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Venmo betting sites in Tennessee

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The number of betting sites that accept Venmo in Tennessee as a payment method is rapidly increasing. We’re here to help you find these sites for fast and secure payment.

Why is Venmo becoming so popular? The Venmo app is simple to operate. Moreover, customers have faith in the platform because it is owned and backed by PayPal. Now, this popular service is also available to Tennessee residents. Continue reading to find the best Venmo sportsbook in Tennessee for you.

What is Venmo?

The payment method was founded by University of Pennsylvania alumni Andrew Kortina and Igram Magdon-Ismail. They decided to create a new transaction destination after realizing there were few payment options for travelers.

In May 2010, the company raised $1.2 million in seed funding after transitioning from a text-messaging-based method of sending money to a dedicated app. By 2012, the company was sold to Braintree for $25.2 million. PayPal then purchased Venmo as part of their $800 million purchase of Braintree in December 2013.

Venmo is a PayPal-owned payment system that allows you to transfer money from one Venmo account to another. Users download an app to their Apple or Android phones that acts as their Venmo wallet. To transfer funds, link your Venmo account to your bank card or bank account. Then, with the click of a button, you can send money to other Venmo users.

How to create a Venmo account in Tennessee

In order to get started with using this payment method in Tennessee online sports betting, you need to apply for a Venmo account. To begin your Venmo journey, you must provide your full name and date of birth. The company will also need your address for security purposes.

Finally, you must provide your social security number or taxpayer-identification number’s last four digits. It will assist Venmo in verifying your identity and confirming that you are a registered citizen. Also, it aids in preventing fraud by lowering the likelihood of fake or multiple accounts.

Sometimes, Venmo may be unable to verify your identity solely based on your social security number and TIN. If this happens, Venmo will request additional identification. You can show a valid US driver’s license passport. Moreover, you can also provide an SSN letter or tribal ID card.

The site will review all the information and verify your account within three business days. However, they usually aim to verify your account within 24 hours. After verification, you should be able to use your Venmo account.

Creating your Venmo account

We’ve created a step-by-step guide to help you through the process. When creating your Venmo account, provide the following information:

  • Name
  • Social security or tax identification number
  • Phone number
  • Your address
  • Date of birth
  • Email address
  • Banking information

Verifying your Venmo account

For the Venmo verification process, you will have to:

  • On your smartphone, open the Venmo app.
  • Tap the three stacked lines in the top-left corner of the screen to open a drop-down menu.
  • Choose “Settings.”
  • In the security section of your settings, choose”identity verification.”
  • Click “Next” on the one-time security check information page.
  • Enter your information, including your legal first and last name, date of birth, and, if you live in the United States, the last four digits of your social security number.
  • To finish, tap “Next” and follow the onscreen instructions.

How to make a deposit to a Tennessee sportsbook using Venmo

The only way to use your Venmo to fund your Tennessee sportsbook account is through a Venmo Mastercard. It works just like any normal debit card. It is a Mastercard-backed card linked to your Venmo account.

Because you can use your Venmo card just like a regular bank card, you can use it at any sportsbook in Tennessee that accepts Mastercard deposits. Go to your sportsbook’s cashier page, look for the Mastercard option under deposit methods, and enter your bank information. The procedure is simple and quick. Additionally, withdrawals can be made using the Venmo Mastercard.

In order to get your Venmo Mastercard, remember that you must first create a Venmo account. If you frequently use Venmo, then the card is beneficial. You can pay for anything and even withdraw money from an ATM.

Overall, the Venmo Mastercard is the only way to play with Tennessee sportsbooks. Aside from that, finding a sportsbook that purely accepts Venmo is difficult.

Can I withdraw my winnings using Venmo?

If the online gambling site in Tennessee accepts withdrawals to a Mastercard, you can withdraw your funds to Venmo. Withdrawals through Venmo can take anywhere from a few hours to two days. Two hours is more common, but it is dependent on the transaction. If a transaction is flagged, the withdrawal is held for further review. It could be because of a large sum of money deposited into your account.

A withdrawal should take no more than three days. However, your bank’s processing time, not Venmo’s, determines this. But also remember to check if your sportsbook in Tennessee accepts Mastercard withdrawals.

Benefits of using Venmo on betting sites in Tennessee

Venmo has several advantages that make it a great payment option for bettors in Tennessee. These include:

  • Processing times
  • Safe & Secure
  • The Venmo Master Card
  • Little to no fees

What’s great about this payment method is that using a Venmo Mastercard is safe and secure. Unlike a bank card, your Venmo card is not linked to your own bank account. You will not be required to provide your bank with your card information (only your Venmo card), and your betting transactions will not appear on your bank statement.

Moreover, because Venmo Mastercard deposits are instant, you can start betting right away. But one aspect that you need to know about is the fees. For using the Venmo Mastercard, you pay a fee of 1.75% fee to Venmo.

Venmo betting sites alternatives in Tennessee

Venmo isn’t the only popular payment method for sports betting apps in Tennessee. Below is a list of popular alternatives you can use, if you don’t want to engage with Venmo.

  • PayPal sportsbooks in Tennessee. PayPal is a well-known e-wallet and a popular option for online gamblers. The main benefits of this banking option include the availability of welcome bonuses, high-security features, and an easy-to-use mobile app. However, there is no VIP program, and customer support can be slow due to the lack of a live chat option.
  • Neteller sportsbooks in Tennessee. Few payment methods have had an impact on the betting industry as Neteller. It offers disclosed activity, instant withdrawals, and rewards for the most active bettors. However, bookmakers request additional verification documents, which removes the sense of privacy in personal data. And, it’s becoming increasingly hard to find Neteller betting sites that provide any rewards to high-volume players.
  • Skrill sportsbooks in Tennessee. Since its inception, Skrill has been a top-tier payment option in the betting world. For years, it has been an excellent alternative for players who want to remain anonymous and even bettors from countries where traditional methods are not widely used. Furthermore, every bookmaker accepts Skrill, and cashouts are usually free and quick. But, since its acquisition (or merger) by Neteller, Paysafe Group has been charging record fees to operators, making this option unaffordable.

FAQ

Does Venmo have transfer limits on accounts?

Yes, you are limited to $299.99 per week for all transactions before Venmo has verified your identity. However, once your identity has been verified, the general limit increases significantly and is refreshed on a weekly basis. That is, if you reach your weekly limit, you must wait exactly one week after a transaction is posted for the amount of that transaction to stop counting against your limit.

How can I tell what sportsbooks accept Venmo in Tennessee?

The answer is that no sportsbooks in Tennessee accept Venmo as a payment method. It is not possible to top up your account with regular Venmo transfers. However, almost every operator accepts Mastercard deposits, so if you have a Venmo Mastercard, you can choose from multiple sportsbooks. Here are some Tennessee online sports betting sites that accept Venmo Master Card: FanDuel, DraftKings, BetMGM, and Caesars Sportsbook.

Are there any fees or tax-related penalties for using Venmo?

Users will pay 1.75% of the transfer amount for consumer and business profiles on Venmo, with a minimum fee of $0.25 and a maximum fee of $25. Anyone who receives at least $600 in payments for goods and services via Venmo or another payment app can anticipate receiving a Form 1099-K. Venmo sends this form to qualifying users, and it's important to note that certain amounts on the form (such as refunds) may not be subject to income tax.