Wyoming could be the next state that is ready to launch sports betting as a target date has been set for September 1. Several states are targeting a launch date of September 9, but Wyoming could benefit from getting to the finish line a bit earlier.
The Wyoming Gaming Commission (WGC) has been put in charge of regulating sports betting in the state, and that group has been working quickly. The WGC unanimously voted to approve two sets of rules on Monday, keeping the state on a path to launch in September.
The first set of rules was initially announced back in June, but then the WGC allowed for a 45-day public comment period. That period ended on Saturday, and the WGC didn’t make any changes to what was previously announced.
If the state is able to get the industry up and running on September 1, it would be one of the fastest timelines in the United States. Wyoming would become just the third state in the US to launch the industry within five months of making it legal.
The House of Representatives in Wyoming initially voted against House Bill 133, but that group decided to hold a reconsideration vote. The next day, HB 133 was approved by a vote of 32-4.
The Senate in Wyoming didn’t waste any time approving this bill as 24 of the 29 voters agreed to send the bill to the governor. Governor Mark Gordon signed the bill into law on April 5, and the WGC immediately went to work.
All of the sports betting in Wyoming will be done online, making it the second state in the United States to go this route. Tennessee was the first online-only sports betting market back in November 2020, but this has proved to be the most popular way to bet on sports.
What Will Sports Betting Look Like?
Outside of all of the betting is done online, there are some other pieces of information leaking out as to how this market will be set up. For one, Wyoming is going to attract some of the top sportsbooks in the US despite not being a state known for its sports.
Barstool, BetMGM, DraftKings, and FanDuel already submitted a letter of interest to the WGC, and those four operators should be among the first to receive a license. Wyoming must approve at least five online operators, but there is no cap as to how many licenses can be awarded.
The cost of a license in the state of Wyoming is set at $100,000, and that permit is good for the first five years. The renewal fee will cost $50,000, and that will also allow the sportsbook to operate for a five-year period.
The sports betting revenue will be taxed a rate of 10%, which is right around the average in the US. All of these factors could lead to close to $4 million in revenue each year for the state of Wyoming.