- Wyoming now has a law for its own regulated sports betting market.
- The sports wagering industry of Wyoming will be like that of Tennessee, completely online with no retail locations available.
- Wyoming is the first state in the U.S. to use a format similar to the sportsbook platforms of overseas operators for their own industry.
CHEYENNE, Wyo. – On Monday, Wyoming’s Governor Mark Gordon put his signature on House Bill 0133, turning it into law for regulated sports betting in Wyoming to open.
Through a technicality, this makes Wyoming the first state in 2021 to greenlight a sportsbook market. South Dakota passed a bill into law in March for their industry but that was for the format of their market rather than overall signing into law as voters did that part for the state in November.
What The Regulated Sports Gaming Landscape For Wyoming Will Look Like
House Bill 0133 brings a new type of platform to the U.S. market as it’s the only one of its kind. The purely online and mobile sports betting market in Wyoming was formed to mirror the international online sportsbooks that their residents have been using for years. This is something that has never been done.
These mobile sportsbooks have been used without benefitting the economy of the state as their money for wagers was going toward outside businesses. Now, with Governor Mark Gordon allowing regulation in the state, Wyoming will begin to profit from the huge number of sports bettors that call the Cowboy State home.
Wyoming has only 582,328 people statewide as of last year but this new law allows any of them 18 and over to bet on sporting events. All collegiate, professional, and international sports competitions will be open with betting lines through various operators. To go live with the industry, at least five companies will need to be licensed, although there is no cap as to how many the Wyoming Gaming Commission (WGC) can greenlight for business.
There is a 10% tax rate on all GGR accumulated from WY sports betting platforms. Cryptocurrencies like Bitcoin will be accepted through these applications as a form of payment. In order to receive a license to become operational, potential businesses will need to pay $25,000 upfront with their application and then $100,000 every five years to renew their license for sports betting operations.
The WGC should have all rules and regulations ironed out for the regulated sports betting industry of Wyoming by no later than September 1. Wyoming residents could see state platforms launch prior to the end of the year to get in some wagers on the NFL but if not by then, it should be no later than the beginning of 2022.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.