The mobile payment service Venmo has been a popular name in the e-Wallet market for quite some time. When it comes to using the service in the mobile sports betting world, the product has been slowly entering the ring as a viable and popular deposit/withdrawal option.
Some of the top sportsbooks in the market have added this service to their list of deposit/withdrawal options, including DraftKings, FanDuel, and BetMGM. More sportsbooks are expected to follow suit as time goes on.
Hard Rock Sportsbook
When the influx of mobile payment services came to the forefront of payment options, one name stood out, and it was Venmo. The U.S.-based product was launched in 2009; however, it has been owned by PayPal since 2013.
This product can connect to a customer's mobile banking account and initially just allowed users to send and receive money from person to person. In 2016 the mobile payment service allowed customers to use it as a payment option for select businesses. Once consumer-to-business transactions were allowed, the product became widely used and trusted.
Slowly but surely, Venmo is now making its way into the legal sports betting market as a payment option. Some of the big names in the market, like DraftKings, FanDuel, and BetMGM, allow this service to be used for deposits and withdrawals, so one can only assume more and more sportsbooks will soon be making this product an option for their customers to use.
One common stipulation amongst sportsbooks that offer this service is that they require that customers make a deposit through the service first to have the option to withdraw using the same method.
As a product, one of the things that makes them different from other e-wallet services is the public aspect. Customer's transactions can be viewed within the app by other people unless the customer sets the transaction to private. If users do not feel comfortable with others seeing their sports betting transactions, it’s essential they set them to private.
One of the things that makes Venmo such an appealing payment option for mobile sports betting apps is the simplicity with which funds can be deposited. Once customers link their account to the mobile sports betting app that offers this method, they can deposit funds and have instant access to them with no fees. The process of creating an account is straightforward and necessary if customers want to make this their primary sports betting deposit/withdraw option.
Withdrawals can also be quickly made; as long as the user has enough money in their sports betting account to meet the withdrawal minimum, they can immediately withdraw into their account. Most withdrawal options can take 1-3 days for the process to be completed, but with this service, it’s within an instant.
A mobile app is available in the App Store and Google Play Store, where customers can set up which mobile banking account they want the money to be deposited from and manage their e-wallet funds.
Create an Account: Customers can download the Venmo app and make an account.
Connect Banking: Users can connect their mobile banking information to the app so they can send money directly from their bank account.
Choose Sportsbook and Deposit: Sportsbooks will have an “Add Funds” or “Deposit” section of the app, and from there, users can select Venmo, connect their account, and choose a deposit amount.
Begin Wagering: Once an amount is selected, the funds will be added immediately to the customers’ sportsbook account, and they can begin wagering.
If customers don’t feel comfortable with sports betting apps having access to their banking information, using a safe payment method like Venmo would be the way to go. The service protects a customer's banking information through data encryption technology and doesn’t share it with mobile apps.
Unfortunately, like most e-wallet services, Venmo runs the risk of hackers, so users must be cautious when using the product for transactions like sports betting deposits. Customers should also do every security measure recommended, like creating strong passwords and not making deposits on public internet, so that all accounts can be secured along with the company's safety measures.
As previously stated, this product does feature the ability for other people to see transaction history within the app. It’s important to remember that customers can set their transactions to private, and we recommend doing so with all sports betting transactions to keep both accounts safe and secure.
No Fees: Customers will not have to pay a deposit or withdrawal fee with Venmo.
Simple to use: Once a user has an account, this product can be utilized in just a few clicks.
Immediate transactions: Deposits into sportsbooks can be used instantly.
Not Widely Available: For right now, customers can only use this product in a few sportsbooks.
Lacks Privacy: Customer accounts can easily be found on the Venmo app, and if payments are not set to private, anyone can view their payment history.
One of the biggest problems when it comes to Venmo and online sports betting is that it’s not available in more sportsbooks. If a customer is looking for a simple and efficient way to deposit and withdraw, this service will suit them well.
The ability to deposit funds and access them instantly while also being able to withdraw winnings without fees will make this service a top payment option among sportsbooks whenever their expansion into the market is complete. E-Wallet services have become a staple to most sportsbooks, trying to give customers the opportunity to utilize their online banking in only a few clicks, so Venmo will fit right in amongst the other options being offered.
If a customer is understandably concerned about privacy when using this service for mobile sports betting, it’s important to remember to set all transactions to private within the app. Security measures with e-wallet apps should never be taken lightly, especially when connected to a mobile sports betting account.
Venmo is very safe to use as a payment method. Their system uses data encryption to ensure no banking information is shared with sports betting apps. Personal safety measures should be taken when using the app just as an extra measure of precaution.
Customers can create a Venmo account and connect their mobile banking information. Once that's done they can open their preferred sports betting app and select it as their deposit option.
Withdrawals are available with Venmo, however, most sportsbooks require a deposit using the same method first.
Right now only a few betting sites offer Venmo. The notable ones include FanDuel, DraftKings, BetMGM, and Hard Rock Sportsbook. It's expected more places should be accepting this payment method in the near future.
One of the biggest draws of this method is that payments with Venmo are immediate. Both deposits and withdrawals can be done instantly.
Yes, a mobile Venmo app is available and free to download on either the App Store or Google Play Store.