Wyoming Gaming Commission Approves Wagering Rules
Wyoming Gaming Commission Approves Wagering Rules
Many states have passed sports betting since January with the goal of launching by football season. However, not all states on this list completed the necessary steps to launch by football season.
Wyoming passed sports betting earlier this year, but the Gaming Commission and legislature have worked together to ensure that sports betting is live by football season. On Monday, the Wyoming Gaming Commission approved the sports betting rules which kept the state on track for a September 1 launch.
Wyoming Gaming Commission Approves Rules
On Monday, the Wyoming Gaming Commission unanimously passed the state’s sports betting rules and requirements for operators interested in securing market access. The state’s market will be only mobile, which has helped speed up the regulatory process.
The commission needed to establish the laws by September 1, so they are ahead of schedule. A quick legalization was necessary with the Buccaneers and Cowboys kicking off the NFL season in just over one month.
There are only two states that utilize a solely mobile market. WY will join Tennessee and Virginia as the two other states without retail sportsbooks. Virginia will be removed from this list when casinos are built in the state because these properties will offer retail sportsbooks.
Wyoming’s framework was modeled after Tennessee as both states offer unlimited betting licenses. The Wyoming Gaming Commission worked swiftly to finalize the sports betting rules.
The group approved the draft two days after the public comment period expired in the state. The rules dealt with everything for sports betting in the state, including gaming advertising, taxes, financial measures, audits, security, and other necessary guidelines for a state sports betting market.
The Wyoming Gaming Commission also established emergency sports wagering rules, but the group’s Executive Director Charles Moore, declared that the emergency measures are nearly identical to the final draft.
The Future of Sports Betting in Wyoming
Moore declared that many top-tier operators in the United States have applied for sports betting licenses. The application period opened on July 15, and DraftKings, FanDuel, Barstool, and BetMGM were all quick to declare their interest in the state’s market.
Sports betting in WY has lucrative potential because the required age will be 18 instead of 21. Most states only allow people over 21 to gamble, but the 18 to 20 year old demographic has the potential to drive a lot of revenue.
Although, there have been complaints from citizens in the state over this regulation because operators can easily manipulate this group.
Sportsbooks will be required to pay a license fee of $100,000 with an annual renewal of $50,000. When the market launches, there must be five operators present in Wyoming. The Gaming Commission can add sportsbooks over time if there is interest.
The annual revenue for Wyoming’s market has been between $2.23 million and $4.7 million. The 10% tax will drive revenue because sportsbooks can invest more in customer acquisition. Additionally, sportsbooks will be able to accept bets in cryptocurrency, which could increase participation.
