Wyoming Sports Betting Officially Legal Following Gov. Mark Gordon Signature

Wyoming is the second res publica inwards 2021 to officially turn over lawmaking that authorizes sports betting.

Gov. Saint Mark Gordon (R) signed House Bill 133 into law on Monday. The mobile-only sports betting law permits upward to V net sportsbook licenses to be issued to experient interactive sports betting operators that are already fighting(a) inward at least tercet regulated states.

Approved sportsbook companies will pay off a one-time upfront fee of $100,000 to the state. An annual renewal will cost $50,000.

Gross gaming revenue (GGR) from sports betting will follow subjected to a 10 percent tax. The number 1 $300,000 the land collects from sports wagering will live allocated for play dependency intervention programs. Afterwards, sports betting taxes testament follow deposited into the state’s full general fund. Anyone cured 18 and older tin wager on sports.

Since Equality State does not feature any land-based commercial casinos, sports betting testament live conducted only online.

The state’s Eastern Shoshone Tribe of the Wind River Reservation, ace of deuce federally recognized tribes in Wyoming, operates Little Joe Class II casinos or gaming halls. But HB133 does non countenance the Eastern Shoshoni Tribe from bringing sports betting to its gaming facilities. That would require the Native American mathematical group to get in into a Class III gaming compact car with the state, something lawmakers get long refused.

New Tax Stream

Wyoming, the likes of many other states, is cladding far fewer taxation revenue in backwash of COVID-19. The commonwealth was already seeing budget gaps long before the coronavirus pandemic due to reductions in the oil color and coal industries.

The Equality State Gaming Commission forecasts that effectual mobile sports betting, upon securities industry maturity with quint sportsbook platforms inward operation, testament bring forth yearly wagers of almost $450 million. The commissioning says the existent keep down will follow strung-out on the changeover of players currently utilizing illegal seaward betting sites.

Since 2000, Nevada sportsbooks have got averaged a throw rate — or the amount of the bets kept and won past oddsmakers — of around six percent. If that is realized in Wyoming upon marketplace maturation, the state would be sounding at rough $27 million each year in new tax revenue.

That $27 billion a yr would be in addition to the five $50,000 renewal fees, or $250,000.

While the assess money won’t solve all of Wyoming’s fiscal problems, HB133 sponsors say sports betting is already sledding on, so wherefore non donjon the money inward the state?

I can’t undecided upward my speech sound and station a wager here, but I put up turn pull down to Ft. William Wilkie Collins (Colorado) and fare it?” Rep. Landon Robert Brown (R-Cheyenne) asked KOWB 1290 AM. “Why are you allowing Centennial State to accept all my hoot money?

“This is literally the dumbest thing in the world,” Robert Brown declared.

Potential Bidders

The three-state formula testament maintain sports betting newcomers come out of the summons pool. But in that respect are a slew of stream sportsbook companies that qualify.

Notable companies expected to go for for I of the cinque Equality State sports betting rights include DraftKings, FanDuel, BetMGM, PointsBet, and William Hill.

The Wyoming Gaming Commission hopes to experience sports betting unrecorded past Sept 1.

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