experience
  • Impressive live betting
  • Poker, Casino
  • Overround 4.97%
  • Not many bonuses
  • Sharp odds
SPORTS REBATE Up to 15% cashback
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BetUS

HUGE BONUS
4.5/5
  • In business since 1994
  • Crypto friendly
  • Competitive odds and lines (rare!)
  • Huge bonuses
  • Live streaming options limited
  • Bonus conditions are strict
125% Up To $2500 Sign-Up Bonus
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Bookmaker

WELCOME BONUS
4.4/5
  • Honest reputation
  • US Friendly
  • Track record
  • High betting limits
  • Professionals welcome
  • User interface needs refreshing
  • Selection of casino games below average
  • Payouts sometimes slow
  • Sharpish lines
25% Up To $500 on 1st deposit, 10x rollover
BET

What is Venmo and how does it work?

Before delving into the topic of how Venmo can facilitate online sports betting, it’s important to understand what Venmo is. Venmo is a mobile application designed for peer-to-peer (P2P) money transfers and payments. The app is renowned for its timeline feed feature, which enables users and their connections to send payments to each other with emoji messages. However, it’s worth noting that the dollar amounts of transfers remain private.

With Venmo, you can send and request money from anyone who has a Venmo account. The app is useful for reimbursing family or friends for shared expenses, but it’s not intended for buying or selling goods among strangers. Venmo can also be used for online purchases with selected merchants like Amazon, and on websites that have a Venmo payment button, similar to PayPal’s.

Venmo payments can only be made through its highly rated Android and iOS smartphone apps, as well as through iMessage or Siri voice command. Although you can sign in to Venmo’s website on a desktop or mobile device to view transactions, you cannot use it to pay or request money.

It’s worth noting that Venmo is only available for U.S. customers, and both the sender and recipient must be located in the United States. Venmo is owned by PayPal.

What is the Process for Using Venmo in Online Gambling?

Although you might be familiar with using Venmo for other transactions, the way Venmo payments function on sports betting websites is somewhat distinct. Rather than functioning as a direct payment method, it involves buying or selling vouchers or transferring players within online gaming communities. Below is a simple explanation of how Venmo deposits and withdrawals operate:

Adding Funds to Sports Betting Accounts via Venmo

Officially, Venmo is not a recognized payment method at online sportsbooks. This means that individuals cannot initiate a direct payment to a sportsbook from their Venmo account. In fact, legitimate online casinos and gambling sites do not advertise Venmo as a viable option for deposits or withdrawals. Despite this, individuals who have a Venmo account can still use it to place bets through alternative means.

One of these ways involves applying for a Venmo Mastercard, which is a credit card linked to a user’s Venmo account and backed by Mastercard. Similar to a regular credit card, it can be used to pay for various expenses, including sports betting. Individuals can use their Venmo Mastercard at sportsbooks that accept Mastercard deposits, making the acceptance rate extremely high. The process is simple and quick, with users only needing to head to the cashier and type in their details.

To obtain a Venmo Mastercard, individuals must apply for it separately after creating their Venmo account. Regular Venmo users may find the card to be very convenient, as it can be used to make purchases and even withdraw money in cash from an ATM.

Another method for utilizing Venmo for sports betting is through paying someone to place bets on one’s behalf. The individual can send a personal Venmo payment to the designated account, and the person will place the bet accordingly. If the individual wins, they will receive the winnings back through Venmo, along with a small fee. This method may seem questionable, but it is a common activity, and companies like MatchPay exist to facilitate individuals who want to bet with Venmo but do not have or want their own betting account. Essentially, the middle man is operating their own book, providing a creative solution for Venmo betting without requiring the user to sign up for an account. This approach is especially popular in regions where sports betting is not yet legal.

Which Online Sports Betting sites Accept Venmo?

In terms of topping up your sports betting account using regular Venmo transfers, unfortunately, this is not a viable option. Most sportsbooks do not accept direct Venmo payments for this purpose. However, if you have a Venmo Mastercard, you can use it to make deposits at practically every bookie, thereby expanding your options.

Regarding the alternative option of having someone else place a bet on your behalf, it’s important to note that this depends entirely on the intermediary service or person you’re using, rather than the sportsbook where the bet is ultimately placed. These services differ significantly depending on your location and other factors. Therefore, conducting local research is necessary if you wish to utilize Venmo in this way.

Bonuses for Sports Betting with Venmo

Many online sports betting platforms provide appealing deposit-match bonuses, alongside additional bonuses such as sports bonuses or occasional bonus codes. In certain cases, the deposit bonus may also be cashable. For this reason, it is advisable to select an online sportsbook that offers top betting bonuses.

What are some of the Advantages of Venmo?

Venmo is a highly convenient tool that boasts several advantages, despite not being specifically designed for online betting sites. One of the benefits of using a Venmo Mastercard is the added privacy and security it provides. Unlike traditional bank cards, the Venmo card is not linked to your personal bank account, thereby eliminating the need to share your bank card details. Additionally, gambling transactions will not appear on your bank statement, adding an extra layer of confidentiality.

Moreover, Venmo Mastercard deposits are processed instantly, which means you can begin betting right away. Furthermore, using an intermediary Venmo service to place bets on your behalf enables you to gamble online without having to sign up for an account with a sportsbook.

Venmo is a versatile and highly useful tool that can be employed for various purposes. Although it is not specifically intended for sports betting, Venmo’s compatibility with daily activities such as transferring funds to friends or ordering an Uber makes it an essential tool to have at your disposal.

Venmo Payouts / Withdrawals with Same-Day Processing

The majority of Venmo-enabled sports betting sites require the purchase of player transfer codes or betting voucher codes to facilitate deposits. As such, users are required to sell their balance to private individuals through person-to-person Venmo transactions. One potential benefit of this process is the possibility of same-day payouts with funds being deposited directly into the user’s Venmo account. This provides users with the convenience of using their winnings to cover daily expenses such as grocery shopping and bill payments.

To utilize Venmo on online sportsbooks, users must first meet certain verification requirements. They must be physically present within a legalized state in the US and have a corresponding residential address. Moreover, if the customer utilizes a phone number to create their Venmo account, it must not be linked to another existing Venmo account, and the same holds for email addresses.

It is important to note that locating Venmo-enabled sportsbooks may not be as straightforward as using Visa, so prospective users should exercise caution when selecting a sportsbook with which to create an account. Although some sportsbooks may offer highly competitive odds and spreads, they may not be regulated and reliable. Additionally, some sports betting sites may not support Venmo withdrawals, necessitating the use of alternative withdrawal methods.

Venmo Sports Betting FAQ

Can I use my Venmo balance to place sports bets?

Yes. Venmo is not a recognized payment method at online sportsbooks. However, individuals can still use Venmo to place bets through alternative means. One option is applying for a Venmo Mastercard, which is linked to a user’s Venmo account and can be used at sportsbooks that accept Mastercard deposits. To obtain a Venmo Mastercard, individuals must apply for it separately after creating their Venmo account.

What sites take Venmo as a payment method?

Regular Venmo transfers cannot be used to fund sports betting accounts on most sites. However, many sportsbooks accept Mastercard deposits, providing numerous options for Venmo Mastercard holders. The possibility of using an intermediary service or person to place bets with Venmo is determined by the specific service or person and varies depending on location. Local research is recommended for those interested in using Venmo in this manner.

Does Venmo charge fees for online sports betting?

Venmo charges fees for credit card transactions and instant transfers. Peer-to-peer payments funded by a bank account, debit card or prepaid debit card are free, as are purchases from merchants with a Venmo payment option. Credit card payments incur a 3% transaction fee. Instant transfers attract a 1.75% per transaction fee with a 25-cent minimum. Standard “cash-out” transfers to a bank account are free, but delivery may take one to three business days.

Does Venmo provide a credit or debit card?

Venmo provides both a debit and credit card. The Venmo debit card can be utilized for purchases within the United States at any location that accepts Mastercard. The Venmo credit card is an optional feature that enables users to earn cashback rewards on various spending categories. The rewards are subsequently deposited into the user’s Venmo account.

Is it possible to withdraw from sportsbooks using Venmo?

Unfortunately, it is not currently possible to withdraw funds to a Venmo account through a sportsbook app.

What is the maximum amount that can be sent via Venmo on an online sportsbook?

The maximum amount that can be sent through Venmo at a betting site depends on the Venmo limit set by the respective sportsbook. Therefore, to determine the maximum amount that can be deposited via Venmo, it is necessary to check with the sportsbook in question.

Is it legal to fund online bets using Venmo?

Yes, funding online bets with Venmo is legal and doesn’t break any US gambling laws. You can use Venmo to buy or sell player transfers, betting vouchers, and MatchPay.

Sportsbook Hank
Author Sportsbook Hank