The Wyoming Gaming Commission was set to hold a special meeting on Tuesday, and sports betting was on the agenda. The WGC was expected to simply post the final draft of the rules for the public and then vote on them at a later date.
After some discussion, the WGC voted to approve the rules as they are written, and these will be sent to Governor Mark Gordon by Friday. This marks a massive step in the process of launching online sports betting, and it keeps the hopes of a September 1 launch on the table.
Much of the sports betting framework was in place way back in April when a bill was sent to Gordon’s desk for signature. He signed House Bill 133 into law in early April, and the WGC has been working on the final rules since that time.
This state is looking to attract some of the biggest names in the sports betting industry, and it has put laws in place to do just that. According to HB 133, only those online operators that have already launched in at least three other states can apply for a license.
No Timeline For Applications
WGC President Bob Davis did note that his group is still not at a place to begin accepting sports betting licenses. A representative from DraftKings asked this question during the WGC meeting, and Davis was unable to give him an answer.
If the state is still hoping to launch sports betting by the deadline set of September 1, then the WGC will have to work quickly to get any licenses reviewed and approved. DraftKings is one company that is expected to seek a license in Wyoming, and FanDuel is another name looking to join the market.
Wyoming Has Some Company
Wyoming was the first state to officially legalize sports betting in 2021, but it certainly wasn’t the last. Now all of these states are looking to get to the finish line first, which could give them a slight competitive advantage.
Nebraska and South Dakota recently signed laws to allow for sports betting, but all of that wagering must be done in person. Colorado and Montana already have sports betting in place, and residents of Wyoming have been traveling across state lines to make bets.
Modest Projections Announced
The state of Wyoming is home to just 580,000 people, making it the least populous state in the United States. This will hurt the overall growth and success of the market as it takes people to bet on sports.
Wyoming is giving itself the best chance to succeed by becoming just the second online-only sports betting market in the United States. Tennessee was the first state to launch this model, and it has been extremely successful since November 2020.
When sports betting was being discussed by lawmakers, projections close to $500 million in annual sports betting handle were being announced. In comparison, New Jersey brings in close to $900 million in total handle each month.