The Wyoming Gaming Commission has announced that it will release the bidding details for WY sports betting licenses this week.
According to the Commission Executive Director Charles Moore, the Request for Applications process will open on Thursday June 15, allowing interested operators to submit their bids for the available permits in the state. The applications will be published on the regulator’s website, along with clear directives to guide applicants in the bidding process.
Among those who have expressed interest in offering sports betting in the state are FanDuel, DraftKings, BetMGM, and Barstool Sports. SBOpco LLC-owned Superbook Sports is also looking to extend its footprint in the legal WY market, following a successful launch in neighboring Colorado early this year.
The Cowboy State legalized sports betting in April, becoming the first jurisdiction to authorize the market this year. Wyoming is also the only other state besides Tennessee to legalize a mobile-only industry.
The state regulator is working on launching the regulated WY market by the start of the NFL season in September.
Wyoming Sports Betting Details
Efforts to authorize regulated sports betting in the Cowboy State started early last year, but the proposed measure – HB 225 – did not make it past the WY House of Representatives.
In March this year, the state lawmakers introduced another bill intended to legalize the activity, and after a series of discussions it was able to move through both Houses with no major objections. Governor Mark Gordon signed the enabling legislation, HB 133, into law on April 6.
The state’s sports gambling law allows the Wyoming Gaming Commission to issue permits to at least five online-only operators. Those who qualify to apply for sportsbook licenses under the Act are online operators with sports betting websites or mobile apps in not less than three US states.
When it comes to betting markets, Wyoming residents will be able to wager on both professional and collegiate sporting events, except in cases where an in-state college is playing. Some of the sports that will be available for wagering include football, basketball, hockey, soccer, and baseball, to name a few. Betting on the olympics, international sports events, and athletics is also legal.
Regarding the betting types, the allowed odds will include single bets, parlays, teasers, moneyline, over/under, straight bets, props, in-play, pools, and exchange bets.
Also included in the Act is a clause allowing sportsbooks to accept and process crypto currency payments, which is the first for a US state.
Operators to Pay 10% of Revenue in Taxes
Besides allowing regulated wagering, the Wyoming sports gambling law also lays the groundwork for licensing and tax rates.
With regard to license fees, all operators will be required to pay a non-refundable fee of $2500 to the commission when submitting their applications for vetting. Those who qualify for permits will be required to pay another $100,000 in license fees, and the permits will be renewed for $50,000 after every five years.
The tax rate for operators will be 10% of the gross gaming revenue.
Public Comment Period for Draft Sports Betting Rules Opens in WY
In other news, the Wyoming Gaming Commission has invited the public to comment on its provisional sports betting rules as preparations for the scheduled September launch gain momentum.
The public comment window opened on Friday 9, and it will remain open until August 23. According to the Commission, the regulator hopes to finalize the rules during the next board meeting, which is set to take place on September 3.
The proposed rules and regulations touch on nine key regulatory issues including permits, taxes and payments, patron wagers, sports betting accounts, responsible gaming and advertising, audit and internal controls, technical standards, and disciplinary actions and hearings.
Residents of the state as well as industry stakeholders can visit the WY Secretary of State website to read the Gaming Commission Rules and leave written comments.
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