The Wyoming Gaming Fee has ordered a research to think about the feasibility of further gaming within the Cowboy State.
Wyoming Downs. The Wyoming Gaming Fee, which regulates horse racing and playing, has ordered a assessment of the state’s gaming trade that’s to incorporate a deep dive into how iGaming may function and profit the Cowboy State. (Picture: American Quarter Horsemen Affiliation)
Wyoming’s state gaming regulatory company has contracted Spectrum Gaming Group, a outstanding consultancy that focuses on the regulation, economics, and coverage of authorized gaming markets. Over the subsequent a number of months, the Spectrum workforce will research gaming in Wyoming and supply suggestions on regulatory enhancements and insights into doable enlargement.
The Spectrum probe will ship the gaming fee with intel into how iGaming, or on-line slot machines and desk video games, may benefit the state. The report is to make a regulatory construction suggestion to authorize interactive gaming.
The feasibility research on gaming in Wyoming was approved via the state’s 2024 Normal Appropriations invoice that included funding for a “statewide research of gaming.” Presently, the Wyoming Gaming Fee regulates on-line sports activities betting, ability video games, horse racing, slot-like historic horse racing machines, parimutuel wagering, and charitable gaming.
Wyoming can be house to 4 tribal casinos and a state-run lottery.
iGaming in Focus
Spectrum will assist the Wyoming Gaming Fee determine if it can suggest to the Legislature that they contemplate iGaming laws throughout their 2025 Normal Session.
Wyoming is the least-populated state within the nation with fewer than 600K residents. Nonetheless, at greater than 970K sq. miles, Wyoming is the tenth largest by whole space. The state’s extensively unfold inhabitants has thwarted any industrial on line casino corporations from in search of entry into Wyoming.
The state’s two federally acknowledged tribes — the Northern Arapaho and Jap Shoshone tribes — personal and handle 4 land-based casinos on their sovereign lands. The biggest tribal on line casino is the Northern Arapaho’s Wind River Lodge & On line casino in Riverton, which has 700 slots and greater than a dozen desk video games.
Regardless of Wyoming’s small inhabitants, the state’s authorization of economic on-line sports activities betting attracted the most important gamers within the trade — FanDuel and DraftKings. Different cellular sportsbooks that paid the $100K licensing charge for a five-year allow embody BetMGM, Caesars Sportsbook, and Fanatics. Penn Leisure beforehand operated Barstool Sportsbook within the state.
Cash received by the oddsmakers is topic to a ten% state tax. On common, the state is receiving greater than $100K monthly from on-line sports activities betting. Sports activities betting can be allowed in individual on the tribal casinos.
Every of the aforementioned on-line sportsbooks operates on-line casinos the place licensed. FanDuel and DraftKings have operational iGaming in Connecticut, Michigan, New Jersey, and West Virginia.
iGaming Increase
Sports activities betting is a small-margin enterprise, one thing not the case with on-line on line casino playing. Within the states that presently have on-line sports activities wagering and web casinos, most tax iGaming income increased than sports activities.
In New Jersey, as an illustration, on-line sportsbook income is topic to a 13% tax whereas iGaming is taxed at 15%. In Pennsylvania, sportsbooks share 36% of their income with the state whereas on-line slots are taxed at 54%.
With increased income and a possible increased tax fee than the ten% tax that Wyoming levies on on-line sportsbooks, iGaming may present the state with a a lot larger monetary windfall. Wyoming Gaming Fee Govt Director Charles Moore says the Spectrum research will assist the fee higher weigh the professionals and cons of iGaming.
We consider that iGaming has the potential to deliver vital advantages to our state, however we additionally acknowledge the necessity for a complete and goal evaluation to tell our decision-making course of,” stated Moore. “By working with Spectrum Gaming Group, we’re assured that we are going to obtain worthwhile insights and proposals that can assist us navigate this quickly evolving trade.”
Authorized iGaming stays restricted to solely seven states — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia.
