Venmo is an increasingly popular payment method at some of the best online casinos in the United States. Players appreciate the speed, security, and reliability that it offers, but there are a few potential drawbacks to consider. Read on to learn more about the pros and cons of Venmo as a payment method at online casinos.
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Venmo online casino key takeaways
| 🏛️ Casinos Accepting Venmo | DraftKings, FanDuel, BetMGM |
| 🥇 Best Venmo Casino | DraftKings |
| ⏱️ Best Processing Time | FanDuel |
| 💵 Avg. Minimum Deposit | $10 |
| 💰 Avg. Max Withdrawal Amount | $2,999.99 |
| 💲Fees | None |
Venmo overview
Venmo is a popular e-wallet owned by PayPal Holdings Inc. It has traditionally specialized in peer-to-peer payments between friends and family members, allowing them to split bills for movies, dinner, rent, and so on. Venmo also includes a social network aspect.
However, Venmo is now increasingly offered as a standard casino deposit and withdrawal option at businesses such as online casinos. It facilitates instant deposits, and it is one of the fastest withdrawal options, too. You can create a Venmo account via the mobile app or website. Just provide a valid email address and phone number to get started.
Best Venmo online casinos
1. DraftKings Casino: Best overall casino
DraftKings Casinos is the best online casino for Venmo payments. It offers free, instant deposits starting at just $5, and you can also use Venmo for fast payouts.
Venmo withdrawals are available from $1 to $20,000 per transaction. If you would like to make a larger withdrawal, the upper limit for PayPal is $60,000, online banking is $100,000 and bank wires are unlimited.
DraftKings offers a large range of real money slots and table games, with lots of exclusives. The user experience is simple, and it provides some of the largest bonuses in the industry too.
2. FanDuel Casino: Fastest payout
FanDuel Casino offers faster Venmo payouts than rival online casinos. Most payout requests are approved within an hour, and the funds should then show up in your Venmo account in just a couple of minutes.
This online casino does not feature as many slots and table games as DraftKings, but it offers a beginner-friendly interface and better customer support.
The FanDuel Casino app also has better average user ratings than rival casinos on Google Play and the App Store. It provides regular bonuses too, including a daily spin on the Reward Machine.
3. BetMGM Palace: Best rewards program
BetMGM Casino is the best Venmo casino for anyone seeking ongoing casino rewards. It is part of the MGM Rewards program, which also covers land-based casinos such as Bellagio in Vegas, Borgata in Atlantic City and MGM Grand Detroit.
You will receive 20 points for every $100 wagered on slots, 10 points for every $100 wagered on progressive jackpots and 4 points for every $100 wagered on table games.
The points can be redeemed for bonus credits, along with rewards at land-based casinos owned by MGM Resorts International.
How to make a deposit with Venmo
Depositing with Venmo is a straightforward process at the top online casinos. This section explains how to do so at DraftKings Casino, but the process is similar at rival operators such as BetMGM and FanDuel.
Step 1: Visit the Deposit section
Log into your account and hit the “Deposit” option in the top right corner of the app or the website. Choose one of the prepopulated deposit amounts or type a custom amount in the box provided.
Step 2: Select Venmo as your payment method
Select the Venmo button displayed within the grid of available payment methods and tap or click “Continue.”
Step 3: Authorize the casino to charge your Venmo account
Once you’re on the Venmo login page, you can quickly sign in and authorize the payment by tapping the “Agree & Complete” button. The funds will then be available in your account immediately.
Read more: Minimum deposit casinos
How to withdraw winnings with Venmo
You can also quickly withdraw your online casino winnings via Venmo. Just bear in mind that your Venmo withdrawal cannot exceed $20,000. Follow these steps to get paid out using Venmo at DraftKings Casino.
Step 1: Visit the withdrawal page
Click your account icon to view your playable balance. Select “Withdraw” to request a payout.
Step 2: Enter a withdrawal amount
The page will display your withdrawable balance. Enter the amount you would like to withdraw and click “Continue.”
Step 3: Confirm withdrawal
If you previously used Venmo for a deposit, it will be displayed as one of the available withdrawal options. If your address is not displayed, type it in and click “Request Withdrawal.”
Step 4: Wait for your funds to arrive
You will receive an email confirming your request. A member of the team will review and approve the request, and the funds will then be released. DraftKings advises casino customers that Venmo withdrawals can take up to two days after you make the request, but the funds often arrive more quickly.
Read more: Fastest paying casinos
Pros and cons of using Venmo
| Pros | Cons |
|---|---|
| It is a fast, simple way to fund an online casino account, with no need to provide card details. | Only a handful of legal online casinos accept Venmo right now, so you will have more options if you use a method such as Visa, Mastercard, or PayPal instead. |
| Venmo is a reputable payment provider with robust security measures. | It is not advisable to leave funds in an app like Venmo, as the funds are not insured by the FDIC. |
| It is one of the fastest withdrawal options you can choose at online casinos. | Operators such as DraftKings do not accept transfers initiated via the Venmo app due to the risk of lost deposits and transferred funds. |
| Some casinos offer very low minimum withdrawals via Venmo, so it can be suitable for casual players. For example, the minimum Venmo withdrawal at DraftKings is just $5. | Venmo has lower deposit and withdrawal limits than many alternative payment options. |
Alternatives to Venmo at online casinos
The table above highlights a few disadvantages to using Venmo at online casinos. These are some of the alternatives to consider.
PayPal
PayPal is a fintech company created by entrepreneurs Peter Thiel, Max Levchin, and Luke Nosek in 1998. It now offers the most popular digital wallet in the world, with more than 430 million active accounts. In 2013, PayPal purchased Venmo when it acquired Chicago-based payment gateway Braintree.
Venmo and PayPal have now been part of the same group for more than a decade, and they offer many similarities. However, PayPal is more widely available and offers higher payment limits than Venmo, so it is more popular among online casino players right now.
Credit card or debit card
You can simply use a credit card or debit card to make payments at an online casino. Visa, Mastercard, and Discover are available at all the leading sites and mobile apps. A debit card may be the better option, as it will not incur any deposit fees, cuts out the risk of overspending, and can often be used for withdrawals, too.
Venmo is quicker than a credit or debit card when making your initial deposit at an online casino, as you do not need to enter your details on a web form. It can provide faster withdrawals too, but methods like Visa and Mastercard are available at many more US online casinos.
Play+
Play+ provides a compelling alternative to Venmo. While it is not directly linked to your bank account, you can transfer funds to a prepaid Play+ card and use it for deposits at the best online casinos. When it is time to cash out your winnings, you can get paid out instantly to your Play+ card, which can then be used at an ATM or a retailer, or you can send funds back to your bank account.
Most online casinos offer a Play+ card, so it gives you more options than Venmo. It is also quick and convenient. However, there are fees to pay when you use it at an ATM or when you transfer funds back to your bank account.
Venmo deposits online casinos FAQ
You can use Venmo for online casino deposits at certain sites in New Jersey, Pennsylvania, Michigan, West Virginia, and Connecticut. Just visit the payments page of any online casino to check whether Venmo is accepted.
Venmo is accepted at BetMGM, DraftKings, and FanDuel. You can use Venmo for deposits and withdrawals at those sites, which do not charge fees for Venmo payments.
The minimum deposit through Venmo at an online casino is usually $5 or $10, depending on the site. You can withdraw up to $2,999.99 per transaction and up to $5,999.99 per week via Venmo, so alternative methods are better suited to high-stakes players.
Once approved, Venmo withdrawals generally take less than an hour at online casinos. You need to wait for the online casino to process and approve your payout request before the funds will be released. The length of that procedure will vary from one casino to the next, but the best online casinos often approve withdrawal requests on the same day they are made.
You can transfer the funds in your Venmo wallet to your bank account. There are two options: instant, which incurs a small fee; or standard, which can take 1-3 business days. Venmo also offers a debit card, which you can use to make cash withdrawals at an ATM.
PayPal and Venmo are both part of the same group, PayPal Holdings Inc., so they offer similar security measures. Both providers protect your transactions with the latest encryption measures and two-factor authentication. However, some businesses may find that the security measures at PayPal are more robust.
More banking guides
We have compiled in-depth banking guides to all the main deposit and withdrawal options available at legal online casinos. Check out these additional guides to learn more about alternative options to Venmo.
PayPal
PayPal is a popular alternative to Venmo at online casinos. It offers a maximum deposit limit of $60,000 per transaction, so it is better suited to players with larger bankrolls. PayPal is also far more widely available at online casinos than Venmo, so you will have more sites or mobile apps to choose from if you use this method.
If you would like to learn more about the main pros and cons, check out our PayPal deposit guide. It walks you through the deposit and withdrawal process at an online casino, and it also discusses how PayPal compares to Venmo and other options.
Play+
Our Play+ guide breaks down the strengths and weaknesses of this payment method. In the guide, we explain which online casinos offer a branded Play+ card and how to sign up for one. You will learn how to make a deposit and request a withdrawal through Play+ too.
The guide discusses why Play+ is superior to rival options in several departments, but we have also highlighted some fees for using your Play+ card at an ATM or for transfers. That can help you make an informed decision about whether to register for an online casino’s Play+ card.
Online banking
While a slower option than Venmo, online banking is very secure, generous with its limits, and available at most casino sites. You can select your bank from the list displayed at the online casino and then quickly log in to authorize the payment. Alternatively, you can send an e-check via a service like VIP Preferred.
If you would like to learn more, our online banking guide explains how deposits and withdrawals work at online casinos such as BetMGM, Caesars Palace, FanDuel, and DraftKings. We discuss the pros and cons of using this method and how it compares to payment options such as PayPal and Venmo.