Football season is the primary betting period because of the popularity of the sport in the United States. States that legalized sports betting in 2021 will be at a disadvantage if they cannot launch by the NFL kickoff on September 9 when the Buccaneers host the Cowboys.
In Wyoming, a September launch looks definite as the Gaming Commission adopted a final set of sports betting rules on Monday. The rules draft was finished in June, and then a 45-day public comment period followed.
That time frame ended on Saturday, and the Wyoming Gaming Commission finalized the rules over the weekend before revealing the regulations on Monday. There were two sets of rules published.
The first was the regular set of rules, and the second was an emergency draft. However, both sets are very similar. The emergency regulations will expire in the state after 120 days, and they were issued to help lawmakers have time to finalize rules from their end.
The licensing process in Wyoming
The Wyoming Gaming Commission and state legislature had the goal to launch by September 1. With the rules being published on Monday, this date is nearly definite. The next step is for the commission to approve licenses, and then operators can prepare to launch.
There will be an unlimited number of licenses delegated in the state. Although there are only 600,000 people in the state, so sportsbooks will lose interest in the state after the initial platforms are approved.
There will be only mobile betting in the state and many sportsbooks like Barstool Sportsbook, BetMGM, DraftKings, and FanDuel. There must be a minimum of five licenses awarded when sports betting goes live in the state.
SuperBook USA and Golden Entertainment also participated in stakeholder meetings, so these companies are expected to file for a license.
Wyoming sports betting rules
Wyoming’s sports betting framework is very conducive to high handles and significant revenue for sportsbooks. The sports betting rules are based on Colorado, Tennessee, Michigan, and Iowa. However, Tennessee is the only other all-mobile betting market in the country, along with Wyoming.
Operators will pay $100,000 for a five-year license, and there will be a $50,000 annual renewal fee. The tax rate is meager at 10%. This is an unprecedented number for mobile sports betting tax rates in the United States.
Wyoming sports betting snuck through the legislature this year. It initially failed in the House before passing by a 32-4 margin and then being approved 24-5 in the Senate. There have been projections that the state’s annual handle will be upwards of $450 million.
There are no professional sports teams in the state. Yet, the low tax rate will help sportsbooks work hard on customer acquisition. It will also attract the biggest platforms in betting like DraftKings and FanDuel, which was demonstrated earlier in the legislative process.
Wyoming has some competitive sports betting markets in the area like Colorado. Although, Wyoming should be prosperous because of its all-mobile framework. Most sports wagers in the United States occur on mobile devices.