Sports betting rules in Wyoming were unanimously approved on Monday by the Wyoming Gaming Commission. This is an important hurdle that needed to be cleared in order for Wyoming to finally launch their legal sports betting market. There’s still a lot of work to be done but this move has some hoping that they could launch as early as this fall.
House Bill 133 Is Favorable for Sports Bettor
Wyoming hasn’t launched their legal sports betting market as yet but they sure seem like they’re well on their way to making it a reality sooner rather than later. The most optimistic predictions have their launch coming this fall although there are still a few hurdles left to overcome. House Bill 133, which Governor Mark Gordon signed on Monday, allows sportsbooks to accept digital, crypto and virtual currencies for betting on sports.
When looking at the details of the bill, it is interesting that Wyoming will prohibit retail sports betting at brick and mortar locations. In essence, this is a mobile-only bill and to be honest, that is significantly better than the alternative. Just ask New Jersey and Pennsylvania, two states that have made huge waves since launching. Both of those states get over 80% of their wagers from mobile apps. The fact that New Jersey regularly challenges Nevada for top overall handle in the country lets you know that mobile is the way to go, it isn’t even really a discussion. With that in mind, Wyoming is most definitely on the right track in terms of being able to maximize profits.
A Closer Look at the Rules of Bill 133
Let’s start with the good news for operators; Wyoming has an uncapped online sportsbook which means an unlimited amount of operators can apply. Wyoming is also one of the only states that will allow individuals under the age of 21 to make wagers. Their actual age requirement will be 18 years old. Additionally, unlike a lot of other states that have gone live, Wyoming will not have any restrictions on in-state college sports. In addition to the cryptocurrency and other forms of payment mentioned, sports bettors will also be able to fund their account via credit card, debit card, as well as traveler’ss checks and foreign currency as well.
Sportsbook operators will be taxed 10% on their gross gaming revenues. That number is a lot better than most of the other markets that have opened so that’s another win for Wyoming. While all of these things are fantastic, Wyoming has a very obvious problem that will not be easy for them to overcome with potential operators.
Small Population Will Always Work Against Wyoming
Wyoming is the least populous state in the country and for sportsbook operators, that’s a huge elephant in the room. It also gives you an indication as to why their deal seems to be so market friendly, they really don’t have a choice. Lack of population means it will always be an uphill battle for sportsbook operators in the state because they simply might not be able to generate enough handle to make it a lucrative venture.
Players in Wyoming and across the country that don’t yet have access to legalized sports betting can go to OddsTrader once this changes. OddsTrader currently offers betting odds comparison in Illinois, Colorado, New Jersey, Pennsylvania, Tennessee, Indiana, Michigan, Virginia, Iowa and West Virginia. All in all, Wyoming is doing their best to set themselves up to be in the best position to entice sportsbook operators with favorable terms and if everything goes according to plan, we could see them launch this fall.