What is a good practice to check if an environmental variable exists or not?

There is a case for either solution, depending on what you want to do conditional on the existence of the environment variable.

Case 1

When you want to take different actions purely based on the existence of the environment variable, without caring for its value, the first solution is the best practice. It succinctly describes what you test for: is 'FOO' in the list of environment variables.

if 'KITTEN_ALLERGY' in os.environ:
    buy_puppy()
else:
    buy_kitten()

Case 2

When you want to set a default value if the value is not defined in the environment variables the second solution is actually useful, though not in the form you wrote it:

server = os.getenv('MY_CAT_STREAMS', 'youtube.com')

or perhaps

server = os.environ.get('MY_CAT_STREAMS', 'youtube.com')

Note that if you have several options for your application you might want to look into ChainMap, which allows to merge multiple dicts based on keys. There is an example of this in the ChainMap documentation:

[...]
combined = ChainMap(command_line_args, os.environ, defaults)

Use the first; it directly tries to check if something is defined in environ. Though the second form works equally well, it's lacking semantically since you get a value back if it exists and only use it for a comparison.

You're trying to see if something is present in environ, why would you get just to compare it and then toss it away?

That's exactly what getenv does:

Get an environment variable, return None if it doesn't exist. The optional second argument can specify an alternate default.

(this also means your check could just be if getenv("FOO"))

you don't want to get it, you want to check for it's existence.

Either way, getenv is just a wrapper around environ.get but you don't see people checking for membership in mappings with:

from os import environ
if environ.get('Foo') is not None:

To summarize, use:

if "FOO" in os.environ:
    pass

if you just want to check for existence, while, use getenv("FOO") if you actually want to do something with the value you might get.