Wyoming Gaming Commission approves latest sports betting rules
The Wyoming Gaming Commission has approved the latest proposed online sports betting rules.
The plan for the legal Wyoming online sports betting industry to launch in time for the NFL season remains on track. The new NFL season is due to get underway on September 9 and is seen as a crucial date for the online gambling market. On Monday, the Wyoming Gaming Commission (WGC) overwhelmingly voted to approve the newest version of its online sports betting rules and requirements for gambling operators planning to access the state’s market. The laws must come into effect by September 1.
The Wyoming sports betting industry will be online only, joining Tennessee as the only states with no retail options. Although currently, the Virginia sports betting market is online-only, that will change when casinos are constructed to house retail sportsbooks. Joining Tennessee, the Equality State will become the second state to permit an unlimited number of operators to apply for licenses.
The WGC voted on both online sports betting rules and a set of emergency rules, and both measures were approved unanimously. The meeting on Monday came shortly after the expiration of the allotted public comment period on the proposed regulations. The final set of rules includes information on taxes, auditing and internal controls, advertising, responsible gaming, and more.
WGC Gaming Commission Executive Director Charles Moore previously announced well-known operators such as FanDuel, BetMGM, Barstool, and DraftKings submitted letters of intent to apply for sports betting licenses in the state. Moore also revealed SuperBook Sports as another possible operator entering the Wyoming market.
The state began accepting applications for licenses on July 15. Once the betting industry is officially live, bettors aged 18 or over will be eligible to sign up and deposit within the state. Wyoming will be one of the only states that don’t require a player to be at least 21 to wager legally.
Wyoming Sports Betting Potential
If everything goes to plan and sports betting does launch in Wyoming on September 1, it will be the third state to go live in less than five months after sports betting was legalized. Gov. Mark Gordon signed HB 133 into law in the Spring. The bill dictates that the state is required to have a minimum of five online sportsbook licenses paying a fee of $100,000 with an annual renewal at $50,000.
Initial projections for Wyoming’s sports betting launch predict a market of $450 million. Due to the 10% tax on gaming revenues, the state will generate more income. The annual state revenue has been estimated to be between $2.23 million and $4.7 million.
Additionally, Wyoming will become the first state to allow sportsbooks to accept bets in “digital, crypto and virtual currencies.” However, the cryptocurrency must be converted into cash.
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