Wyoming sports betting rules approved by regulator

Wyoming is one step closer to launching sports betting but there is still no concrete launch date.

On Tuesday Wyoming’s gaming commission approved a set of rules for sports betting that will now be sent to Governor Mark Gordon for approval.

This comes after Gordon signed a sports betting bill into law in early April 2021.

Sports betting rules approved

Now that the state regulator has approved rules for sports betting it will be up to the Governor to approve them.

The rules were approved on Tuesday by a vote of 7-1, however, a new commissioner, Jenni Wildcat, voiced discomfort at approving a “red-lined” set of rules instead of a final product.

If approved by Gordon, then a 45-day public comment period will open where stakeholders and members of the public will be able to share their thoughts on the rules.

The regulatory body has already been taking feedback from stakeholders and has already worked on incorporating the feedback into the proposed rules.

If any more suggestions are worth including, that will take place after the public comment period and before a final vote on the rules takes place.

Some changes made to the rules at the meeting were based on ideas from other regulated markets like Colorado, Iowa, Indiana, Michigan, and Tennessee. These changes included the removal of the term “management services provider” which was inadvertently put into one section and some other technical terms.

Still no concrete launch date

Although the state regulator approved sports betting rules, it is not yet clear when the application process will begin or when sports betting will launch.

During the meeting, DraftKings representative Chris Cipolla asked when applications would be released. However, Wyoming Gaming Commission President Bob Davis replied by saying “I think that’s putting the cart before the horse.”

Gaming Commission Executive Director Charlie Moore added: “For me, the focus is what’s in front of me and then I’ll move to Phase II. Obviously, you want to start operating, we have the same goal. We have a lot on our plate right now, and we’ll keep plowing through.”

Although Moore acknowledged that he did not give the answer people wanted, he said it was the answer he could give.

Under the new sports betting laws, rules must be finalised by 1 September 2021, and in most states that would include applications and licensing.

What’s covered in the sports betting legislation?

Similar to the legislation approved in Tennessee, the law does not permit land-based betting which means that Wyoming will become the second US state to have a sports wagering market that is entirely online.

The new law will allow for legal wagering on professional, college, and Olympic sporting events and sets a tax rate of 10% on gross gaming revenue.

Under the law, a minimum of five licences must be issued and there is no maximum number of licenses. Wyoming operators will have to pay a $25,000 application fee and a $100,000 license fee, which will last for five years.

In addition to this, Wyoming is one of the few states to set the legal betting age at 18. Other states where 18-year-olds can bet on sports include Rhode Island, Montana, New Hampshire as well as Washington DC.

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