Finally! Wyoming is the latest state to legalize online sports betting. The state will allow players to use sports betting sites as of September 2021.
The bill will allow up to five operators to provide their services in the state. These five operators are already working in three other states. The legislators are hoping to bring in experienced and professional operators.
There are already some physical gambling options available for players in Wyoming, though, these are limited. There are four class II gaming halls that are controlled by the Eastern Shoshone Tribe of the Wind River Reservation. The new laws need class III for an institute to offer sports betting. The Eastern Shoshone Tribe has applied for this status several times but has had no luck so far.
The state is hoping to have a full framework for gambling operators in place to launch by September 1st. The governors have asked the Wyoming Gambling Commission to take charge of this. The bill will also coincide with the start of the NFL season. This is an incredibly lucrative time of year for bookmakers.
The bill in question for these changes is House Bill 133. This was introduced to the house back in February. The bill allows five-year licenses to be handed out by the Wyoming Gambling Commission. These licenses will cost the operator $100,000 each for five years. They will then be able to renew them at an annual cost of $50,000 providing they continue to meet requirements. An upfront cost of $10,000 will be applied.
The bill itself did not have an easy ride to being approved. It was initially rejected by the house back on March 9th. It was then passed the following day when it was brought back to the vote. It had no problems in the Senate though, where it passed the vote 24-5.
The state stands to benefit substantially from the new bill. Gambling revenue will be taxed at 10%. The law does state that the first $300,000 that is received will be put towards helping gambling addiction in the area.
Online sports betting is projected to some very big business for Wyoming. Experts predict that it will bring in around $450 million in wagers annually once it finds its feet. However, this figure does depend on the number of sports bettors who repatriate and stop using international betting websites. The figures would mean that Wyoming could take in around $27 million in taxes annually, which is certainly not a bad return.
In further development, the state later amended the bill to allow players to gamble online using cryptocurrencies. This will no doubt excite many online gamblers in the state due to the rise in popularity of this payment method. Residents will also be able to deposit funds using credit/debit cards, cashier and traveler checks, and money orders. More methods are likely to become available as the industry continues to grow.
Wyoming is the latest in a string of states to change its stance on online gambling and sports betting. Many gambling operators are now shifting their focus towards the United States, as the potential markets are incredibly tempting due to the size and value of cities in the country.