Wyoming sports betting is starting to come to fruition which is music to resident’s ears and the national wagering industry. On Thursday, the Wyoming Gaming Commission opened the sports betting application process for operators. The group also posted regulations for applications, which clearly show what an operator needs to attain licensure.
Wyoming has the goal of launching sports betting by football season. This will be a challenging goal to attain, but the commission beginning the licensing process was the first step for sports betting going live in the state.
Details of Wyoming sports betting
In April, Governor Mark Gordon signed sports betting into law in Wyoming. He did this by approving HB 133, which is a restrictive bill. There will only be five internet sportsbooks allowed in the state.
Each operator will have to pay an initial $100,000 fee and an annual renewal of $50,000. These numbers are cheap, so many operators want to attain market access. Yet, only five books will be given the opportunity.
Wyoming is the least populated state in America, with under 600,000 residents. The new industry will still give the state a tremendous amount of tax revenue. The annual handle is estimated at $450 million, and the state will earn 10%.
Legislators in the state did not pass sports betting because of a strong desire to make money. Lawmakers knew betting was occurring in the state through offshore books. It was known that this practice would not stop unless legal wagering was implemented.
Senator Drew Perkins was one of the legislators who helped get sports betting passed in Wyoming.
At the beginning of the legislative process, he said, “A big part of [H.B. 133] is not to necessarily create a hammer to go after those who are doing it illegally, but more to create a more protected and regulated environment, so when they place the bet, and they win, their bets are paid.”
Strong desire to enter the Wyoming market
Wyoming has an excellent framework for operators throughout the United States. Even though Wyoming is not heavily populated, the low tax rates, minimal fees, and a limited number of operators make the state a goldmine.
Many of the largest operators in the United States have shown interest in Wyoming, including DraftKings, FanDuel, BetMGM, and Barstool Sports. SuperBook is another site that is possible in Wyoming because of its presence in the western portion of the United States.
Applications have already been filed as of Thursday to get on the good side of the Wyoming Gaming Commission. The department has the goal to approve licenses and launch betting by September 1.
If Wyoming made this happen, it would be the third state to go legal to live in under five months. Every state who recently legalized sports betting wants to launch betting by football season because of its lucrative potential.
This will help bettors sign up for accounts before football season so they do not get locked into offshore platforms or visit Colorado to wager.
Representative Landon Brown made the urgency clear when he said:
“I can’t open up my phone and place a bet here, but I can go down to Ft. Collins (Colorado) and do it? Why are you allowing Colorado to take all my damn money? This is literally the dumbest thing in the world.” – Rep. Landon Brown