The Wyoming Gaming Commission (WGC) is set to begin issuing sports betting licenses to potential operators as the state prepares for a September launch of the industry.
Wyoming Opens the Sluicegates on Sports Gambling
Wyoming has distinguished itself as a forward-thinking state. As the first jurisdiction in the US to accept crypto payments for sports gambling, the Equality State is all about giving all future stakeholders an equal chance of breaking the burgeoning gambling industry in the region. With a population shy of 580,000 people, Wyoming may not be the United States’ largest sports betting market, but it gets many things right.
The WGC is now preparing to start accepting applications for sports betting permits this Thursday. In light of this, the state regulator has published a list of recommendations that operators may want to follow in order to go through the licensing process without hitting any snags.
Licensing Sports Betting Operators in Wyoming
Details about the licensing process were thrashed out back in April when Governor Mark Gordon got behind HB 133 and signed it into law, paving the way for the industry in the Mountain West subregion. As per the existing regulation, Wyoming is ready to welcome up to five Internet sportsbook licenses.
Each license will have to pay an initial cost of $100,000 and then contribute an annual renewal fee of $50,000. In other words, Wyoming is looking at $750,000 from fees within 12 months of launching operations, not too bad.
The figures naturally pale in comparison when you consider how Pennsylvania charged $12 million, or $4 million per license for each skin. However, Wyoming is a more libertarian state where the state tries to have a little say, and innovation is always welcome.
All gaming revenues are going to be taxed at 10%, and the market size itself should reach $450 million annually, early reports put forward at the time of debating the bill have indicated. With the state taking things into its own hands, Wyoming can stop some of the capital outflow around big sports betting events.
When Is Sports Betting Launching in Wyoming and Who’s Playing?
Understandably, Wyoming is keen to get things off the ground as soon as possible. As reported previously by GamblingNews, the state is looking at a September 1 launch, just on time for the NFL. The NFL is arguably the most bet-on event in the United States, giving it particular importance to the newly-regulated sports betting state. Missing out on the target would result in locals migrating to offshore sportsbooks, which is a scenario the state is hoping to avoid.
As to who may be interested in setting up shop, there are many potential candidates. FanDuel, DraftKings and BetMGM are always looking to secure a bigger share in the regulated gambling market, and so are other brands that may not have the same clout in the US but are quickly becoming a factor to reckon with.
Wyoming is ready to be the first state to legally accept cryptocurrency for placing sports bets. It isn’t clear whether any of the sportsbooks will open their wallets to the option, but crypto fans in the state will be happy to know that there will now be another way for them to spend their digital currency.