Sports Betting Regulation In Wyoming Could Be Finalized By June 8

The push to get sports betting up and running in Wyoming by Sep 1, 2021 is proceeding as per plan.

The Wyoming Gaming Commission (WGC) is expected to hold a meeting on June 8 to discuss the proposed draft regulations and finalize on the same.

When sports betting legislation under HB 133 was first introduced, it received a lukewarm response as it was voted down.

However, the chamber decided to review the bill 24 hours later and the majority had a change of heart as they voted in favour with a 32-4 vote. The bill also got approval in the Senate with a 24-5 vote. Gov. Mark Gordon signed the bill into existence on April 8.

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All stakeholders involved in the sports betting launch processing including the WGC are working together to see that the Sep 1 launch is met. Some of the top US betting operators such as FanDuel, BetMGM and DraftKings have submitted their feedback and suggestions over the proposed legislation and the WGC will review their feedback before approving the final regulations.

The proposed regulation will see the WGC issue a minimum of 5 sports betting licenses and only online sports betting will be allowed in the state. The four tribal operators in Wyoming will be given a Class III license to offer sports wagering. Operators will have to pay $100,000 to obtain a sports betting license which has a 5 year validity period. They will have to pay a renewal fee of $50,000 to the WGC.

Online betting operators in Wyoming will have to pay the state a 10 percent betting tax. Estimates suggest that the sports betting market could generate around $449 million in taxes to the state coffers.

The issues and concerns raised by potential betting operators in the state are not heavy and the Wyoming Gaming Commission should not have a problem addressing them and moving forward with the proposed regulations. Some of the concerns that the WGC will have to address include whether licensed betting operators need to have their reserve bank account in Wyoming and the rule that makes it mandatory for operators to receive approval from the WGC regarding voided bets.

FanDuel also raised a concern over the yearly auditing process regarding internal controls stating that it was very different from other state’s that had a legalized sports betting market.