If you checked your Venmo feed last Sunday between 6pm and midnight, you might have noticed that it was awash with Super Bowl-related transactions, from the semi-innocuous 'tom brady is bad bye!!!!!!!!!,” to the more, uh, sus 'Rigging the Super Bowl.” Venmo told The Outline Sunday in no uncertain terms that gambling on sports through Venmo is not only broadly illegal in most places in the US, but against the company's terms of service. According to research done by The Outline using the transaction data available through Venmo’s public API, on average 44 percent of Sunday night's transactions included messages with Super-Bowl-related terms and 14 percent directly referenced gambling.
Venmo is a digital wallet that makes money easier for everyone from students to small businesses. More than 60 million people use the Venmo app for fast, safe, social payments. Fast, safe, social payments. Join more than 60 million people who use the Venmo. Perhaps the best known example of this is PayPal’s Venmo, which has proven extremely successful in many parts of the world, including the United States. But other examples are also utilized by many. Log on to your favourite poker room website using your account credentials, or sign up for a free online account if you're a new player 2 Go to your poker account menu and click on a link or a. Super Bowl gambling on Venmo Sports betting is illegal almost everywhere in the US. In the moments after the game, approximately 55 percent of all Venmo transactions were Super-Bowl-related and 14 percent explicitly mentioned gambling. According to the latest online gambling news, Paypal and its online payment application Venmo will enable the players of online casinos that accept PayPal deposits to transfer their gaming winnings to.
All Venmo transactions require a message of some sort, and they’re generally pretty transparent. Inspired in part by Vicemo — the website that provides a comprehensive list of every public Venmo transaction accompanied by a vice-related message (like, a bunch of tree emojis, “drank,” “drugs,” or, of course, the ever popular “drugz”) — I sampled transactions for the messages listed in Venmo’s public API against a variety of Super Bowl keywords (“football,” “Super Bowl,” “fucktomb,” etc.) and gambling-related keywords (“squares,” “prop,” or “bet,” as in, “In hindsight, maybe betting the mortgage on the Patriots wasn’t the best idea”) keywords in order to get a rough estimate of the number of people who used Venmo for possibly illegal purposes last night.
Based on my research, there were about 139,500 Venmo transactions occurring per hour, which evens out to approximately 837,100 Venmo transactions over the course of the evening. Forty-four percent of these transactions were obviously related to the Super Bowl in some way, and at its peak in the minutes after the game ended, 14 percent of transactions explicitly referenced gambling (i.e. 'Refund for super bowl squares,” “illegal super bowl gambling”), with an 8 percent average overall.
I’m guessing (hoping?) that a sizable portion of Super Bowl Sunday betters were a little less conspicuous with their payments. Regardless, there was likely anywhere from 65,000 to 370,000 Super Bowl gambling-related transactions on Venmo Sunday night. This is all, mind you, illegal in most states and totally against Venmo’s Terms of Service.
Despite the fact that Venmo staffed its HQ specifically for this event, the app still experienced a considerable amount of lag directly after the big game. Lots of users took to Twitter to point the finger at gamblers, who they alleged had overwhelmed the app with Super Bowl-related payouts.
Why is Venmo so slow? Is it because everyone is using it to pay off lost bets?
— Caleb Kaslik (@calebkaz96) February 5, 2018Venmo Online Gambling Sites
My entire Venmo timeline is people losing money on the Super Bowl.
— Jack Falahee (@RestingPlatypus) February 5, 2018
While the Super Bowl is Venmo’s biggest day of the year, it’s certainly not the only day its users appear to gamble: An analysis by Quartz in 2017 showed that up to a third of the transactions on the whole service appeared to be gambling-related on the morning of the first March Madness game. Venmo did not respond to a request for comment.
SAN JOSE, Calif.--(BUSINESS WIRE)--Starting this week, Venmo customers can shop on their mobile phone and make purchases at more than two million U.S. retailers via the mobile web. Venmo customers can now more easily split online purchases among friends and share payments on the Venmo feed, making it easier than ever to celebrate group experiences and remove the awkwardness that comes with cash or checks.
Just in time for the holiday season, Venmo customers can shop at millions of merchants that accept PayPal - such as Lululemon, Forever 21, and Foot Locker - using their Venmo balance or linked credit card, debit card, or bank account. At launch, Venmo customers will receive a notification in their Venmo app inviting them shop. Eligible purchases made with Venmo qualify for purchase protection, which may provide a full refund if customers don’t receive an item or it’s significantly different than the description.
“Offering a way to pay at millions of retailers is a major step in the evolution of Venmo,” said Bill Ready, Chief Operating Officer of PayPal. “Our vision for Venmo is to not only be the go-to app for payments between friends, but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay, regardless of device. Through 2017 and beyond, we will continue to evolve the payments experience that has helped make Venmo a cultural staple, while also applying that same magic to split, share and pay in new ways.”
To celebrate Venmo's place in today's culture, Venmo revealed this week a new brand campaign, dubbed “_______ Me,” which celebrates Venmo’s status as a household name and reminds everyone that payments can be fun. “_______ Me” takes an irreverent approach to everyday moments in which people use Venmo. The multi-platform campaign, which runs through the end of the year, includes digital, experiential, and outdoor advertising. The new campaign was created in partnership with Zambezi and Noble People.
In addition, to provide more options to easily manage and move money, Venmo customers will soon be able to instantly transfer money from Venmo to their bank accounts via eligible debit cards, providing access to funds faster than ever before for just $0.25 per transfer. Funds will typically be available in a customer’s bank account in a matter of seconds, although some banks may take up to 30 minutes. The new option will be available to all Venmo users over the coming months. Funds in a customer’s balance are immediately available to use when shopping with Venmo, and as always, there is no charge to transfer funds directly to a customer’s bank account through the original bank transfer functionality.
Businesses can now offer Venmo as a mobile payment option through the PayPal and Braintree platforms. To learn more, visit www.venmo.com/business.
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About Venmo
Venmo, a service of PayPal, Inc., is a leading mobile app in the U.S. used to move money between friends and family and pay at select businesses. Venmo makes payment a fun, social experience that eliminates the awkwardness that comes with cash or checks. For more information, visit https://www.venmo.com.
Using Venmo For Gambling
About PayPal
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Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 210 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PayPal financial information, visit https://investor.paypal-corp.com.