Wyoming To Begin Taking Sports Betting License Applications

Wyoming To Begin Taking Sports Betting License Applications
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The sportsbook operators that could potentially make a move into the Wyoming sports betting market are beginning to become clearer.

During a Wyoming Gaming Commission meeting on Friday, Gaming Chief Charlie Moore announced that popular operators such as DraftKings Sportsbook, FanDuel Sportsbook, Barstool and BetMGM have submitted letters of intent to apply for sports betting licenses in the state.

Moore also said SuperBook Sports is also looking to enter the Wyoming sports betting market.

Applications for sports betting licenses in the state will go live on the WGC website on Thursday. The “directives” will also be listed, which include details about the licensing process, the state’s betting catalog and integrity monitoring.

Sports Betting Impact

With a population of less than 600,000, Wyoming is the least populated state in the country. Still, it’s expected to generate a healthy sports betting market. Early projections estimate a market of $450 million, and with a 10% tax on gaming revenues, it’s more income for the state. An updated revenue number on the potential of legalized Wyoming online sports betting estimates between $2.23 million and $4.7 million in annual revenue for the state.

With Wyoming launching its own legalized sports betting market, the state’s residents will no longer have to travel across borders or use offshore websites to place their bets.

“Just like it was before with lotteries and things like that, there are people who migrate out of the state to place those bets,” Sen. Drew Perkins, R-Casper, said during a Senate session. “This is already happening both legally and illegally. A big part of this bill is not necessarily to create a hammer to go after those who are doing it illegally, but more to create a more protected and regulated environment, so when (bettors) place the bet and they win, their bets are paid.”

Quick Launch

Wyoming’s current target is a Sept. 1 launch. If the state reaches its mark, it will become just the third state to go live in less than five months after sports betting officially became legal. In April, Gov. Mark Gordon signed HB 133 into law, officially legalizing sports betting in the state. Under the bill, Wyoming must have a minimum of five online sportsbook licenses at a fee of $100,000 with an annual renewal at $50,000. There is no cap on the number of licenses permitted.

The final draft of Wyoming’s sports betting rules was sent to Gordon last week. Now, a 45-day public comment period is underway. The end of the comment period lands on Aug. 23.

The WGC’s next meeting is scheduled for Sept. 3, but it could be moved up a week because of Labor Day weekend. An earlier meeting would allow the WGC to finalize the rules before the original Sept. 1 targeted launch date.

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