Venmo Casinos

Online gambling operators are constantly adopting new payment solutions to accommodate players and their banking needs. Venmo is among the latest additions to the cashiers of some casinos, although the method is hardly new.

Available exclusively to payees from the United States, Venmo emerged in 2009 as a mobile payment solution that enables users to seamlessly transfer money from their cards or bank accounts. Paying from one’s Venmo balance is also an alternative.

A subsidiary of the global fin-tech company PayPal since 2013, Venmo started as a mobile bill-splitting service for friends and relatives. The method has now made its way to some US-facing online casinos where players can use it to manage their real-money balance. Users also have the option to apply for a Venmo debit card and use it across all US merchants that work with Mastercard.

Venmo stands out from other payment methods because it adds a social element to mobile banking. Users can attach animated stickers and emojis to their mobile payments and share the transactions to their Venmo feed. Commenting on money transfers is also possible with Venmo, which makes the method shockingly similar to social media platforms like Facebook.

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Using Venmo for Gambling Transactions

Players must set up Venmo accounts before they can use the method for online gambling transactions. Creating an account comes at no extra cost and requires only a couple of minutes. Entering some basic personal and banking information is necessary, starting with a valid ten-digit mobile phone number and email address. Note that the method works only with US mobile numbers.

Venmo will then send you a text message with a four-digit code you must enter in the designated field to verify your mobile phone and proceed further. Venmo users must confirm both their emails and phone numbers before they can transfer money from their accounts or request payments.

Under the regulations of the US Treasury Department, users may also have to provide their social security numbers in case they send $300 or a higher amount within a single week. SSN identity verification is again necessary whenever customers transfer amounts exceeding $1,000 to their bank accounts within seven days.

Once players complete the registration process and connect Venmo to their cards or bank accounts, they can start using the method for online casino deposits. Depositing from one’s Venmo balance is also possible. If the Venmo balance is insufficient for the transaction, the system will automatically pull out the necessary amount from the linked card or bank account.

After you find a US-friendly online casino that supports Venmo and register there, you simply must load the cashier and select the method from the available deposit options. Specify the sum you wish to transfer to your real-money balance and follow the casino’s instructions to complete the transaction. The funds should be available in your casino account shortly after.

Since Venmo is a subsidiary of PayPal, you might be able to use it at casinos that work with the e-wallet. Just tap the icon with the PayPal logo on your smartphone to initiate the PayPal checkout process. Venmo will then appear as a banking option on the next page if available. If so, the cashier system will prompt you to select one of two options – “Pay with PayPal” or “Pay with Venmo”.

The withdrawal procedure is quite similar, only the funds will require a bit more time to go through due to the casinos’ verification policies. Users receive money from others straight to their Venmo balance and can leave it there for future deposits. Alternatively, players have the option to transfer the withdrawn funds to a linked bank account, credit card, or debit card.

Advantages and Disadvantages of Venmo

Cost-effectiveness and convenience are among the biggest advantages of using Venmo for gambling-related transactions. Paying for online purchases via the Venmo mobile app does not involve any additional expenses. The same goes for sending and receiving money to and from friends, family, and online businesses from the Venmo balance, linked debit cards, and bank accounts. Topping up the Venmo balance from one’s bank account is also free of extra charges.

Another advantage of this payment method is that it facilitates cryptocurrency transactions. Users can purchase or sell decentralized currencies and store them in their Venmo balance. Venmo partners with the brokerage platform Paxos for this purpose and supports several major cryptocurrencies, including Bitcoin Cash, Bitcoin, Litecoin, and Ethereum.

The service is available to all Venmo customers from the US except those based in the state of Hawaii. Limits on crypto transactions are in place – you can purchase no more than $20,000 per week and up to $50,000 per year.

Venmo is convenient and easy to use for online gambling transactions. We are confident players who have previous experience with the PayPal platform will have no issues when banking with Venmo. There is no learning curve whatsoever. All you have to do is download the app, sign up, verify your account, and link it to your personal bank account or card.

Venmo users can acquire Venmo debit cards at no extra cost. The Mastercard-branded debit cards are linked to customers’ available Venmo balance, allowing them to initiate transactions at merchants based in the United States and US territories. You can apply for one via the cards tab of your Venmo account and will receive it within fifteen days of approval.

Venmo Pros

Venmo Cons

No fees for initiating online payments

Unavailable outside the USA

Enables users to purchase or sell cryptocurrencies

Supported by a limited number of US-friendly online casinos

Convenient and straightforward

Does not support paying or charging on desktop

Free Venmo debit and credit cards

Low transaction limits

Involves social-network elements

Users can share their transaction history publicly

Venmo Fees for Gambling Transactions

As we previously told you, Venmo is a very cost-efficient way to manage your online gambling funds. When fees are in place, they are nominal and clearly stated to prevent any unpleasant surprises. There are no fees for monthly maintenance or setting up an account. Paying for online purchases or transferring funds to people via your Venmo balance, debit card, or bank account also comes at no cost. However, there is a 3% fee when you send funds via a Venmo-connected credit card.

Receiving money from fellow Venmo users is not associated with extra expenses, either. Standard electronic transfers from the Venmo balance to a linked bank account are also free. You will incur a 1.5% fee if you use instant electronic transfers to withdraw funds to your bank account or debit card. Said fees start at $0.25 and cannot exceed $15 per instant electronic withdrawal.

The fees for purchasing or selling cryptocurrencies via Venmo start at $0.49 but the exact charges are amount-specific. In other words, the more cryptos you transact with, the higher the fees you have to pay. Venmo Mastercard withdrawals from non-MoneyPass automated teller machines are charged at a rate of $2.50, while signature withdrawals at a bank desk will cost you $3.

Processing Times with Venmo

Apart from being cost-effective, Venmo also poses as a time-efficient way to manage your online gambling transactions. Deposits with this mobile solution are typically instant at Venmo casinos. As far as withdrawals go, you will have to wait a little longer due to the verification policies implemented by gambling operators.

The casino will have to first approve your withdrawal request before it releases the funds from your balance. The timeframes necessary for verification are operator-specific, ranging from several hours to three business days. The waiting times are normally available on the payments page but you can always ask a support representative if you fail to find them.

Adding money to the Venmo balance via a linked bank account might require between three to five working days. Users who have acquired Venmo debit cards can top up their balance immediately but are restricted by a weekly limit of $500.

Moving funds in the opposite direction is also possible and requires one to three business days. Players who are in a hurry to withdraw from their Venmo balance have the option to use the so-called instant transfers.

In this case, the funds will hit their bank accounts within half an hour or so. Speed comes at a cost, though, as instant transfers are associated with a 1.5% transaction fee. The Venmo debit cards connect directly to your available Venmo balance, so no extra steps are necessary to move the funds.

Mobile Payments with Venmo

Venmo is the ideal solution for smartphone and tablet casino players since it is intended primarily for use on portable devices. Furthermore, sending and charging money is possible on mobile only. The company started to phase out its web services back in 2018. When it comes to compatibility, Venmo will work on any smart device that runs on Android 5.0 and iOS 12 or higher.

Regardless of the operating system you are using, your phone should be able to accept short-code messages. Those who use iPhones and iPads should head over to the App Store to download the iOS app for free. The Venmo iOS app is the third most popular finance-related application in the App Store, boasting a 4.9-star rating out of 5 possible stars.

Android users can obtain their applications from the Google Play Store. English is the only supported language, but this makes sense considering Venmo is available within the United States only.

The developers behind Venmo are constantly fine-tuning the app to deliver a seamless experience to all smartphone users. It is highly recommended to install updates regularly if you wish your Venmo app to run as smoothly as possible. Connecting the app to your Google Pay or Apple Pay is possible as well.

Security at Venmo Online Casinos

Venmo implements elaborate encryption to safeguard users’ financial and personal data. Various other measures are also in place to protect you and your payments. For starters, there is a multi-factor authentication process when you log in, which adds an extra level of security. The platform might send you a special six-digit code to the mobile number you have registered your Venmo account with.

Users who have connected bank accounts or cards to their Venmo accounts can authenticate themselves by verifying their banking information. Alternatively, you can give the app permission to remember your smartphone as a trusted device. Doing this enables you to skip the code confirmation on future log-ins.

Another great thing about Venmo is that it enables you to add a PIN to your account for additional safety. The app will then prompt you to enter this unique passcode each time you attempt to sign into your Venmo profile. Just navigate to the settings and tap on security where you can activate this feature.

Venmo also supports biometrics for authentication purposes such as fingerprint and Face ID. In fact, the app first uses the Face ID and only sends prompts for the passcode if the biometric fails. As part of the PayPal family, Venmo is heavily regulated by several federal agencies in the US, including the Consumer Financial Protection Bureau and the Financial Crimes Enforcement Network (FinCEN).

The mobile payment platform recently attracted scathing criticism for its global public feed which practically enabled everyone on the internet to view users’ transaction history. The good news is the company ditched this practice when it came under regulatory pressure. Of course, the fact that Buzzfeed reporters managed to find the Venmo accounts of President Biden and his wife within ten minutes of searching also played an important role in the company’s decision to step up its privacy game.