Venmo Sports Betting Deposits
Update, November 2020: Bovada no longer supports MatchPay, though it is unclear if this is temporary or permanent. As a result, you cannot currently make direct Venmo sports betting deposits to the site. If the situation changes, this page will be updated with more information. Meanwhile, if you want to make rapid deposits that are eligible for same-day sports betting payouts, all the top operators accept Bitcoin, Bitcoin Cash, and other cryptos. The Zelle-To-BTC process is also an excellent choice, as is QB Direct at sites that support that service. Many sites, like Bovada, also allow player-to-player account transfers (vouchers).
While most of the world’s commercial industries have been able to freely employ popular P2P – or person-to-person – instant payment systems, online sportsbooks operating legally outside of US jurisdiction have been left in the lurch.
Due to federal banking restrictions, companies like Venmo have not allowed their customers to make legal, secure deposits at these betting sites. And without Venmo sports betting deposits, many avid bettors have had no quick, secure way to get their accounts funded. Now, that’s finally changed!
With the new MatchPay service – first rolled out by Bovada – members of sportsbooks can make Venmo deposits (and other popular P2P deposits) through this third-party intermediary. The system allows bettors at a given site to purchase all or part of the account balances of other bettors at the same site. Additionally, MatchPay allows bettors sell their eligible account balances, too.
Thus, sites like Bovada are now legitimate, bona fide Venmo betting sites, allowing customers to rapidly deposit with Venmo and to receive Venmo same-day payouts. Venmo does not directly provide deposits into sportsbooks, but the ability to use this option in conjunction with Matchpay can be a game-changer for many. To learn more about using Venmo to legally bet on sports, our short guide explains the simple process.
What Is Venmo?
Venmo is an instant-pay, peer-to-peer (or P2P) money sending service that is owned by PayPal. And while PayPal sports betting deposits are now also available through the MatchPay platform, many users prefer Venmo due to its social media aspects, as users can automatically share their purchase histories with followers.
Typically, Venmo transfers from your checking account take between 1-3 business days to go through, though Venmo also allows for an instant-pay option. This comes with minimal added fees, usually set at 1% of the transaction or $10 (whichever is less).
If you want to make rapid Venmo sports betting deposits, then you will have to opt for the instant-pay portion of the service. Otherwise, Venmo’s lead time is more in line with traditional sports betting banking options (like wire transfers) and is less ideal for those looking to bet on today’s games.
To use Venmo for sports betting at sites like Bovada, you can’t employ the service directly. That is, Bovada and other books cannot accept Venmo transfers as such. Instead, you must sign up for a free MatchPay account and go through this third party to buy account balances from fellow sportsbook members using Venmo (or another person-to-person service, like PayPal, Cash App, or Zelle Pay).
Is It Legal To Use Venmo To Fund Bets Online?
Yes. Because it is legal to place online sports bets with service providers operating overseas, you’re breaking no US gambling laws when doing so. Additionally, because it is legal to use Venmo to fund all lawful transactions, you are free to use the service in conjunction with MatchPay to send money to or receive money from other US-based sports bettors at your site of choice (which is currently limited to the US-only betting site Bovada).
In two states – Washington and Connecticut – there are laws on the books barring individuals from all online gambling, including sports betting. However, these laws don’t appear to be enforced or enforceable, and the best online sportsbooks all accept members from both states. Still, if you live in WA or CT, you are advised to follow all local gambling laws.
Benefits Of Betting With Venmo Deposits
There are several benefits to using Venmo deposits at US sportsbooks. The biggest benefit, obviously, is that Venmo is a hugely popular service that you likely already use in your daily life for regular purchases on the Internet and at local retailers, restaurants, and so on.
With well over 40 million active Venmo users in the USA, this opens the door to a whole new segment of customers for legal online sports betting sites. In total, the following Venmo pros are why the pros use Venmo to make online sports bet funding easier than ever:
- Instant transfers allow you to fund your sportsbook bankroll in just minutes instead of days
- Reasonable betting limits suitable for the vast majority of bettors
- Use your existing Venmo account for maximum convenience
- Mobile-friendly for those who like to handle all their banking on the go
- Make quick, easy Venmo deposits and withdrawals backed by Venmo, MatchPay, and sportsbook service guarantees
- Earn online sports betting bonuses with Venmo MatchPay deposits
- Claim same-day payouts using Venmo when selling your eligible account balance via the MatchPay service.
Venmo Sports Betting Bonuses
Whenever you sign up at a legal online sportsbook – or whenever you make a fresh deposit into your account – you’ll be eligible to receive deposit-match bonuses that adds significant extra cash to your bankroll.
While cryptocurrencies offer enhanced bonuses, MatchPay Venmo bonuses are in line with the typical deposit perks you get for using non-crypto. (Thus, if you want the absolute biggest bonuses available, you should go with Bitcoin sports betting deposits, Bitcoin Cash sports betting deposits, or Stellar Sports betting deposits.)
That said, crypto is inconvenient for many users, as there is a learning curve to setting up your accounts and transferring the monies to and from the exchanges. Crypto acquisition also has an enormous 7-10 lead time when using USD or other fiat currencies to buy Bitcoin and various altcoins for the first time.
Some sites (BetOnline, SportsBetting AG, etc.) use a service called QB Direct by QuickBit to hasten this process, but QB Direct betting deposits should only be used by those gamblers who wish to bet on sports using crypto.
For those who want to easily deposit USD with Venmo, the MatchPay service is the far better option. And while you won’t get quite the same big boosts to your bankroll that crypto betting bonuses offer, the Venmo sportsbook bonuses available to you are still well worth accepting, come with low rollover requirements, and allow you to be a high roller right out of the gate.
Legal Venmo Mobile Betting
Mobile sports betting is where the action is, and that means it’s also where the money is. Let’s face it: If you can’t use your smartphone or tablet to bet on the go, you probably aren’t going to bet. To that end, because all the top legal sportsbook recommended here support full mobile betting, it only makes sense that you should be able to easily fund your account via mobile.
Venmo – through the mobile Venmo app – allows for just that. And because MatchPay is also mobile-optimized, you can handle all of your sports betting – and sports betting banking – on your portable device of choice. Best of all, while you can and should download the dedicated Venmo iPhone app or Venmo Android app, when it comes to the books themselves – and to the MatchPay service – both of these are fully mobile-optimized and browser-based.
That is, you don’t need a dedicated sportsbook app for iPhone betting or Android betting, and you don’t need one to use MatchPay, either. As long as you have a modern mobile device, an Internet connection, an up-to-date web browser, and memberships with a legal online sportsbook and the MatchPay service, you can use Venmo to bet on the go from anywhere in the USA!
Venmo Same-Day Payouts
When you use MatchPay to make Venmo transactions at legal offshore betting sites, you won’t only be able to make deposits to fund your wagers, you’ll also be able to use your MatchPay Trader status to sell all or part of your account balance to other sportsbook members.
Because these members will be buying your balance in a private, person-to-person Venmo transaction, this allows you to claim same-day payouts. Previously, same-day payouts were the sole domain of crypto sports betting, but MatchPay allows bettors to get their money in USD deposited directly into their Venmo accounts, which they can then use immediately to purchase goods and services stateside.
Venmo same-day sportsbook payouts are actually more convenient than same-day Bitcoin payouts or other crypto payouts, because these withdrawals come directly to you in US dollars – You don’t have to move your money to exchanges and then go through any extra steps to turn that money into USD. For bettors who want to use their winnings for things like paying bills, buying groceries, and other day-to-day expenditures, Venmo payouts via MatchPay are a true gamechanger.
How To Use Venmo With MatchPay
Now that you know why the MatchPay Venmo deposit option is such a revolution in terms of convenience and accessibility, you’ll need to understand how the sports betting deposit process works. This is simple enough, but it does require you to sign up for a free MatchPay account.
While MatchPay is yet another online account to manage, the process is easy, and any sportsbook that supports MatchPay will walk you through the steps from the site itself.
For our example, we will be using Bovada’s process, as Bovada MatchPay is the first iteration of the service to roll out. However, the procedure should be identical for any other site that employs MatchPay sports betting options in the future.
- Follow any link on this page to Bovada Sportsbook (or another MatchPay-compatible betting site).
- Sign up using your real information, including your name, birth date, email address, and phone number. Be sure to use verifiable info, as you will need to prove your identity with your sportsbook operator before you’ll be able to withdraw any sports betting winnings. Please do not sign up behind a VPN service, as your IP address must be legitimate and originate from a region that your sportsbook supports.
- At the “Deposit” stage of sign-up, select the MatchPay option and follow the provided instructions for creating a MatchPay account (if you haven’t already). Then, simply enter your MatchPay Trader ID and the amount of money you wish to deposit. You can also choose an optional online sportsbook bonus at this time.
- MatchPay will automatically match you with a sportsbook member who is also a registered MatchPay Trader and who has elected to earmark a certain amount of their bankroll to be sold to other members. Once this happens, you will be able to set up a direct Venmo payment to the member.
- Once the Venmo trade is accepted, MatchPay and your sportsbook oversee and handle the rest of the process. As soon as the MatchPay member receives your payment, your betting account will be credited with the amount of money you sent. Venmo instant transfers come with minimal added fees, so be sure to factor this into your bankroll management process.
- Now that your account is fully funded with Venmo via MatchPay, you are ready to bet on sports or enjoy casino games and any other betting markets offered by your chosen sportsbook operator.
Venmo Sports Betting FAQs
Before MatchPay, it was impossible for US-based sports bettors to make deposits into their betting accounts with Venmo.
Now, with MatchPay, this third-party service allows you to use Venmo exactly like you always so: You simply send money from your Venmo account (via your bank or debit account) to another private party, and that money is used to credit your sports betting bankroll.
Using Venmo for sports betting is literally the same process as using Venmo for anything else.
Yes! Venmo is a safe, trusted P2P online financial transaction platform, and it is trusted by over 40 million Americans every day.
Since the best-rated online sportsbooks are also trusted by millions of US gamblers – and since MatchPay is a new platform that has been adopted by the most reputable book in America (Bovada) – all aspects of the Venmo-MatchPay transfer process are rigorously overseen and guaranteed by multiple operators.
When you make a Venmo Bovada deposit (or use Venmo via MatchPay to fund your bankroll at any betting site), you will have your account credited in full in just minutes, every time.
Venmo, LLC, is a subsidiary of PayPal. The brand was launched by PayPal in 2009 and has rapidly grown in popularity since then, thanks in large part to its more “social media” take on P2P payments.
Venmo does not charge a special added fee for sports betting transfers, as these are typical P2P transfers. However, Venmo does charge a general service fee for instant payments, which amounts to 1% of the transaction or a flat $10 fee, whichever is lower.
When it comes to how to put money on Venmo so that you can use MatchPay to make quick, legal sports betting deposits, credit cards are an option.
That said, there are more restrictions and higher fees (3%) for using credit cards with Venmo.
As a result, we recommend using your bank account directly or using a debit card linked to that account in order to avoid paying heightened credit card fees.
Different sportsbooks will have different MatchPay Venmo deposit limits. Right now, Bovada is the only sportsbook accepting Venmo deposits via MatchPay, and the banking method comes with a minimum deposit limit of $20 and a maximum deposit limit of $1000. The payout or sportsbook withdrawal limits using MatchPay Venmo are the same.
No. While Venmo’s longer, bank-wire-like service option does allow for transaction cancellations and reversals, the instant-pay option employed by MatchPay Traders for use at legal sports betting sites online do not have a mechanism by which you can cancel the transfer.
This is for the convenience of the buyer, the seller, and the sportsbook itself, so please be sure that you are ready to bet when making a MatchPay Venmo deposit.
No. Venmo is a US-only instant-pay P2P money transfer service, much like Zelle Pay. Thus, you cannot use Venmo to send money directly to sportsbooks legally operating outside of the USA.
The reason Venmo works with MatchPay to fund your offshore betting account is that MatchPay pairs you up with other US-based users of the sportsbook in question. Your sportsbook will then transfer their account balance to yours (for the amount paid) on their end.
Most Venmo MatchPay transfers should be completed within about 10-15 minutes. This makes the process take slightly longer than typical credit card deposits, but there is no risk of the transfer being declined due to gambling banking laws like the UIGEA.
As long as the sporting event you’d like to bet on doesn’t take place within the next 30-60 minutes, a Venmo transfer via MatchPay will allow you to deposit with plenty of time to bet on your favorite players and teams.
Yes! If you have a prepaid card powered by Visa, Mastercard, American Express, or Discover, you can use those cards with Venmo by linking them to your Venmo account in your Venmo app.
Currently, only one sportsbook accepts Venmo deposits: Bovada Sportsbook. However, in the very near future, we expect all the major operators in the space to also employ the platform.
After all, allowing members to finally make fast, convenient Venmo betting deposits is a major boost not only to customer convenience, but also to sportsbook membership in general.
There are plenty of new and first-time bettors who are only held back by the lack of Venmo banking options, and now that this hurdle has been cleared, a whole new generation of sports bettors is sure to emerge. And that, of course, means better betting lines – and better potential payouts – for everyone!