Venmo betting sites in New York
Bettors always check the available payment options on a sportsbook before signing up with them. This is because they want to work with an operator who has a wide range of reliable options. Venmo is one of the payment methods that reputable sportsbooks in New York accept. Keep reading to learn more about Venmo betting sites in New York.
What is Venmo?
Venmo is a mobile payment service owned by PayPal, another household name, since 2012. With headquarters in New York, Venmo was founded in 2009 to primarily help loved ones split bills for lunch, movies, tickets, rent, and so on. So, how does it work? Two Venmo account holders can transfer funds to each other using the company’s mobile app.
As time went by, Venmo started being used beyond its original function. This led to the company broadening its services. In 2018, it released a physical debit card powered by Mastercard. The card offers ATM access, which made it more convenient for clients. Today, the company works with a wide array of industries, including online gambling sites in New York.
Best Venmo betting sites in New York
Several betting sites in New York allow clients to make transactions using Venmo. Here are examples.
How to use Venmo on a NY betting site
Using Venmo as your preferred payment method on a NY betting site is straightforward. First, confirm that your Venmo wallet has enough balance. It should be above your chosen sportsbook’s minimum deposit limit. If you don’t, add funds using your linked prepaid card.
Then, log into your sportsbooks account, go to ‘Deposit,’ choose Venmo, enter your card details, enter the amount, and complete the transaction. Your deposit should reflect immediately. As you can tell, you won’t transfer funds to your sportsbook account directly from the Venmo app as you normally do when transacting money with other account holders. You need to have a Venmo Mastercard. Therefore, if you don’t have one yet, apply for it. The process is fast. If your chosen sportsbook doesn’t have Venmo in its payment list, choose Mastercard, and enter your Venmo card details. However, not all sportsbooks accept this payment trajectory. As of now, most sportsbooks accept Venmo as a deposit option only. You will need to use another payment method when withdrawing your winnings.
Pros and cons of Venmo betting sites in NY
Like any other payment method used on betting sites, Venmo has both pros and cons. They include.
A history of Venmo on betting sites in NY
Venmo was not a common payment option on New York betting sites. After the company introduced its card powered by Mastercard, sites like William Hill, 888, PointsBet, and DraftKings, started accepting it for deposits. This changed the gambling industry, especially for users who didn’t want to provide their bank details.
Some Venmo betting sites in New York offer new clients a welcome bonus when they use Venmo to make their first deposit. This shows that operators are encouraging customers to use this payment option on their platforms. As of 2022, many bettors use Venmo, and the number so expected to rise. The industry hopes that in the near future many sportsbooks will accept Venmo as a withdrawal option.