Which sportsbooks in Illinois accept Venmo?
There are currently 2 sportsbooks in Illinois that accept Venmo payment method: DraftKings, FanDuel.
Venmo was launched in 2009. It was developed by Iqram Magdon-Ismail and Andrew Kortina who met in 2001 at the University of Pennsylvania. Following their graduation, the two spent most of their time building different websites for people. They decided to look into the online market after numerous attempts of starting their own company.
Venmo's original idea was a way of selling music online. However, they decided to develop a way in which it could be possible for one person to pay another. The method of payment was started initially over text.
The two came to realize later that the list of transactions to restaurants, bars, and shows was an intriguing way of seeing what friends were up to. It later led to the development of Venmo's social side and the news feed element was eventually introduced.
Although it took longer to raise money from various investors, a friend and his father eventually came forward and backed the app. In 2012, PayPal showed an interest in the business. In the same year, it was initially acquired by Braintree before PayPal purchased it for $800 million.
How to deposit using Venmo on Illinois sports betting sites
If you want to play at a gambling website or sportsbook in Illinois that accepts Venmo as a method of payment, the first step will be to open an account at Venmo.
1. Open an account at Venmo
You can open an account at Venmo by downloading the app on your Android or iOS device or by just signing up online. Some of the personal details that will be required by Venmo when creating an account include:
2. Verify your identity & connect your bank account
First of all, you will need to verify your phone number and email adress when becoming a Venmo user. This is done by receiving a text with a verification code that you will need to enter in the app.
When your personal information has been verified, you need to connect your bank account to Venmo. Instant verification is the easiest method that you can use to verify your bank account. If the bank you are using supports this method, it will be very easy for you. All you will need to do is to provide your password and username for the online banking profile.
A player can also verify his or her account manually by entering their account and routing number. Venmo will carry out micro withdrawals and deposits to verify that the account actually belongs to you. For the verification process to be successful, you must have a minimum of $2 in your account.
You should also consider adding a bank card to your Venmo account, making it possible to fund it using both online banking or card.
3. Choose Venmo as deposition option
After you have signed up to a sportsbook in Illinois that accepts Venmo, you can deposit money to it using this payment option.
All you need to do is choose Venmo when depositing and follow the instructions given. When your deposit has been made, your new balance will usually reflect within 1-3 business days.
When it comes to funding your sportsbook account, there are a few alternatives to using Venmo. The service is much like other e-Wallet services such as PayPal, Neteller and Skrill. However, Venmo is geared more toward personal transactions.
The major drawback with Venmo in sports betting is that your deposit might take up to 3 days to reflect in your account. This makes services such as PayPal or Skrill more convenient, since funding an account using these alternatives is much faster.
If you use Venmo on a day-to-day basis, it might be a good option to use when funding your sports betting account since you most likely already have the account setup and verified already.
If you on the other hand are new to e-Wallets, there are better and faster options to Venmo that will make your sports betting experience a lot smoother.