Huge sports and casino fan
Huge sports and casino fan
Wyoming sports betting is drawing closer to reality following the approval of final rules for operators by the state’s Gaming Commission.
Early this week, the WGC greenlighted the latest version of regulations and requirements for interested sportsbook operators looking to enter the precinct’s legal sports wagering market. The rules, which were approved unanimously by the Commission, establish the framework for the regulation of the industry when it launches next month.
Among the issues addressed in the 122-page document include the licensing process for operators and application fees, taxes and payments, wagering rules and authorized betting markets, sports wagering accounts, responsible gaming, and auditing and internal controls.
The regulations are set to be implemented by September 1.
The legal Wyoming sports betting market is set to be one of the most exciting in the country, seeing that the state is the second to adopt an online-only framework. The only other jurisdiction with a mobile-only market is Tennessee.
The industry will be overseen by the Wyoming Gaming Commission, and according to the state’s sports wagering act, the regulator will be required to issue not less than five licenses to interested operators. However, the Act does not set out a limit for the number of permits, and this could potentially pave the way for unlimited licensees.
The Cowboy State will also make history for being the first precinct to allow crypto betting when the regulated market takes off in September. Under the WY gaming law, sportsbook operators can accept wagers in digital, crypto, and virtual currencies provided the bets can be converted to cash. Also, WY will be among a few US states with a minimum legal betting age of 18 years.
With regard to license fees and levies, applicants will pay a non-refundable fee of $2500 to the Commission when submitting their proposals, and an additional $100,000 upon receiving a permit. The tax rate for sportsbooks will be 10% of the operator’s gross gaming revenue.
The process of vetting operators is currently underway, and the WGC is working on issuing permits and clearing licensees to launch by the start of the regular NFL season.
Commenting on the recent development, Global Market Advisors Partner and Director of Government Affairs, Brendan Bussmann, has applauded the Wyoming regulator and expressed optimism about the state’s mobile-only model.
‘’I think Wyoming set forth a strong mobile market. Some of the simpler states legislatively that have done this, aka Wyoming and South Dakota, can show other states that you don’t need to reinvent the wheel, ‘’ said Bussmann.
‘’I think people have realized that sports betting is a mainstream thing. It’s just a matter of when, not if, at this point that states are going to move.’’
Regarding crypto wagering, however, Bussmann thinks that allowing operators to accept virtual currency could come with its share of challenges, the biggest being monitoring transactions in the bid to combat money laundering. With crypto currencies, bettors can deposit and wager anonymously.
‘’The biggest challenge I continually see with crypto is the ability to track transactions and know where the money is coming from,’’ Bussmann stated.