CHEYENNE, Wyo. – The Wyoming Gaming Commission (WGC) met on Tuesday to agree on the rules and regulations for the regulated sports betting market in the state. The draft will be submitted to Governor Mark Gordon for his approval. However, the 45-day public window for comments and opinions on the draft will open, having a final version become official by the end of July. Lawmakers are hopeful to launch a sports betting industry before the end of the 2021 NFL season.
During the WGC meeting, members reiterated that everything should be done in regards to this part of the process by September 1, as was a stipulation within the law. Minor changes to the general language and verbiage of the draft were made before a majority vote was taken where all but one member was in favor of submitting the draft to the Governor.
What Will The Sports Betting Market Of Wyoming Look Like?
House Bill 133 was signed by Governor Gordon on April 5. Since then, the WGC has been going over how to tackle the new market from a regulatory standpoint. All of their hard work is finally coming to fruition as they’re nearing the finish line of putting this law into action.
The Wyoming sports betting industry will look unlike any other that the country has seen. This will be a purely online market like Tennessee, but much of their framework has been taken from multiple states and their sportsbooks, as well as overseas sports wagering operations that have proven to be successful over the years. Acceptance of cryptocurrency like Bitcoin by gamblers is something new for American sportsbooks, which Wyoming will be implementing within their platforms.
Mobile sportsbooks will be seen by sports bettors in the state by the end of the year or early 2022. Both sporting events for professional and collegiate games will be open for wagers as well as DFS betting lines. There is a 10% tax on all GGR that will be put toward the Wyoming General Fund and problem gambling programs statewide. Anyone in the state 18 and over will be able to use these mobile apps to bet on sports.
A minimum of five operators is needed for a market launch of regulated sports betting in the Cowboy State. The number of licensed operators could be as many as the WGC sees fit to license as the law dictates no cap. Licensing applications will cost $25,000 and every five years these sportsbooks will need to pay a renewal fee of $100,000. Companies that have a presence in at least three different states are eligible to open in Wyoming.
After the 45-day public comment period is up in late July, the WGC will sign, seal, and deliver the rulebook on September 1. It is a hope throughout the state that local sportsbooks will go live not long after that for all of the NFL sports betting action that will be taking place. Wyoming expects to see hundreds of millions of dollars wagered annually through their industry after its launch.
The next meeting of the WGC is scheduled for July 9.
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