Looking for more information about how to use Venmo to gamble online or a list of online casinos accepting Venmo deposits in USA? Stay with me while we go over the key points of this convenient mobile friendly banking method.
Venmo is an American payment processing system, owned by PayPal, and available to consumers in the United States.
The company was founded in 2010 and aimed at developing a payment solution that would allow people to easily split expenses such as dining bills as well as instantly transfer money to one another through smartphones.
Currently, Venmo is available at U.S licensed online casinos only. This means that you can use Venmo as your preferred deposit method in U.S states where online gambling has been regulated. However, below you can find two ways to still use Venmo at offshore casinos catering to this region.
In this article, we’re going to look at the best USA casinos that accept Venmo deposits in USA. Also, get to how Venmo works as well as the advantages and disadvantages of using Venmo to manage your casino banking transactions. By the time you reach the end, you should have a good idea of how Venmo works and whether or not it might be the right payment method for you.
In this review you will find...
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❓ What is Venmo?
Venmo is an e-wallet and payment processing system somewhat similar to PayPal but with a much more socially oriented focus. While most payment processing companies are, understandably, all about business, Venmo comes at things from another angle and heavily incorporates several aspects of social media into the use of their services. It only works in the U.S.
💡 Venmo Original Idea
Venmo’s services were originally targeted at groups of friends or colleagues who wanted to split the cost of bills for things such as food, movies, rent, show tickets, or any number of other things. When a user makes a payment with Venmo, the transaction (minus the actual amount spent) is shared on their news feed. Friends can then interact in such ways as making comments or adding “likes” and/or emojis.
One person, for example, could pay for a group’s dinner, post the transaction to their news feed, and then allow friends to contribute their share of the bill or make comments about the experience. Overall, it is very similar to the news feeds presented to users on platforms like Facebook or Twitter. The only major difference is that with almost every entry on a given news feed, it represents money changing hands in one way or another.
🧑🏻🤝🧑🏿 Venmo Social Aspects
Venmo includes three different types of social news feeds. There is a worldwide feed, a friends-only feed, and a private personal feed. All transactions are shared in the worldwide public feed by default. By changing privacy settings to “friends-only”, only known contacts of the person making a transaction will be able to see the post that transaction generates. Users also have the option of making any or all transactions completely private so that they will only be visible to parties who are directly involved.
🔖 Versatility and Flexibility
Funding a Venmo account is accomplished by linking a bank account, debit card, or credit card. Transactions funded from an existing Venmo balance, bank account, or debit card are processed with no fees. Transactions funded directly through a credit card will be charged a 3% fee.
As you’ve probably ascertained for yourself by now, in addition to making deposits to a casino account, Venmo can be used for a wide variety of other payment situations. Payments can be made from person to person, to retail vendors at physical points of sale, or to vendors online. If you’re looking for a payment method that allows you to do more than just interact with your favorite casino, Venmo certainly does provide plenty of extra options.
❗ Alternative Casinos Accepting Venmo Deposits
Considering that Venmo is PayPal’s sister company, it won’t be easy to find a way around to use this method at other online casinos catering to U.S players.
The casino brands listed below have placed a method that allows you to make deposits and withdrawals using your Venmo account. We will briefly explain some options to get it done, but you should reach to the casino finance team and obtain specific info.
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Basically you can use Venmo at offshore online casinos catering to USA players if:
- The casino allow PLAYER TRANSFERS at their cashier: allowing for partial balance transfers between different players who own accounts at the venue. Because those transactions are private, you can still use Venmo to conduct them and request the casino operator to act as a mediator.
- Using gambling vouchers: casinos belonging to the Bovada group offer gambling vouchers, for example. To buy them, you can simply visit the Bovada community message forums and find a seller – Ex: the Bovada Reddit page. After you complete the purchase, you will receive the voucher directly in the email linked to your casino account.
- Using cryptocurrency: that you can now purchase directly from the app.
📲 How To Set Up A Venmo Account
Setting up a Venmo account is extremely easy. All you’ll need to do is go to the Venmo website and click on the “Get Venmo” button that appears in the top right corner of the page. From there you will be taken to a page that gives a detailed listing of all fees that you might be charged under various circumstances.
Don’t worry, though. Most of the fees on the list are $0. There are small fees when you use some more obscure methods to fund your account or if you make certain types of transactions with the Venmo debit or credit cards. For the vast majority of users, however, there will be no fees for the transactions you make using Venmo.
After going through all the financial disclosures, you’ll be asked to provide an email address and phone number and taken through the process of creating an account and getting the Venmo app installed on your phone. Once the account is set up, you can then link bank or card accounts as you please. From start to finish, you should be able to go from zero to a fully functional Venmo account in just a few minutes.
💰 Casino Deposits With Venmo
Both deposits and withdrawals to or from online casino accounts are quick and easy with Venmo. Once sent, transactions in both directions are credited instantly. When you use Venmo at online casinos that accept Venmo deposits, your balance should be credited instantly. On the other side, when a casino sends you a cashout through Venmo, the money should show up and be available on your Venmo balance right away.
Moving money into or out of your casino account(s) with Venmo is a simple affair. All you’ll need to do is go to the cashier or banking page at your favorite casino and select the Venmo payment method. The system will automatically prompt you for the information needed to complete the transaction and initiate a quick verification process. When all is said and done, you should be able to move money in either direction in just a few moments.
✅ Advantages Of Venmo Casinos
The two main advantages of using Venmo to conduct your online casino banking transactions are security and versatility. When using Venmo directly, there is no need to transfer any sensitive financial information. That means that you don’t have to worry about hackers or any other kind of shady actors intercepting sensitive information like bank account details.
🟢 Mastercard Debit card with a Venmo Account
Venmo also gives you the option of using a genuine Mastercard debit card. That means that not only can you pay wherever Venmo is accepted, but you can also pay wherever Mastercard is accepted, even if the casino or merchant doesn’t work directly with Venmo. This option gives you the ability to use funds from your Venmo account virtually anywhere.
🟢 Access to Cryptocurrency
A secondary advantage to using Venmo is that it gives you access to cryptocurrencies. This, again, can open avenues to make payments to casinos or other vendors that don’t work directly with Venmo as a payment processor. The number of casinos that accept cryptocurrencies is steadily climbing and Venmo can be an easy way to turn some of your cash into crypto coins that you can spend anywhere you like.
🟢 Detailed Report of Expenses
Finally, Venmo can help make sure that your casino transactions are neatly organized so that you’re always aware of exactly how much you are depositing or withdrawing from casinos that accept Venmo deposits over any given period of time. This can go a long way towards making sure that you don’t accidentally go past any limits that you’ve set for yourself.
⛔ Disadvantages Of Using Venmo To Fund Casino Accounts
To be honest, there really is almost no downside when it comes to using Venmo to conduct casino account banking transactions. The system works well and does what it is designed to do reliably.
There are two factors that might be considered disadvantages.
🔴 Weekly and Monthly Transaction Limits
The first is that Venmo does impose weekly and monthly transaction limits. The limit may vary depending on how long you’ve had your account, how many transactions you normally make, and the method you use to fund your Venmo account. Transaction limits most likely won’t be low enough to have any real effect on most gamblers, however. You’ll need to sign up for an account and check the details yourself to see what kind of limits may be imposed.
🔴 Only Available at U.S Regulated Online Casinos
The other factor that many players will consider to be a drawback is the fact that Venmo is only available to consumers in the United States. At the time of writing, there is no word on whether or not international operations are in the works. So, for now, only players in the US will be able to use Venmo to fund their casino accounts. Players may also find that they can only conduct transactions with casinos currently licensed to legally operate in one or more US states.
📚 Venmo Up to Date INFO
- After only two years, Venmo was acquired by Braintree for $26.2 million in 2012. In December of 2013, Braintree was then acquired by PayPal for $800 million.
- Unlike Paypal and many other online and mobile payment processors, Venmo did not allow merchants to accept payments through their system until October of 2015. In January of 2016, PayPal officially announced that they were working with specially selected merchants who would begin accepting payments from consumers through the Venmo payment system.
- Prior to May 2018, Venmo prohibited merchants from accepting payments for goods or services that were provided in person. In other words, the system was meant to be used only for online sales. Even so, some small merchants in various areas were known to have been using personal Venmo QR codes to accept payments from customers for items such as take-out food and goods provided by street vendors. As things are now, all merchants that can accept PayPal can also accept Venmo payments.
2020 – Integrating PayPal & Venmo with Cryptocurrencies
- In October of 2020, PayPal announced that both the PayPal and Venmo systems would make it possible for users to buy and sell cryptocurrencies. Venmo began rolling out its cryptocurrency options to users in April of 2021. Currently, consumers can buy Bitcoin, Bitcoin Cash, Litecoin, and Ethereum through the platform in units as small as just one dollar.
- Where can I find online casinos accepting Venmo deposits?
- Is it safe to use Venmo to fund a U.S online casino account?
- Are there any fees for using Venmo at online casinos?
- Will I be able to claim casino bonuses if I deposit with Venmo?
- Are there any type of deposit limits when using Venmo?