Wyoming legislators are embarking on a new frontier of gambling as they introduce House Bill 120, which seeks to legalize and regulate online casino gaming in the state. 

Wyoming Lawmakers Lead Charge in Online Casino Licensing

The bill, spearheaded by Representatives Jon Conrad, Robert Davis, Sandy Newsome, and Tom Walters, marks a significant step following the legalization of sports betting in 2021.

Under the proposed legislation, the Wyoming Gaming Commission would oversee the online casino industry, granting licenses to up to five operators. These licenses come with a hefty price tag, requiring an initial fee of $100,000, along with a renewal fee of $50,000 every five years. Additionally, vendors looking to participate would need to pay an initial fee of $10,000, with a $5,000 renewal fee every five years.

A notable aspect of the bill is the taxation structure, with operators facing a 10% tax rate on their revenues. Furthermore, the legislation sets aside $300,000 annually for problem gambling programs, reflecting a commitment to addressing potential social issues associated with expanded gambling activities.

One intriguing provision of House Bill 120 is the allowance for interstate agreements, enabling licensed operators in Wyoming to form partnerships with those in other states. This move is seen as a strategic response to Wyoming’s relatively small population, potentially fostering larger player pools and enhancing the industry’s viability.

Wyoming, Illinois, Maryland, and Hawaii Forge Paths in Online Gambling Legislation

While Wyoming moves forward with its online casino ambitions, it is part of a broader trend across the United States. States like Illinois, Maryland, and Hawaii are also contemplating or actively pursuing similar initiatives to regulate online gambling within their borders.

In Illinois, lawmakers are considering House Bill 2239, which proposes a licensing framework for online gaming operators. Maryland is evaluating the possibility of legalization through a public referendum, with Sen. Ron Watson championing the cause. Meanwhile, Hawaii is exploring comprehensive gambling reform with Senate Bill 3376, signaling a potential shift in its traditionally anti-gambling stance.

In other news, Wyoming’s online gambling giants, including FanDuel and DraftKings, are pivoting to challenge the legality of fantasy sports leagues, mirroring their past efforts to legalize sports betting. The Wyoming Gaming Commission’s ruling classifying fantasy leagues as illegal gambling platforms has sparked debate over their classification as games of skill or chance. 

Critics argue that such regulatory actions may serve to stifle competition and limit consumer choice within the rapidly growing fantasy sports industry.

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Wyoming, the American state that is widely known as the “Equality State”, has registered new records in the month of October 2023 when it comes to its regulated online sports betting market.

Bettors in the state wagered 21.2 million dollars in October using licensed online bookmakers, an amount which is an all-time high since the state opened its legal online betting market.

The previous record set in the American state was 19.2 million dollars, and it was set in September 2023. Moreover, the figure registered in October 2023 represents an increase of 23.4 percent compared to the same month of 2022.

Gross gaming revenue also registered an all-time high of 2.3 million dollars, an increase of 15 percent year-on-year and 53.3 percent compared to the 1.5 million that were generated in September 2023.

Taxable gaming revenue also set a new record in October, amounting to 1.4 million dollars. That figure represents an increase of 21.7 percent from October 2022 and no less than 172.6 percent when compared to September 2023, when the total taxable gaming revenue in Wyoming amounted to just over half a million dollars.

DraftKings On Top of The Market

The most successful online bookmaker in Wyoming in October was DraftKings, with revenue of 1.4 million dollars and a handle of 12.5 million dollars. FanDuel ended the month in second place with revenue of 402,961 dollars and a handle of 4.9 million dollars.

BetMGM grabbed the final podium place with revenue of 387,344 dollars from a handle of 3.5 million dollars, while Caesars was in fourth place with revenue of just 73,028 dollars from a handle of 378,622 dollars.

The Wyoming onlines sports betting market is set to become more competitive as Fanatics Betting and Gaming will join the fray after having taken control of PointsBet Wyoming LLC.

Fanatics Betting and Gaming is a division of Fanatics, the global sports retail giant, and it has struck a deal to acquire the United States operations of PointsBet earlier this year. The purchase price was 225 million dollars and it was approved by the PointsBet shareholders.

However, the effective transfer of the operations to Fanatics Betting and Gaming will only happen when the operator will receive all necessary approvals in each state. Fanatics Betting and Gaming has so far rolled out its online sportsbook in Virginia following the acquisition of PointsBet U.S.

Source: “Wyoming smashes online sports betting records in October“. iGaming Business. November 23, 2023.

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