Venmo Buy-ins and Cash-outs (3 Viewers)

Davism72

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Has anybody here had any experience with cashless home games? I think using Venmo for this is against their TOS, right?
 
Has anybody here had any experience with cashless home games? I think using Venmo for this is against their TOS, right?

Probably. A friend of mine got banned from Venmo for sports book activity. People put “go chargers” in the notes. His account had $7k in it when they froze him. After pleading they unfroze for 10 minutes so he could pull his cash out then they shut down his acct. I’d be careful and also avoid notes.
 
Dang. I've bought sports tickets with friends and venmo'd money and wrote similar notes. That is scary,
 
Not venmo, but to answer this:
Has anybody here had any experience with cashless home games?
Yes, very much so. For cash games I note all buy-ins on a paper with one row per player and the columns Name, Buy-ins, Chip Count and Difference (i.e., there are no actual transactions when people buy in) , and when someone leaves we settle the difference electronically using Swish (a swedish app where you enter the persons phone number and the money is transferred instantly, everyone has it). The whole process is very convenient and hassle free.

The reason I don't ask for transactions for buy ins is that if I make a drunken mistake and the math doesn't add up, it's so much easier to fix the next day if I've written everything down.
 
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Venmo 100% cash in and out is ridiculously easy. And you have a ledger automatically.

Just make your players put silly notes not related to poker.
 
Comments are as crazy as you would imagine.
Yeah, I've recieved comments like "Your mother didn't have Swish (Venmo)", "200 grams cocaine", "The target has left the country, returning the down payment" etc... Everyone's a f*cking comedian!
 
All my games are through Venmo. Just don’t have your players put “poker” or “illegal gambling” in it and make sure it’s not for over like $4-$5k and I’m sure they’d never care.

$7k and probably a hundred people sending money with the name of a sports team is a bright and loud red flag for them I’m sure. A few connections from me is a kid whose been doing NFL elimination betting for 8 years. Started at a pool of $1,200 and is now up to $94,000 last year. 20-30% of it through Venmo. As long as you don’t make it obvious they don’t care they’re just doing it to cover themselves legally.
 
I thought the 7 day rolling transaction balance for Venmo was $2,000? Can you ask for an increase?
 
Here we use Twint, your bank account is linked to your phone number, you send a payment or request a payment via a dedicated application.
The application is secured by 2 factor authentication.
From your bank account you can set the limits (eg max payment amount per transaction, per month etc)
 
Ww use MobilePay, which is the local equivalent of Venmo. Everything goes off without a hitch.
 
Game with my college buddies typically are 100% Venmo, I'm always bank regardless of location (usually use my chips and I never leave early). Never had an issue but we also never have more than 1k on the table so I have never ran into Venmo limits if that exists.
Cash outs are extremely easy and down to the penny - never missed a hand typing in a payout, and my phone vibrates as soon as somebody wants more chips. No vibrate, no chips, simple as that. :tup:
 
you could use a secondary chip set as cash replacement
I'm not sure I get what you mean. How would that work? The point is not having to handle any cash at a home game but instead buying chips from the host/bank via venmo (or paypal or whatever) and getting your cashout the same way.
 
I'm not sure I get what you mean. How would that work? The point is not having to handle any cash at a home game but instead buying chips from the host/bank via venmo (or paypal or whatever) and getting your cashout the same way.
you need two chipsets. both sets should have the same color schema

Chip Set A: Regular Cash set you use at the table

Chip Set B: You sell those chips upfront for face value. Instead of buyin or rebuy with real money, the players have to give the dealer those chips (Chip Set B). The dealer changes them to Chip Set A.

You don't need many chips of Chip Set B. For 1/2 you just need a rack 25s and rack 100s

Chip Set B needs to be really safe.
The next day after the game, people can change those chips again to money
 
So I buyin with cash and receive Cash Set B. I then give that to the dealer and get cash set A? At the end of the night, I color up cash set A with the dealer and receive cash set B, which I can exchange for cash the next day?

o_O
 
It's a bit complicated, but it works. Just think about Chip Set B is your own currency - just like cash
Then I got it right. Does that make sense to you? It would mean additional money/chips exchanges instead of making things easier.

The idea is removing any cash from the table and using Venmo instead. Buy in = send money via Venmo to host. Cash out = host sends you money via Venmo. Get the exact amount you cash out for, no need for coins or rounding.
 
Remembers me the "Pachingo" in Japan,
You buy iron balls to play, that give more balls, that you exchange for a golden horse that you sell it in the shop next to the pachingo to cash-out your winnings :)
 
Then I got it right. Does that make sense to you? It would mean additional money/chips exchanges instead of making things easier.

The idea is removing any cash from the table and using Venmo instead. Buy in = send money via Venmo to host. Cash out = host sends you money via Venmo. Get the exact amount you cash out for, no need for coins or rounding.
It could make sense:
- in case of a search, authorities cannot find any money
- you can avoid beeing target of a robbery
 
It could make sense:
- in case of a search, authorities cannot find any money
- you can avoid beeing target of a robbery
Right, first point makes sense if you fear authorities checking your Venmo account for transactions related to the game.

...and most importantly: MOAR chips!!
Sure, how could I miss that point ;)

@DerberAlter you should do it like that and take all the moneys:
 

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