Venmo Overview
Venmo was founded in 2009 and acquired by PayPal in 2013. Since its inception, Venmo has amassed over 60 million users. The popularity of this payment method stems from its convenient usage. Namely, Venmo users can connect their Venmo account to their bank accounts, credit and debit cards, or order a Venmo MasterCard to conduct their payments with.
How to Deposit with Venmo at Online Casinos
Venmo is still a fairly new payment method in the world of iGaming, which is why not many online casinos have it as one of their accepted payment options. However, as the deposit method gains in popularity, so will the number of US casinos that accept Venmo rise, too, and new casinos will make sure to include Venmo as one of their deposit methods.
If you wish to make a deposit at online casinos that take Venmo, there are certain steps that need to be taken, and they are as follows:
- Choose a payment option to deposit funds into your Venmo account (e.g. bank transfer, direct deposit, cheque)
- Go to your Venmo casino of choice
- Open the cashier
- Pick Venmo from the casino’s list of deposit methods
- Choose or type in the specific deposit amount you wish to add to your casino account
- Verify the transaction from your Venmo account
- Once the transaction has been authorised, the funds will be credited from your Venmo to your casino account
- Voila! You are now ready to play casino games using real money.
How to Withdraw Funds with Venmo
Withdrawing your funds using Venmo works in a similar way to depositing. However, to make matters easier for you, we will break down how withdrawing funds at online casinos that accept Venmo works, too.
- Go to the withdrawal section of your casino account
- Choose Venmo from the casino’s list of withdrawal methods
- Enter your desired withdrawal amount
- Wait for your transaction to be processed and approved, after which the funds will be credited to your Venmo account.
Disadvantages of Venmo When Using It at Online Casinos
As stated before, Venmo is a very popular casino payment method, available to US residents only. Still, there are certain disadvantages to using this payment option at Venmo casinos.
For starters, when you first create a Venmo account, there is a limit of $299.99, which will be increased once your identity has been verified. You can send up to $2,999.99 in each seven-day period.
Additionally, remember that if you are paying with your bank account or debit card, there are no fees. However, your payments made with a credit card come with a 3% fee per transaction.
What’s more, certain credit card providers may charge additional fees for transactions made with Venmo, namely cash advance fees.
Another thing to consider is that there aren’t many US casinos that accept Venmo. Therefore, always make sure to check whether your online or mobile casino of choice has Venmo listed as one of their accepted payment methods.
Should You Use Venmo at Online Casinos?
Players sometimes choose Venmo because, ever since PayPal introduced instant transfer in 2018, they have been able to deposit funds to their debit cards in 30 minutes or less.
Apart from Venmo being a fast payment method, it is also a secure payment method, as it is owned and operated by PayPal.
However, because Venmo is such a popular deposit method in the USA, it is also used by scammers. Therefore, please beware of any suspicious accounts and don’t trust any account you don’t know.
Additionally, always make sure you are playing at licenced and vetted online casinos. To help you with your choice, our casino reviews are at your disposal at all times.
Ultimately, as it is with every casino payment method, whether or not you will use Venmo at online casinos is ultimately up to you. Our suggestion is always to weigh your pros and cons, and decide if Venmo is the right payment option for you.
