Venmo is an increasingly popular way to deposit and withdraw at online sports betting sites. The mobile payment service has grown exponentially through the years. Its availability has continued to soar as a result, as has its standing as a convenient banking option. 

Users can add money to their Venmo digital wallet via a linked bank account or debit card, and withdrawals work in the same fashion. Transactions process quickly on the app, which has become a preferred banking method for many sports bettors.  

Best Venmo betting sites for May 2024

People in a location with legal sports betting may have the option to use Venmo to bet on sports. Many of our recommended sites on this list offer Venmo as a banking option.

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What is Venmo? 

Venmo is a mobile payment provider. Users can transfer money on a peer-to-peer basis and also conduct business with Venmo-authorized merchants, including some of the top legal online sportsbooks. 

It’s essentially a digital wallet that’s similar to PayPal, which is also the parent company of Venmo. The former has a broader reach and is accepted in more places. While PayPal betting is very popular, Venmo continues to gain acceptance while growing in availability. 

How to deposit with Venmo

Venmo is a deposit option at many sports betting sites. However, note that availability will vary depending on the book and the state where you are located. For example, sports betting in New Jersey does not allow Venmo deposits. But these deposits are available in other legal states. 

The process is generally the same where Venmo is available. You log in to the sportsbook and access the cashier section to make a deposit. If it’s your first time using it on the site, you’ll then be redirected to Venmo. 

From there, you’ll enter your Venmo login credentials, confirm the payment and method, and click to submit. Deposits will go through instantly if you provide all of the correct information. Moving forward, Venmo will be one of your saved options. If there’s any trouble linking in the future, you’ll be directed to log in and verify once again.

Caesars SportsbookSelect Venmo as your payment option and follow the on-screen instructions.
The minimum deposit is $10.
Bonus amount: Up to $1,000
Caesars promo code: LSR1000
BetMGM SportsbookFrom the cashier tab, select deposit and then Venmo as your method.
You must deposit a minimum of $10. 
Bonus amount: Get up to $1,500 in bonus bets paid back if your first bet does not win
BetMGM bonus code: PLAYLSR
BetRivers SportsbookFrom desktop, you’ll get a QR code to scan and access on the app.
On mobile, you’ll be sent to the Venmo app to verify.
Minimum $10 deposit. 
Bonus amount: Up to $500
BetRivers bonus code: LSRRIV
FanDuel SportsbookSelect Venmo from the cashier screen and follow the directions.
FanDuel requires a $5 minimum deposit. 
Bonus amount: Bet $5, get $150, if your bet wins.
No FanDuel promo code needed
DraftKings SportsbookGo to the cashier on the website or app and select Venmo.
Follow the instructions and deposit at least $5.
Bonus amount: Up to $2,550 + daily NBA playoffs no sweat SGP
No DraftKings promo code needed

While Venmo is now available as a banking option at several top betting sites, some platforms, including Bet365 Sportsbook, do not offer it yet. Due to the increasing popularity of mobile payments, there’s a good chance that Venmo will be available in even more places in the future.  

Withdrawals with Venmo

Sportsbooks that accept Venmo deposits will also allow you to process withdrawals via the same method. To do so, you must have already verified your credentials and made a deposit to the sportsbook via Venmo. One of the fastest sportsbook payout methods is through Venmo.

Just like making a deposit, you simply head over to the cashier. Then, click the option to make a withdrawal from your balance and select Venmo as your method. If your account has been linked, the sportsbook will process the transaction, generally in less than 48 hours, and much quicker in many cases. 

Once you have linked your sportsbook and Venmo accounts that first time, you should be good to go. After the money arrives in your Venmo account, you can withdraw it to your linked bank account or debit card. 

Users of the mobile payment provider can also sign up for the Venmo debit card, which operates on the Mastercard network. If there have been any changes to your Venmo credentials, you may be prompted to log in and verify once again. 

History of Venmo

Venmo launched in 2009 with an eye toward becoming a convenient way for users to exchange funds. The company remained in beta testing for some time, and it finally became available on a mainstream basis in 2012. 

That same year, Braintree purchased the company, and subsequently PayPal acquired it in 2013. While PayPal is also in the mobile payment business, Venmo has remained available as a standalone option.   

In recent years, the popularity of Venmo has steadily increased. Users can exchange funds among themselves quickly, such as splitting the tab at a restaurant or dividing the cost of a shared ride. 

Venmo is also gaining acceptance as a payment option for businesses. The list of authorized merchants continues to grow, and it now includes several top legal online sportsbooks. That availability may also increase moving forward.

Venmo FAQ

Do any betting sites accept Venmo?

Yes. Caesars, BetMGM, BetRivers, FanDuel, and DraftKings are legal sports betting sites that accept Venmo. Note that Venmo may not be available as a banking option in all the states where a sportsbook is available.

What is Venmo’s policy for gambling?

Venmo is an approved banking method at several top legal sports betting sites. If Venmo is available at a sportsbook, that book will list it as a banking option on the book’s website or app.

Can I use Venmo at BetMGM?

You can use Venmo at BetMGM in some of the states where the online sportsbook is legal, but not all of them.

Can I use Venmo on FanDuel?

FanDuel accepts Venmo for both deposits and withdrawals. However, its availability does vary depending on the state. 

How long does DraftKings take to withdraw via Venmo?

Per the DraftKings Sportsbook terms of service, Venmo withdrawals may take up to two days to process. However, withdrawals are generally much quicker in most instances.

What are the downsides of Venmo?

The only options for adding funds to your Venmo account are a linked bank account or a debit card. There is also a fee for some of the mobile wallet’s services. While people generally regard it as safe, we encourage users to adjust and monitor privacy settings.

What is the difference between PayPal and Venmo?

PayPal is more widely available than Venmo. The two mobile payment providers are part of the same corporate family, as PayPal acquired Venmo in 2013. 

What is the difference between Zelle and Venmo?

Venmo allows transfers between linked bank accounts and debit cards. Zelle transactions are limited to linked bank accounts or credit unions.

Can I use Venmo to bet on the NFL?

Currently, many football betting sites allow Venmo deposits for wagering on the NFL.