Venmo Deposits For 18+ Sports Betting
Despite person-to-person or P2P services being so popular for hundreds of millions of consumers worldwide, the best online sportsbooks for 18 and up players cannot directly accept these kinds of payments for deposits and withdrawals. However, a few of the highest-rated online betting sites have implemented voucher and transfer systems that allow individual players to use Venmo deposits for 18+ sports betting.
This is an ingenious workaround, especially for USA players forced to navigate the meddlesome UIGEA banking regulation. With Venmo voucher deposits at participating online sports betting sites, you can bypass the UIGEA and bypass all normal deposit and withdrawal fees. Read on to learn ven-mo’ about this new bet funding method!
Best 18 And Up Online Sportsbooks For Venmo Deposits In 2023
Most of the best 18+ online sportsbooks have yet to support betting vouchers or player transfers, but some books are starting to get the right idea. After all, vouchers and transfers allow individual private site members to buy account balances from and sell account balances to other site members. Thus, popular P2P services are finally able to be used for indirect 18+ online sportsbook deposits.
Of course, of these options, Venmo banking is among the most popular. That’s because there are well over 60 million active Venmo users in the US, and a large number of them participate regularly in legal 18+ sports betting online. Thus, with vouchers and player transfers, Venmo bet funding has become one of the quickest and most accessible ways to manage your bankroll at participating sportsbooks.
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What Is Venmo?
If you don’t already have a Venmo account, you may be wondering what Venmo actually is. Well, it’s basically PayPal with a few social elements added. Which makes sense, since PayPal owns Venmo. In short, Venmo is a P2P instant-pay service that lets US-based individuals aged 18 and up send money to and from one another privately and securely.
If you can imagine the digital equivalent of giving cash to a friend or merchant in real life, that’s what Venmo does over the Internet. There are no added fees, Venmo transfers are instant, and Venmo limits are convenient for just about every kind of purchase you’d like to make.
Of course, because Venmo is USA-only, the gambling sites that accept Venmo – like the top-rated 18 and older sportsbooks operating over the Internet – cannot accept it directly. These books, remember, are based in other countries.
However, by using the gambling voucher and player transfer model, select sites – like Bovada LV, which originated this trend – can match up individual members who can buy and sell account balances from one another. These transfers are safe, secure, and have a 100% success rate.
Are Venmo Transfers Legal For Funding 18+ Sports Betting?
If you’re a member at any gambling sites that accept Venmo, you can legally and safely use the service to fund your online betting if your sportsbook supports vouchers or player transfers. There are no US betting laws against this kind of activity.
That said, sports betting sites that accept Venmo do so only by proxy. That is, you can use Venmo (or any other similar service) to buy sportsbook voucher codes form other site members and then deposit those voucher codes into your own account.
While some 18+ sports betting first-timers might be concerned that this is an unlawful workaround of the UIGEA law – or an iffy UIGEA loophole – it isn’t. The UIGEA targets domestic financial institutions that knowingly facilitate non-approved gambling transfers, not private individuals. Since Venmo transactions are between private parties, the UIGEA does not and cannot apply.
How Does Venmo Work?
It’s very easy to learn how to set up a Venmo account and how to pay with Venmo, as the service walks you through these processes once you download the Venmo app. If you’ve ever used a service like PayPal, Cash App, or Zelle, you’ll feel right at home with Venmo.
That said, if you’re new to the P2P market – or new to 18 and up online gambling in general – we’re here to offer a bit of Venmo help to grease the tracks and grease your palms at the same time!
To get step-by-step instructions for how to make the most of betting sites that use Venmo – and how to most easily use the service to fund bets online – the next section has you covered, so all you need to worry about covering is the spread!
How To Use Venmo At Sports Betting Sites For 18+ Players
Once you’ve set up Venmo and have entered your Venmo login info to put some cash into your wallet, you’ll be ready to sign up with a reputable 18+ online sportsbook that supports Venmo via vouchers and player transfers.
Currently, the best of the Venmo betting sites is Bovada LV, so we’ll use the Bovada Voucher process as our example. The general procedure should be the same for any top-rated 18+ betting site that employs similar Venmo-friendly services in the future.
- Follow any link here to Bovada Sportsbook, the best 18 and up sports betting site for USA players.
- Click or tap the “Join” tab at the Bovada home page. Enter your verifiable info in all the required fields and submit the form. All the best online betting sites use state-of-the-art SSL and TLS encryption, so your information is 100% secure.
- Skip the deposit step for now and complete your Bovada registration.
- Head over to the Bovada Community forum and find a Bovada Voucher or Bovada Player Transfer listing in an amount you wish to purchase.
- Contact the seller to see if they accept Venmo transfers. If they do, you will receive their Venmo receiving address.
- Open Venmo to access your Venmo account on your mobile device or computer of choice. We recommend using the device from which you intend to wager regularly. The iPhone Venmo and Android Venmo apps are identical, and we prefer them to the desktop Venmo software.
- Enter the seller’s Venmo contact information into the required field and submit your payment for the agreed sum.
- The seller will release your Bovada Voucher code to you.
- Navigate to the Bovada Cashier page, select the Voucher deposit option, and enter the code. Please do this ASAP, as Bovada Vouchers and Player Transfers expire after a few months.
- Select any applicable sports betting bonus options and complete the deposit. The full value of your voucher and bonus will be credited to your account immediately.
Venmo Sports Betting Bonus Options For May, 2023
If you’re interested in all the financial perks of online sports betting, Venmo deposits via gaming vouchers or player transfers allow you to claim your site’s standard deposit bonuses. (For the best sports bonuses, Bitcoin betting deposits, Bitcoin Cash deposits, or Zelle-To-BTC betting transfers give you 2-3X the amount of other methods.)
While every site has different promotions to choose from, you will generally get access to the following kinds of deals when topping off your account:
- Sports Betting Sign-Up Bonus: $1,000 in free plays for new members
- Sports Betting Reload Bonus: $500-1000 in free plays for each fresh deposit
- Refer-A-Fried Bonus: $100-200 for every friend referral (deposit match)
Occasionally, you can even find online sportsbook bonuses that don’t require making any deposit at all, via Venmo or otherwise. These are called no-deposit bonuses, and they usually give a player a $25-50 free bet with which to gamble. Sportsbook no-deposit bonuses are typically offered for big events, like 18 and up Super Bowl betting, March Madness betting, Olympics betting, World Cup betting, etc.
All online betting promos come with terms and conditions called rollover requirements. But since the best sites all have low rollovers, we recommend accepting these betting bonus options whenever you see them.
How Venmo Works For Sports Betting Payouts
Just as Venmo gambling sites cannot accept Venmo deposits directly, they cannot pay out your winnings via Venmo, either. However, the voucher system works for sellers the same way it works for buyers, letting sellers get fee-free same-day payouts using Venmo.
To withdraw to a sports betting voucher, just visit your site cashier, request a voucher withdrawal, and enter the amount of your balance you wish to take out. The cashier will create your voucher code and send it to your account-linked email address. This code usually expires after six months, so you’ll want to sell it ASAP.
To sell a sports betting voucher, just visit your site’s official member forum (or an external forum, like the operator’s Reddit page), post the listing with an indication that you accept Venmo payments, and wait for a buyer to contact you. Sometimes, it may take a few days to find a buyer, but it usually only takes a couple of hours.
Note: Once you receive your Venmo payment, you must release the voucher code to the buyer immediately. If you do not give your buyer the voucher code within a reasonable timeframe, you risk betting account suspension and funds forfeiture.
Venmo Fees And Limits
When you use Venmo to buy voucher codes or player transfers at legal online sports betting sites, there are various potential fees and limits to be aware of.
First, there are Venmo fees to consider. If you’re buying a voucher in a private sale, Venmo will not charge a fee. However, if you are using a linked card to facilitate the purchase, there will be a small Venmo credit card fee. This should be no more than 3-5%, but the fees vary based on the cards linked to your Venmo account.
Next, you have two sets of Venmo limits: the Venmo limit itself (i.e., how much you can send with Venmo at one time) and the deposit limit of your sports betting site.
The first is the native Venmo limits. If you have not verified your ID with Venmo, you will have smaller limits than a verified user. The different Venmo limit tiers are as follows as of May 2023:
- Venmo Weekly Limit (Merchants) – $299.99 unverified, $6999.99 verified
- Venmo Weekly Limit (P2P) – $299.99 unverified, $4999.99 verified
- Venmo Max Transfer Limit (Merchants) – $299.99 unverified, $2999.99 verified
- Venmo Max Transfer Limit (P2P) – $299.99 unverified, $4999.99 verified
Note: There is no Venmo daily limit on transactions. This is because your Venmo limit per day is the same as your weekly sending limit. In other words, you may use up your entire weekly limit in a single day.
Next, you have voucher and player transfer limits at your sports betting site itself. Since these are lower than your Venmo weekly transfer limits, you only have to worry about them if your Venmo limit is near its cutoff. Currently, Bovada Vouchers and Player Transfers are capped at the following minimums and maximums when using Venmo P2P payments:
- Sportsbook Venmo Deposit Limits – $10 min, $3000 max
- Sportsbook Venmo Withdrawal Limits – $10 min, $3000 max
Benefits Of Venmo Online Bet Funding
When you’re a member at any sports betting site that use Venmo, you’ll see that there are a number of pros for using the P2P service to buy and sell betting vouchers and/or player transfers.
We’ve listed the main benefits of Venmo gambling sites below, as these are the biggest reasons we recommend joining books with the voucher and player transfer deposit options:
- Many 18 and up players already use Venmo every day – Very convenient!
- The only way to use P2P services is to deposit and withdraw at legal 18+ sports betting sites
- 100% legal for online sports betting banking – No UIGEA delays!
- Excellent Venmo transfer limits perfect for all players 18 and up
- No added fees for Venmo voucher codes and player transfers
- Access to valuable sports betting bonuses
- Venmo app is simple and convenient for on-the-go bet banking
- Claim same-day payouts with Venmo + Get cash at Venmo ATMs
18+ Sports Betting Venmo FAQs
** Disclaimer: Venmo is a third-party P2P/eWallet service. While Venmo can be used to legally deposit funds into your 18+ sports betting account, the company is not affiliated with this or any other online betting site. Venmo does not endorse online gambling in any way.