Pros and cons of Venmo
Venmo: Pros & Cons
- Mobile-friendly platform
- No fees for debit cards
- Deposits are instant
- Signup and verification on app
Sign up process for Venmo – a step-by-step guide
Now, we take it that you have decided to do some online gambling using Venmo, so we’ve put together a step-by-step guide that you can follow to make sure you tick all the right boxes. Take notice that this is the process to follow for a “Personal Account.” Let’s get into it:
- First, you need to whip out your iOS or Android mobile phone as Venmo payments are done through their app. Go to either the Apple App Store or the Android Play Store and download the Venmo app.
- Create your Venmo account in the app. You’ll have the choice to either create an account through your Facebook account or your email. Create a strong password and keep it safe.
- Verify your email address and phone number. You will receive a text to your mobile to do this.
- Almost done! You should now be able to link your debit or credit card to your Venmo account. You also have the helpful option to connect a bank account with your Venmo account, but it is not necessary.
- Now, you can fund your Venmo account with the method of your choice, be it your credit or debit card or even your bank account.
The signup process is similar to that of PayPal, and if you want to learn about online casinos with PayPal payment options, you can go and read our in-depth guide.
Making a payment with Venmo
Making deposits at an online casino with Venmo is an easy process once you have created the Venmo account. Let’s go through it in a few simple steps.
1. Create your online casino account
Most online casinos will require you to create an account before you can make a deposit. Go to the operator’s main website, and look for the “Register” or “Create an account” button; it should usually be right at the top of the main page. You will have to provide basic information to create your account, starting with your name, date of birth, address, email address, and phone number.
2. Verify the account through KYC
The operator will want to confirm your identity via a KYC or know-your-client process. Usually, they will ask you to provide a few recent photos of yourself, proof of residence, and a government-issued form of ID. After you send these documents to the operator, the verification process is usually done within 24 to 48 hours.
3. Make your first deposit with Venmo
Look for the deposit option on your dashboard. You’ll be greeted with a list or drop-down menu of all the supported payment methods. Scroll until you find the Venmo option, and then fill in the form with your details and the correct amount.
If you want to learn how an
online casino with credit cards
works, you can refer to our handy review, which also contains a step-by-step guide on making that first deposit.
Withdrawal and deposits with Venmo
Now, we can look at the speed of your Venmo payments and when you should expect them to show. When you play at an online casino with Venmo, you should contact customer support if your withdrawal or deposit doesn’t show up on time.
Venmo deposit speed
Once you deposit at an online casino with Venmo, you’ll see the funds reflect almost immediately. It’s a significant plus point of this eWallet. Looking at online casinos with Boku as a payment method, Venmo is on par by providing almost instant deposit speeds.
Venmo withdrawal speed
The speed of a withdrawal mostly depends on the speed at which the online casino operator can process the withdrawal request.
In most cases, it takes between 24 to 48 hours. Then, you can start expecting the funds to show up in your Venmo account. When you compare the withdrawal speed to those of credit cards or bank transfers, Venmo has the upper hand.
Here, you’ll find a brief outline of Venmo’s payment limits and timeframes. It’s always a good idea to check with the online casino provider regarding the payment limits and timeframes, as it could impact the info provided in the table:
| Venmo |
Deposits |
Withdrawals |
| Timeframes |
Almost instant |
48 – 72 hours |
| Minimum Amount |
Casino specific – usually $10 |
Casino specific |
| Maximum amount |
Casino specific |
Casino specific |
Venmo verification requirements – excellent added security
Before you enjoy an online casino with Venmo for your gambling, Venmo might require more information from you. You can easily do the verification process on the Venmo app. PayPal requires a similar process, so If you want to gamble at
online casinos with PayPal, you can refer to our handy guide.
If Venmo struggles to verify a user’s identification, additional documentation can be sent. The user can do this directly through the Venmo app. These documents include government-issued ID, lease agreements, or passports.
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The history of Venmo
An interesting history lesson on Venmo might give you more appreciation of how far things had to go before we had online casinos with Venmo deposits and withdrawals. Here follows a short description of Venmo’s tale:
Origins in 2009
The founders of Venmo, Andrew Kortina and Iqram Magdon Ismail, started Venmo as a way to solve the problem of being able to send each other money without having to exchange cash or use cheques. The system started out using SMSs with notes attached.
App launched in 2010
When the Venmo app launched in 2010, they no longer used the SMS system. Apple and Android users could join by downloading the app in September 2011. The same year, the online payments company Braintree bought Venmo for $26 million.
Acquired by PayPal
In 2012, the online payment giant PayPal acquired Braintree, Venmo’s holding company, for $800 million. Venmo officially became part of PayPal.
Venmo compared to other providers
There are numerous
online casino payment methods, and we thought it would be a good idea to provide you with a brief comparison between Venmo and another popular payment provider. Next time you’re gaming at the online casino with Venmo payments, you’ll know how it measures up.
PayPal
As we’ve mentioned, PayPal is another eWallet option, and they own Venmo, making it an interesting comparison. Regarding fees, PayPal and Venmo charge about 3% fees to fund your account with a credit card. There is a slight difference, as Venmo offers no fees when you fund your account with a debit card. On the other hand, PayPal offers the same no-fee option when using a bank account. Further, PayPal is available in more than 200 countries, while Venmo is only available in the US. Venmo is completely app-based, while you can access PayPal from a browser. For US users, it’s really a preference as to whether you want the option of using a browser or you do everything on apps.
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3 essential facts about using Venmo
In the final part of our online casino with Venmo guide, we would like to bring your attention to a few significant facts that you’ll want to keep mind when using Venmo:
1. Venmo will likely not be eligible for bonus deposits
We know it’s kind of a bummer. Still, this potential issue not only plagues Venmo users but most other eWallet gamblers. To make sure you can use your Venmo account, you can look at the bonus T&Cs to find out if a Venmo deposit will be allowed to qualify for a bonus. Overall, gambling using Venmo shouldn’t give you any problems.
2. Check if your operator accepts Venmo withdrawals
As Venmo is not as well-known as PayPal, some operators don’t accept Venmo as a withdrawal method. It could result in frustration as you would have to sign up with another payment provider just to get your withdrawal. To avoid any frustration, you can confirm if you can withdraw your funds with Venmo.
3. Verification blues
When verifying your account with Venmo, ensure that you send them the correct documentation. At the moment, they are handling large numbers of verifications. If they get to your account and some documents are missing or not correct, they will have to contact you again, and you’ll have to send another batch.
Conclusion – a solid option for US residents
Our team of experts was thoroughly impressed by PayPal’s little brother. Venmo is a great option if you want to go the eWallet route. It is fully optimized for your mobile phone, and the sign-up and verification process can be done via the app. Deposits are instant, while withdrawals take up to three days, which is respectable. You will pay no extra fees if you use a debit card to fund your account. At the moment, Venmo is, unfortunately, only available to US residents. If you do live in the US and can make use of Venmo, you can give it a try. It could likely make your online casino experience so much more convenient. You can look at our operator reviews and see which operators support Venmo as a payment method.
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Online casino Venmo FAQ
How much does it cost to use Venmo for online casinos?
Every payment provider has different fees or rates applicable. In our payment method guides, we do proper research and ensure that you get crucial information regarding fees. You can refer to our online casino with Venmo guide for a detailed discussion on Venmo’s fees.
Can I use Venmo at any online casino?
Each operator has a different list of supported payment methods. The user’s geographical location will play a part in their payment methods. Our payment method guides and reviews discuss this in more detail.
Is PayPal better than Venmo for online casino gambling?
PayPal and Venmo are both eWallets, and PayPal owns Venmo. However, there are some key differences between the two, and you can read about them in our online casino Venmo review or our PayPal review.
Is Mastercard a viable alternative to Venmo?
Mastercard is a giant payment provider. They offer many credit and debit card options, some of which you can use to play at your favorite online casino. Our
online casinos with Mastercard
guide will provide you with some more information.
