Venmo is becoming an increasingly popular payment method at some of the best online casinos in the United States. Players appreciate its speed, security, and reliability, though there are some potential drawbacks to consider. Read on to learn more about the pros and cons of using Venmo at online casinos.
Page Navigation
How to Make a Deposit with Venmo
Depositing with Venmo is straightforward at top online casinos. Below, we explain the process at DraftKings Casino, though it’s similar at other operators like BetMGM and FanDuel:
- Visit the Deposit Section
Log into your account and click the “Deposit” option in the top right corner of the app or website. Choose one of the prepopulated deposit amounts or type a custom amount in the provided box. - Select Venmo as Your Payment Method
Select the Venmo button within the grid of available payment methods and click “Continue.” - Authorize the Casino to Charge Your Venmo Account
Once on the Venmo login page, sign in and authorize the payment by clicking “Agree & Complete.” The funds will then be instantly available in your account.
How to Withdraw Winnings with Venmo
You can also withdraw your casino winnings quickly via Venmo. Just note that Venmo withdrawals are capped at $20,000. Follow these steps to withdraw via Venmo at DraftKings Casino:
- Visit the Withdrawal Page
Click your account icon to view your available balance. Select “Withdraw” to initiate a payout request. - Enter a Withdrawal Amount
The page will display your withdrawable balance. Enter the amount you want to withdraw and click “Continue.” - Wait for Your Funds to Arrive
You will receive an email confirming your request. A team member will review and approve the payout, and then the funds will be released. DraftKings advises that Venmo withdrawals can take up to two days, but funds often arrive sooner.
Pros and Cons of Using Venmo
Pros:
- It’s a fast and simple way to fund your online casino account, with no need to provide card details.
- Venmo is a reputable payment provider with strong security measures.
- It’s one of the fastest withdrawal options at online casinos.
- Some casinos offer low minimum withdrawals via Venmo, making it ideal for casual players. For instance, the minimum withdrawal at DraftKings is just $5.
Cons:
- Only a few legal online casinos currently accept Venmo, so you’ll have more options with methods like Visa, Mastercard, or PayPal.
- It’s not recommended to store large amounts of money in Venmo since the funds are not FDIC-insured.
- Operators like DraftKings don’t accept Venmo transfers initiated via the Venmo app due to the risk of lost deposits.
- Venmo has lower deposit and withdrawal limits compared to many other payment options.
Venmo Online Casino Deposits FAQ
Can I Use Venmo for Online Casino Deposits?
Yes, Venmo can be used for online casino deposits at certain sites in New Jersey, Pennsylvania, Michigan, West Virginia, and Connecticut. Simply check the payment page of the online casino to see if Venmo is accepted.
Which Online Casinos Accept Venmo?
Venmo is accepted at BetMGM, DraftKings, and FanDuel. You can use Venmo for both deposits and withdrawals at these sites, and they do not charge fees for Venmo payments.
What Are the Online Casino Deposit Limits When Using Venmo?
The minimum deposit through Venmo is typically $5 or $10, depending on the casino. You can withdraw up to $2,999.99 per transaction and up to $5,999.99 per week via Venmo, making other methods more suitable for high-stakes players.
How Long Do Venmo Withdrawals Take at Online Casinos?
Once approved, Venmo withdrawals generally take less than an hour. The exact timing depends on the casino’s internal processing, but the best online casinos often approve withdrawals on the same day.
How Do I Get Money Out of Venmo?
You can transfer funds from your Venmo wallet to your bank account. You have two options: an instant transfer (with a small fee) or a standard transfer, which takes 1-3 business days. Venmo also offers a debit card for cash withdrawals at ATMs.
Which is Safer – PayPal or Venmo?
PayPal and Venmo are both owned by PayPal Holdings Inc. and offer similar security measures, including encryption and two-factor authentication. However, PayPal’s security measures may be more robust for businesses.
