Venmo is a popular payment platform that allows users to transfer funds to friends, family, and businesses instantly, without any fees.
Venmo is particularly attractive to sportsbooks because it allows customers to deposit and withdraw funds quickly and securely. Additionally, Venmo is one of the few payment platforms that does not charge any fees for its services.
This guide will show some of the best Venmo betting sites in the U.S. and explain how to make convenient deposits and withdrawals using this payment option.
Best Venmo Betting Sites
Venmo is now a popular payment method for online sportsbooks. Here’s an overview of the legal betting sites that accept Venmo:
Best Venmo Betting Sites:
- Caesars: Best Sign-Up Bonus & Overall
- FanDuel: Best Overall (Tied)
- BetMGM: Best Overall (Tied)
- BetRivers/SugarHouse: Best Odds
- DraftKings: Best Variety of Sports
1) Caesars
States
AZ, CO, DC, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, NC, NJ, NV, NY, OH, PA, TN, VA, WY, WV
Sign-Up Bonus
Caesars Sportsbook has a welcome offer for new users that gives you 10 100% Profit Boosts after a qualifying first wager. Place your first real-money bet of $1 or more at odds of -10000 or longer, and Caesars will add the boosts to your account. Use this link to claim the bonus.
Caesars Sportsbook is the online brand of Caesars Entertainment, one of the most prominent land-based casino operators.
Caesars Sportsbook has a welcome offer for new users that gives you 10 100% Profit Boosts after a qualifying first wager. Place your first real-money bet of $1 or more at odds of -10000 or longer, and Caesars will add the boosts to your account. Use promo code OADYW to claim the sign up offer.
Users can rely on Venmo to make deposits to Caesars and even claim the welcome bonus.
2) FanDuel
Ratings
- Odds: 5/5
- Intro Promo: 4.5/5
- Odds Boosts & Promos: 5/5
- Sports & Bets Offered: 5/5
- User Interface: 5/5
Intro Promo
Get $350 in bonus bets guaranteed when you bet $5 for 7 days. You have 7 days to use the bonus bets. No promo code required. Access with our exclusive link here.
FanDuel is one of the leading online sportsbooks in the US. It has a great app and website, and it has partnered with many popular sports franchises and leagues, including the NBA, MLB, and NHL.
New FanDuel users are eligible for $350 in bonus bets when they bet $5 for 7 days. You have 7 days to use the bonus bets and no promo code required.
Claiming the bonus is also possible with Venmo, as FanDuel was one of the early adopters of the popular payment option, making deposits and withdrawals hassle-free.
3) BetMGM
Ratings
- Odds: 5/5
- Intro Promo: 4.5/5
- Odds Boosts & Promos: 5/5
- Sports & Bets Offered: 5/5
- User Interface: 5/5
Intro Promo
If your first bet loses, receive a refund in bonus bets up to $1,500. You must use the bonus bets within 7 days of them being credited to your account but there is only a 1x rollover requirement. Access it with our exclusive link here.
BetMGM was launched after MGM Resorts International, one of the most successful gaming and entertainment companies in the US, decided to go online in partnership with Entain.
BetMGM is one of the most established sportsbooks in the country and it has a range of interesting features including live betting, cashouts, one-game parlays, and more. Newcomers can also claim bet Up to $1,500 Back If Your First Bet Loses welcome bonus
Users at BetMGM can make quick deposits with as little as $10 using Venmo. BetMGM also allows setting your own deposit limits, which will also apply to Venmo.
4) BetRivers/SugarHouse:
Ratings
- Odds: 5/5
- Intro Promo: 4/5
- Odds Boosts & Promos: 5/5
- Sports & Bets Offered: 5/5
- User Interface: 4.5/5
Intro Promo
BetRivers/SugarHouse offers a second chance bet up to $500 in all states except NY where its $100. You have 30 days to use the bonus bet if you receive it and there is only a 1x rollover requirement.
The Rivers brand name was created after SugarHouse Casino in Philadelphia was rebranded to Rivers Casino Philadelphia. The brand launched its online sportsbook, BetRivers, which features competitive odds in addition to many other great features, like live betting and cashouts.
The BetRivers sign-up bonus is a Second Chance Bet Up to $500 in all states where it operates.
BetRivers accepts Venmo, allowing hassle-free deposits and withdrawals. Bear in mind that this payment method isn’t offered to bettors in New Jersey. In any other state, you can use Venmo and even claim the lucrative new player offer.
5) DraftKings
Ratings
- Odds: 5/5
- Intro Promo: 4.5/5
- Odds Boosts & Promos: 4.5/5
- Sports & Bets Offered: 5/5
- User Interface: 4.5/5
Intro Promo
New users can claim $100 bonus after placing a $5 bet.
DraftKings was the first official online sportsbook to start operating in the US and is currently one of the most popular ones, with more than 1.5 million active users.
DK features competitive odds on all major sports leagues, along with a wide selection of betting markets and many other features. New players can get a bet $5, get $100 bonus bets.
DraftKings accepts Venmo for both deposits and withdrawals, but there’s one extra step if you want to use it on desktop. You’ll need to make your first Venmo deposit through the DraftKings app before Venmo becomes available on a desktop or laptop.
With a verified Venmo account, you can deposit up to $4,999 per transaction and $19,999 per week.
Venmo withdrawals on DraftKings can take up to two days. The money goes to your Venmo balance, not directly to a linked bank account.
The minimum Venmo withdrawal is $1, while the maximum withdrawal is $20,000.
Using Venmo for Depositing Into a Sportsbook Account
Let’s see how depositing with Venmo works.
How to Do It
- Pick an online sportsbook that accepts Venmo.
- Find the Register/Sign Up button and fill out the registration form.
- Go to the cashier page and select Venmo as a preferred deposit option.
- Enter the amount of money you’d like to deposit.
- Confirm this, and the Venmo app will launch so that you can confirm the transfer from the app.
Screenshots
Here are some screenshots of using Venmo to deposit to FanDuel Sportsbook:
Min & Max Deposit Amounts
Venmo lets you transfer small amounts of money, but the sportsbook of your choice defines the minimum limit, usually $10 or $20.
The maximum you can transfer in a single transaction via Venmo is $5,000. However, this limit might be smaller if the sportsbook of your choice has stricter limits.
Speed of Deposit
Deposits via Venmo are usually instant.
Fees
There are usually no fees associated with using Venmo to deposit to online sportsbooks.
Using Venmo for Withdrawing From a Sportsbook Account
Here’s all you need to know about Venmo withdrawals.
How to Do It
- Log in to the sportsbook of your choice.
- Go to the cashier section and select Venmo.
- Enter the amount you’d like to cash out.
- Confirm your withdrawal and wait for the sportsbook to review and approve it.
Min & Max Withdrawal Amounts
Usually, the minimum you can cash out from sportsbooks in the US is $20, which also applies to Venmo withdrawals. The maximum one-off transaction limit at Venmo is $5,000.
Speed of Withdrawal
Venmo is an instant withdrawal option, but the sportsbook may need some time to review and approve your withdrawal request.
Fees
No fees are usually associated with Venmo withdrawals.
Pros & Cons of Using Venmo With Your Sports Betting App
Here’s a quick overview of the major advantages and disadvantages of using Venmo.
Pros
- The transactions are usually instant
- It’s a secure payment method
- It’s easy to use (you just need to connect your Venmo to your sportsbook account)
- It doesn’t charge any fees
- Payouts are fast
Cons
- The $5,000 max transaction limit might be too low for high-rollers
- You need to connect Venmo to your bank account as a backup payment method
Venmo Background
Venmo is a mobile payment service owned by PayPal. It allows users to transfer money to one another using a mobile phone app.
It’s mainly a peer-to-peer transaction service, meaning it was designed to help users send and receive money from each other, though you can use it with businesses as well.
Venmo even features a social network capability where you can stay in touch with people you’re sending and receiving funds from.
Even though it has been available since 2009, the popularity of the mobile payment option has exploded in the last couple of years. For example, in 2020, there were 62.6 million active Venmo users, a 50.8% increase from 2019.
In 2021, a total of $230 billion was processed in transactions via Venmo, with the company generating $850 million in revenue.
Venmo vs. Other Sportsbook Banking Options
Is Venmo the right choice for you? Unfortunately, no magical payment options meets everyone’s needs, so you might need to consider an alternative. Here’s a quick comparison with other popular options.
- PayPal – Venmo is owned by PayPal, and the two are very similar, except that the former is more of a peer-to-peer app, whereas PayPal is more comprehensive. Either way, both are secure and trustworthy. However, the fees associated with PayPal are somewhat higher compared to Venmo.
- Online bank transfer – An online bank transfer is a decent choice if your bank approves you using funds for online gambling activities. That said, you’ll notice that many banks often don’t allow making direct deposits, and even if they do, these transactions often aren’t instant. Therefore, Venmo is much faster.
- Play+ Cards – Play+ is a branded type of card associated with many gambling sites, allowing you to make quick deposits and withdrawals. If you manage to obtain it, you’ll be able to make quick deposits and withdrawals from your bank account.
- PayNearMe – If you want to avoid using a bank account, you just need to go to a 7-Eleven accepting PayNearMe, make a payment, and get a code that you need to enter into a sportsbook to fund your account. Unfortunately, this option comes with only a $500 upper limit.
- Cash@ Cage – This is perhaps the safest and most convenient method, but it requires visiting a land-based casino that’s partnered with the sportsbook of your choice and making a deposit. If that property isn’t nearby, you’ll have to get out and drive to it to deposit. Unlike Venmo, or any other online option, cash at cage usually has very loose limits.
Venmo Betting Sites FAQ
Is Venmo safe to use with sports betting apps
Yes, Venmo is a secure and approved method in the US.
Does Venmo charge fees when using it with betting sites?
No, Venmo usually doesn’t charge any fees when making deposits or withdrawals.
How long do Venmo deposits take with sportsbooks?
Venmo transactions are usually instant.
How long do Venmo withdrawals take with sportsbooks?
Even though Venmo transactions are often instant, the sportsbook of your choice might need some time to process your withdrawal request. They typically don’t take longer than a few business days, if not within a few hours.
What are the min/max deposit limits with Venmo betting sites?
The minimum deposit is usually $10 or $20, depending on the betting site of your choice. Single-transaction maximum limit for Venmo is $5,000.
What are the min/max withdrawal limits with Venmo betting sites?
Online betting sites usually have a minimum limit of $20, whereas the maximum Venmo limit is $5,000.
Does FanDuel accept Venmo?
Yes, FanDuel accepts Venmo deposits and withdrawals.
Does DraftKings accept Venmo?
Yes, DraftKings accepts Venmo deposits and withdrawals.
Does BetMGM accept Venmo?
Yes, BetMGM accepts Venmo deposits and withdrawals.
Does PointsBet accept Venmo?
Unfortunately, PointsBet doesn’t accept Venmo.
