Venmo Betting Guide - Best Sportsbooks Accepting Venmo

November 2, 2023

As online sports betting continues to grow in popularity across the United States and beyond, sportsbooks have continued to adapt and offer the most convenient and desired payment options to their customers. Venmo, a peer-to-peer payment app and one of the top digital payment apps, is now an acceptable form of payment on several well-known U.S. sportsbooks and will likely continue to become more available to sports bettors worldwide.

In this article, we will provide an in-depth guide to Venmo sports betting. This will include the top online sportsbooks that allow deposits and withdrawals from your Venmo account, the advantages and disadvantages of this particular payment method, factors to consider when choosing a Venmo betting site, and much more!

SportsbookPromotionPromo Code
DraftKings
Bet $5 Get $150 in bonus bets + No Sweat SGP DailyNONE NEEDED - Use link
Bet365
Bet $5 and Get $150 in Bonus BetsSQOREBONUS
BetMGM
Bet $10 and Get $200 in Bonus BetsSQORE200
Caesars
$1,000 First Bet on CaesarsSQORE1000
FanDuel
Bet $5 Get $200 in Bonus BetsNONE NEEDED - Use link
BetRivers
2nd chance bet up to $500SPORTS
Betway
2nd chance bet up to $250None Needed - Click here
Unibet
2nd chance bet up to $500None Needed - Click the link

Gambling problem? Call 1-800-GAMBLER CO, DC, IL, IN, KY, LA, MD, MS, NJ, OH, PA, TN, VA, WV, WY
Call 877-8-HOPENY or text HOPENY (467369) (NY), Call 1-800-327-5050 (MA), 21+ to wager. Please Gamble Responsibly. Call 1-800-NEXT-STEP (AZ), 1-800-522-4700 (KS, NV), 1-800-BETS-OFF (IA), 1-800-270-7117 for confidential help (MI). 

Top Betting Sites for Venmo Deposits & Withdrawals

Your sports betting options may be slightly limited if Venmo is your preferred form of payment. However, there are still plenty of fantastic online sportsbooks in the United States that allow Venmo deposits and withdrawals. A few of the top options that deserve your consideration are shown in the chart below.

SportsbookMinimum Deposit AmountPayout TimeBest Features and Qualities
DraftKings

 

$5Within 2 Days-Widely Available Across the United States
-Frequent Bonus Opportunities and Everyday Promotions
-Variety of Bet Types
-User-Friendly Interface
FanDuel
$10Within 2 Days-Top-Tier Mobile App
-Incredible Customer Service
-Generous Welcome Offer
-Many Payment Options Available
BetMGM
$10Up to 5 Days-Fantastic Live Betting Experience
-Competitive Odds
-Incredible Market Depth
-One of the Best Customer Rewards Programs in the Industry

It is also worth noting that popular online sports betting sites such as Caesars, BetRivers, Unibet, and bet365 are all expected to add Venmo as an acceptable payment option soon.

Choosing a Venmo Sportsbook

Choosing the Venmo Sportsbook that works best for you can be a daunting task. There are so many important factors to take into consideration when making your decision. A few of the features and qualities that you may want to look for in a sports betting platform are listed below.

  • Availability: One of the most important factors to consider before signing up with a sportsbook is its availability. You will always want to make sure the betting site is currently live in your state or jurisdiction.
  • Reputation: You will also want to choose a sportsbook that has a reputation for being fair, offering payouts in a timely manner, and protecting its customers' private information. You may choose to read reviews from current or past customers to get an idea of what you can expect.
  • Bonuses and Promotions: Daily and weekly promotional deals can greatly improve one's overall betting experience. You may want to choose a betting site that has a generous welcome offer, frequent odds boosts, and other exciting bonus opportunities.
  • Customer Service: It is very important that your sportsbook has a helpful customer support team that is available 24 hours a day, seven days a week to help you get your problems resolved, questions answered, and concerns addressed.
  • Mobile App User Experience: Most online sportsbooks offer their customers a mobile app for both Apple and Android devices. You will want to make sure the mobile app is reliable, meaning it is not prone to crash or buffer, and user-friendly.
  • Odd Competitiveness: Lastly, you will want to find a sportsbook that offers some of the most competitive odds on the market. Placing a bet at -110 instead of -115 may not seem like a big deal, but it could be the difference between being profitable and losing money in the long run.

Pros & Cons of Venmo Sports Betting

There are many advantages to choosing Venmo as your preferred form of payment. However, there are also a few disadvantages worth mentioning. The pros and cons of Venmo sports betting are outlined in the table below.

✅ Pros of Venmo Sports Betting❌ Cons of Venmo Sports Betting
Immediate DepositsLimited Availability Among U.S. Sportsbooks
Convenient and Easy To UseLower Maximum Deposit and Withdrawal Amounts
Speedy Payouts 
No Additional Fees or Extra Charges 
Safe and Secure Payment Option 

As you can see, the pros of using your Venmo account to deposit and withdraw funds from your online sportsbook account far outweigh the cons. Venmo allows your deposited funds to be credited to your account instantly, meaning you can start placing wagers at any time as soon as you are ready. In addition, it is incredibly easy and convenient to use Venmo for your sports betting needs as well as other online payments or transactions between you and your friends.

Furthermore, Venmo is an incredibly safe and reliable form of payment, as you will not need to worry about your personal information or funds being compromised during transactions. You will also generally avoid any extra fees that may be associated with other banking options, and Venmo withdrawals are typically among the quickest options available to users. The only downsides to Venmo sports betting involve its limited availability among major online U.S. sportsbooks and the somewhat lower maximum amounts for deposits and withdrawals.

Other Payment Method Betting Guides

How To Start Betting With Venmo

You can fund your sports betting account with Venmo and start placing wagers on all your favorite sports and teams today! Just follow the steps provided below.

1 Open a Venmo Account

You will first want to sign up for an account with Venmo. Download the Venmo mobile app, enter all your personal information, verify your identity, and link your bank account (or debit/credit card) to complete the registration process. If you already have a Venmo account, you may skip this step.

2 Choose a Venmo Sportsbook

The next step requires you to choose an online sportsbook that allows Venmo transactions and also fits your personal preferences and sports betting needs. 

3 Create a Sports Betting Account

Once you have selected your sports betting platform, create an account on the sportsbook's website or mobile app. Enter all required information in the boxes provided and verify your account. You may also choose to enter a promo code to claim the platform's welcome offer to new customers.

4 Make a Venmo Deposit

Click the “Deposit” or “Add Funds” option to make your first Venmo deposit. You will need to select “Venmo” from the list of payment methods, enter the amount you would like to add to your account, and sign in to your Venmo account to confirm the transaction.

5 Start Placing Bets

Your deposited funds will be credited to your account immediately, and you will be able to start placing wagers on any of the betting options provide by your sportsbook.

6 Make a Venmo Withdrawal

When you are ready to withdraw funds from your account, select the “Cash Out” or “Withdraw” option. Choose “Venmo” as your preferred withdrawal method and enter the amount you wish to remove from your account. Payout times differ depending on the sportsbook, but you will like receive your funds within 2-3 business days.

FAQ

What sportsbooks accept Venmo?

DraftKings, FanDuel, BetMGM, and several other online sportsbooks accept Venmo as a valid form of payment. However, many other high-quality sports betting platforms are expected to allow Venmo transactions in the near future.

Is Venmo a safe option for sports betting?

Yes, Venmo is one of the safest ways to add and remove funds from your online sports betting account. When you make Venmo transactions using any of the sportsbooks mentioned in this guide, your personal and banking information will always be well-protected and secure.

Is PayPal or Venmo better for online betting?

Venmo and PayPal are two of the most popular digital payment platforms in the United States and beyond. They are easy to use, allow for immediate deposits to your betting accounts, and provide relatively fast payout times. The only major difference between the two options is that PayPal is currently available on a greater number of online sportsbooks in the U.S.

Peyton
Peyton Powell
Peyton is an huge sports fan and a graduate of the University of Louisville. He has always enjoyed playing, watching, and betting on sports. Born and raised in Kentucky, a state without any professional sports teams, he had to find teams to cheer for away from home. Peyton's favorite teams include the Los Angeles Lakers, Baltimore Ravens, and Boston Red Sox.