This week, Governor Mark Gordon singed into law HB 133, which now makes online sports betting in Wyoming legal. The law will take effect on September 1 this year. And just like any bookie pay per head sportsbook, licensed sportsbooks in the state will operate online. Wyoming is the first state this year to legalize sports betting. Not only that, but the state will also have an online only betting market similar to Tennessee.
Under the law, 5 sportsbook operators will be allowed to create online sportsbooks. There will be a $100,00 fee for a 5-year permit. Which also includes a $50,000 renewal fee. However, to qualify in the state, the sportsbook operator must be active in 3 other states. This is unlike what you would see in the best bookie pay per head, where you can start your own sportsbook anywhere, without any such requirement.
Online Sports Betting in Wyoming
Wyoming is the least populated state in the US, so even with a bigger sports betting market, you cannot compare its handle to states like Nevada or Pennsylvania. With only 580,000 residents, having online-only sportsbooks is a cost-effective way to launch a local betting market. And, as you would read in My Betting Directory, even a sportsbook with a small number of players can still turn in a tidy profit.
Initially, the law states for a July 1 opening for the market. However, the state’s gaming commission still needs time to figure out rules and policies for online sports betting. This means setting up discussions and voting on regulations on bet types they will allow, or if they will ban certain sports from betting, and so on. While most online sportsbooks have no limits, some states would ban college sports, or have similar limits to gambling. Once final and they launch, the state could potentially earn between $2.23 to $4.7 million in annual revenue.