At the end of March 2021, good news for the future of sports betting in Wyoming was shared – the Senate officially passed the new bill to legalize online-only sports betting in the state. This popular form of recreational entertainment is now on its way to becoming a reality for the residents of Wyoming. The legalized sports betting market in the state is estimated to bring in $449 million each year in tax.
The sports betting legislation allows for five online sportsbook licenses, which will each cost $100,000. One license can be renewed after 5-years for an additional $50,000 and 10% tax will be charged on all sports betting revenue accumulated. Licensees are strictly only allowed to wager college, professional, and Olympic sport games.
It is estimated that sports betting in Wyoming could launch as early as September of this year, giving the Wyoming Gaming Commission only a short period of time to finalize its rules around sports betting. One thing we know for sure thus far is that players will be able to their wagers in cryptocurrencies.
New sports betting law approves crypto wagers
House Bill 113, which was signed by Governor Mark Gordon, also allows for sportsbooks to accept digital currencies, virtual currencies, and cryptocurrencies, provided that those currencies are able to be converted into cash.
It has become evident that lawmakers in Wyoming have embraced cryptocurrencies and have positioned it as a large part of their legislative agenda. The inclusion of cryptocurrencies has almost become like second nature to legislators of the state. So much so, that there was very little discussion about placing the use of cryptocurrencies in the sports betting bill.
In today’s market, with the ever-growing popularity of cryptocurrencies, it has gotten to the point that it no longer needs lobbying in Wyoming, as a result of its widespread use in gambling and many other fields. The inclusion of cryptocurrencies in this bill is yet another instance of the state’s liberal policies towards cryptocurrencies. Prior to this, Wyoming gave the go ahead to launch a crypto bank called Avanti, which fans are calling ‘the future’.
Other than betting with cryptocurrencies, Wyoming sports bettors can also place wagers using money orders, credit cards, travelers checks, and cashiers checks to name a few. The acceptance of cryptocurrency payments is however subject to the licensee’s discretion regarding whether or not they themselves wish to operate using cryptocurrency payment methods.
According to the provision of the sports betting bill, potential licensees must offer online wagering services in at least 3 United States jurisdictions in order to receive online sports betting permits from Wyoming regulators.
Wyoming is the first state in the United States to have allowed cryptocurrencies to be used for online sports betting, and while this is a giant leap for the state, British bookmakers have been permitted to accept cryptocurrency payments for 5-years already.
Nevertheless, being the first U.S state to approve crypto gambling, Wyoming’s perspective on cryptocurrencies might have the power to make it a strong competition for business incorporation dominance. Wyoming has been exempt from cryptocurrency securities regulation for the last 3-years and as a result of this, crypto companies and blockchain firms have set their sights on the state.
Should other states not make a steady shift towards more relaxed crypto regulations, then it is likely that Wyoming could become one of the country’s next powerful technology hubs like Delaware.