Paypal or venmo for sportsbook deposits, does... | Betzonic

Question

so my debit card got declined twice trying to fund my account last weekend (chase, apparently they flag gambling stuff sometimes) and now im looking at paypal vs venmo since both are listed. i have both linked to the same bank account so idk if theres even a difference. mainly care about how fast withdrawals hit and whether one of them randomly blocks you. anyone actually compared the two?

quietrivergolf · Accepted Answer

i've used both on the same book for like two years so here's my actual experience. paypal withdrawals for me land in 2-4 hours, once it took overnight on a sunday. venmo has been slower and weirdly inconsistent, one $340 cashout sat "pending" for almost 3 days and support just kept telling me it was on venmo's end. also the big thing nobody mentions: whatever method you deposit with is usually the method you HAVE to withdraw to, at least for the first payout. so if you deposit with venmo and then decide you want paypal you might be stuck waiting on a verification loop. on My Bookie my paypal cashouts have been the most predictable of anything i've tried, faster than ACH by a mile. i keep venmo linked as a backup only.

toledo_dan · Answer

can confirm the paypal thing. i cashed out $180 on a Bengals teaser last month and it was in my paypal balance before the postgame show ended. venmo took like a day and a half for a smaller amount. same book, same week, no idea why.

halfpointdog · Answer

fwiw venmo is owned by paypal, same parent company. so the actual processing rails are similar but the sportsbook integrations are built separately and venmo's is newer at most books. thats probably why it feels less smooth.

nb_reads · Answer

one detail that matters if you care about bonuses: some books exclude paypal deposits from the deposit match promo. i've seen it in the fine print more than once. venmo sometimes isn't excluded because they forgot to update the terms lol. worth reading before you fund if you're chasing a first bet offer.

grrrrrreg · Answer

wait so if paypal is excluded from bonuses does that mean the deposit doesn't count at all or just doesn't qualify?

nb_reads · Answer

deposit still counts, money's in your account fine. it just doesn't trigger the promo credit. i learned that the annoying way, put in $250 expecting a match and got nothing, support said paypal was excluded and pointed me to a terms page. they did nothing for me.

ash_in_pdx · Answer

does either one show up on your bank statement as gambling? asking because my wife handles the joint account and i'd rather not have a whole conversation about it every month tbh

quietrivergolf · Answer

paypal usually shows as "PAYPAL *" plus a merchant descriptor that can be the book's name, depends. venmo shows as VENMO transfers which is more generic. if you keep a balance in paypal/venmo and fund from that balance instead of pulling from the bank each time, the bank statement just shows the one transfer you made. thats what i do.

cd_bettinger · Answer

also worth knowing paypal has instant transfer to your debit card for like 1.75% fee, venmo charges similar. so if you're impatient you can pay to skip the 1-3 business day standard transfer to bank. i only do that if i actually need the cash.

lil_marmot · Answer

depends on the book too honestly. i've got accounts on three and one of them doesn't even do venmo withdrawals, only deposits. so you deposit with venmo then have to withdraw by ACH or paper check, which is a joke.

sk3ptical_sam · Answer

idk about these 2 hour paypal payouts. every time someone says instant it turns out they were verified for a year with a 5 figure lifetime handle. new accounts get held for review no matter what method you pick, right?

toledo_dan · Answer

nah, my account was 5 weeks old when i got that Bengals payout. what actually matters is finishing KYC before you request anything. i uploaded license + SSN last 4 the day i signed up and never had a hold. friend of mine skipped it, first withdrawal sat 6 days.

pnw_overunder · Answer

another wrinkle: state matters. i moved from AZ to OH and my paypal was fine both places but a buddy in a newer market said venmo wasn't even an option at launch, they added it months later. payment options are per-state, not per-book.

grady_h · Answer

seconding paypal. i switched after chase declined me the exact same way OP described, twice on a saturday morning during college football. haven't touched a card since. paypal balance funding, done in like 8 seconds, and the cashouts have been boringly reliable for me.

mkeller_312 · Answer

OP here. went paypal based on this thread. deposited $150, withdrew $95 four days later and it was in paypal in about 3 hours on a wednesday night. question though, is there any reason to also keep venmo linked? or does having two methods slow down verification?

quietrivergolf · Answer

glad it worked. keep venmo linked, it doesn't slow anything down. reason is if paypal ever has an outage or the book has a processor issue with them you've got a second door. i've had paypal deposits fail at a book for like 6 hours on a sunday and venmo went through fine.

burnt_parlays · Answer

my complaint isn't with either of them specifically, it's that paypal limited my account after a bunch of back and forth deposits/withdrawals. froze $600 for 11 days and asked me for "business documentation" which makes zero sense for a personal account. their support is a chatbot maze. never had that with a plain debit card.

cd_bettinger · Answer

that sucks and i've heard of it, but for what it's worth i've been cycling money through paypal for gambling for going on 3 years and never got flagged. i think the pattern that trips it is lots of transfers in and out on the same day. i just leave the balance sit and pull it once a week.

only_here_4_lines · Answer

still feels like people are ignoring that venmo and paypal are literally the same company. how is one "faster" than the other if it's the same backend? sounds like confirmation bias to me

halfpointdog · Answer

same parent, different products. venmo's API for merchant checkout is newer and a lot of sportsbooks route venmo through an extra processor layer, paypal is often direct. so yeah the speed difference is real even if the money ends up in the same corporate account. also venmo is mobile-only for a lot of flows which breaks desktop deposits.

dee_j_84 · Answer

paypal gang. verified, never held, done.

Paypal or venmo for sportsbook deposits, does it actually matter?

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