Gambling in Michigan and across the US just got even more convenient. Members of FanDuel Casino & Sportsbook can now use Venmo as a deposit and withdrawal method. This is the first online gambling app to allow Venmo deposits and withdrawals, and it’s available in all states with with FanDuel Sportsbook as well, not just states with FanDuel Casino & Sportsbook.
Venmo is an extremely popular mobile payment service that allows users to send and receive funds. The service was founded in 2009, and is currently owned by PayPal, another popular online gambling payment method. Additional online casino and sports betting apps across the US are believed to be planning partnerships with Venmo in the future, broadening the payment options for users.
How To Use Venmo For Online Gambling
Using Venmo to deposit and cash out at FanDuel is just as easy as sending or receiving money from a friend. Here’s how to do it in under a minute:
- Open the FanDuel app and click, “Account,” in the bottom right corner. Click here to create an account for up to $1,000 risk-free on casino games and $1,000 risk-free on any sports bet.
- Select, “Withdraw Funds,” and choose Venmo as your preferred method (other options include online banking, check by mail, and cash in-person at the Motor City Casino cashier).
- Link your Venmo and FanDuel account by approving the connection when the option pops up.
- Enter the amount you’d like to withdraw of the available funds (you can withdraw the full amount or partial cashout).
- The first withdrawal request could take 24 hours to approve. The transfer is immediate for all cashouts after that.
Interestingly, you need to use your PayPal account to deposit in order to use it for withdrawal. Venmo does not have that same requirement, so you could deposit with a debit card or bank transfer, then cash out with Venmo if you so choose.
Other Payment Methods Beyond Venmo
Debit cards, PayPal, and bank transfers are other popular methods for handling funds in a sports betting account. But mobile-specific payment services like Venmo have grown in popularity in recent years. The Venmo service features a peer-to-peer network, which allows users to quickly and securely transfer money to friends and family without sharing much personal information.
According to research by Business of Apps, a digital marketplace watchdog, Venmo “processed $230 billion in total payment volume in 2021, a 44% increase year-on-year.” The Venmo app, which is free, is especially popular with users under the age of 35. While individual users can transfer and receive money at no charge, Venmo earns revenue through a 2.9 percent transaction fee on businesses. According to Business of Apps, Venmo generated more than $800 million in revenue in 2021.
FanDuel Sportsbook and FanDuel Casino In Michigan
FanDuel Sportsbook & Casino is the most popular sports betting app in the US and among the most popular online casino providers in Michigan. It is a legit, legally-licensed gambling service with some of the most competitive sportsbook odds and casino gaming selections. In every category, it consistently ranks among the best of the best.
Since the launch of online gaming in Michigan, FanDuel has been in the market, debuting both its sportsbook and casino apps in 2021. Michigan has evolved into one of the largest sports betting and gaming markets in the United States. In February, the state recorded more than $423 in total handle from sports betting, with FanDuel taking more wagers than any other sportsbook operator in Michigan ($122.4 million total). Online casino revenue set a record in February with $123 million reported.
New users can visit FanDuel Casino & Sportsbook to claim the welcome bonus, which is a risk-free first deposit up to $2,000 back ($1,000 for sports and $1,000 for casino games). Terms and conditions apply.