Venmo is a peer-to-peer money transfer service with an especially large following among Millennials. Unfortunately, it is not yet a widely used option for online gambling.
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Online casinos typically don’t accept Venmo payments. Rather than end the review here, we will explore more about Venmo and online casinos, and we’ll let you in on the best Venmo alternatives.
What is Venmo?
Venmo is a U.S. mobile payment service that lets account holders share funds or make payments with friends via a mobile application.
Venmo was initially created by two college students, Iqram Magdon-Ismail and Andrew Kortina, as a way to send money via mobile phones. The idea came about when the duo got frustrated with the cumbersome point-of-sale software while helping a friend to start a yogurt shop.
The company raised $1.2 million in seed money in 2010 and was acquired by Braintree in 2012 for $26.6 million. PayPal acquired Braintree in 2013 for $800 million, and now Venmo is owned by PayPal. Today, all merchants who accept PayPal also accept Venmo.
How it Works
Using Venmo is simple. The app is like a mix between an e-wallet and a social media platform. You can download the app for free from Google Play or the App Store. Venmo is only available on Android and iOS.
Sign up for the service using your email or Facebook credentials. You can link your Venmo account to your credit card, debit card, or bank account. Once set up, you can fund your Venmo account using your bank or card and send funds to your friends directly through the app (as long as they also have the app).
Tips on using Venmo
With the many security risks that come with online financial transactions, it pays to learn a couple of tips to enhance your Venmo experience.
You can save the devices that you use to log into your Venmo account by adding them to your “Remembered Devices”. Venmo automatically sends you a verification code every time you try to use your account from a new device. Check the list regularly to ensure that you recognize all of the devices that have access to your account. You can also set a passcode lock that requests for your PIN every time you log into your account.
Venmo has a social media element to it where your Venmo transactions can be shared publicly. The default setting is “Public” so consider changing this to either “Friends“, or better yet, “Private“. Also, consider that some people might not want their transactions made public.
Only send payments to friends and people that you know personally or to merchants who have authorized Venmo business accounts. It is against Venmo terms and conditions for businesses to accept payments for goods and services using a personal account. Only buy from merchants with verified Venmo business accounts.
Depositing at Online Casinos with Venmo – Fees and Limits
Although you can"t deposit money using your Venmo account, all is not lost. PayPal, which owns Venmo, is still a perfectly viable choice for making casino deposits.
PayPal accounts are easy to set up as long as you have a U.S. bank account or credit/debit card. You can fund your PayPal account directly from your bank account or by using a credit or debit card. Next, simply fund your online casino account from your PayPal balance.
We have an in-depth review of making online casino deposits in NJ using your PayPal account. The good news is that PayPal deposits show up in your casino account almost immediately after you have completed the transaction.
Withdrawing at Online Casinos with Venmo – Fees and Limits
You can"t withdraw money from your online casino account using Venmo. Once more, we suggest PayPal as a great alternative.
We have details of how you can withdraw money from your online casino account using PayPal on our PayPal review page.
Keep in mind that you may be required to make at least one casino deposit using PayPal before you are allowed to use it as your preferred withdrawal method. Most casinos in NJ accept PayPal deposits and withdrawals, so it shouldn’t be too hard to pick a casino with your favorite games and that accepts PayPal payments.
Why use Venmo to play online?
You can’t use Venmo to play online, but that doesn’t mean that you shouldn’t still download the app to use for other transactions.
Safety and trust
Venmo is owned by PayPal, which is known for its stringent safety and security measures and policies for online payments. Venmo utilizes modern encryption technology to keep your account information private. This encryption also helps the company to track and intercept suspicious activity on your account.
Ease of use
Venmo is very easy to use even for people who are not technologically inclined. You may think of it as the WhatsApp of sending money. Signing up for an account is easy, especially if you already have a Facebook account or a valid email address. Venmo also easily links to most bank cards and bank accounts since it is a trusted payment platform.
Venmo payments are near-instant, so you can send money from your phone to another person’s number in seconds. This payment platform is often used for splitting bills in restaurants; one party pays the tab and others “Venmo” their share of the bill to the payer.
There have been some privacy concerns regarding the social media nature of Venmo, but you can always set your account to “Private”. This means that no one but you and the person you sent money to will know about the transaction.
Venmo Mastercard is issued by Bancorp Bank and works just like a debit card. You can fund the card using your bank account or credit card and use it to make online payments to approved merchants. You can also use this card anywhere that accepts PayPal.
How to Use Venmo to Play at the Casino
You can get around the limitations of using Venmo to pay for online casinos NJ given the numerous other options available for depositing and withdrawing funds. Besides PayPal, other e-wallet options that are just as effective include Skrill and Neteller. Both options allow you to make casino deposits and withdrawals and are widely accepted in New Jersey.
Debit and credit cards are equally good options for funding your online gaming. Venmo has the Venmo Mastercard, but for now, you can’t use it to deposit or withdraw money from online casinos, including the ones that accept PayPal payments. We hope things will change soon and that Venmo will open up to the online gaming landscape.
Frequently Asked Questions
We will go through the most frequently asked Venmo online casino NJ questions just to make sure that we have covered all the bases.
What are the best alternatives to Venmo?
The best alternative to Venmo is PayPal. Venmo is owned by PayPal and works almost the same way. You may think of Venmo as the mobile version of PayPal. Other e-Wallets such as Skrill and Neteller are also good alternatives. If you don’t have a bank account and credit/debit card, you may want to consider prepaid cards such as Play+, paying cash at the casino cage, or purchasing a preloaded voucher such as Paysafecard.
What is the deposit limit with Venmo?
You cannot deposit money into online casino accounts using Venmo. If you are using Venmo for person-to-person payments or other approved payments methods, the weekly spending limit is $299.99 for unverified accounts and $6,999.99 for verified accounts. The same applies to the Venmo Mastercard.
Which currencies are supported by Venmo?
Venmo is a U.S. only payment platform and only supports USD. You cannot send money internationally or receive money internationally using Venmo. Attempting cross-border transactions using Venmo is against the company’s terms of service and could lead to permanent account closure.
Is it possible to deposit at casinos not licensed in New Jersey using Venmo?
For now, it is not possible to deposit money to any casino anywhere in the world using Venmo. Some unscrupulous sports betting sites for fantasy football may accept Venmo payments by leaving out the details of their transactions or by misrepresenting these transactions. Keep in mind that any form of gambling, online or otherwise, is strictly against Venmo’s terms of service and could lead to permanent account closure without appeal.
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