The bill will allow those over the age of 18 to be on the NFL, NBA, NHL, MLB and major college sports, according to local media. It will allow “reputable companies” like DraftKings, BetMGM and FanDuel to obtain licenses and operate within the state. Barstool Sportsbook, PointsBet, theScore and William Hill are also on the list of companies allowed to do business in the Cowboy State.
Sports betting revenue will be taxed at 10% and will be allocated towards the state’s general fund, which helps finance Wyoming’s Department of Health, as well as the county health departments throughout the state. The first $300,000 collected, however, will be used to help problem gambling.
Operators will be charged $100,000 to obtain a license and face a $50,000 annual renewal fee. The license will be valid for five years. Rep. Landon Brown, one of the sponsors of the bill, estimates that sports betting will generate about $400 million worth of new tax revenue for the state.
With Gordon’s signature, Wyoming joins South Dakota as the second state in the country to legalize sports betting this year. South Dakota Gov. Kristi Noem signed a bill that legalized sports betting in Deadwood, but voters already approved it last November through a ballot referendum.
Several weeks ago, Wyoming’s sports betting bill looked like it had no path to legalization. In March, the Wyoming House of Representatives originally voted against the bill by a 32-28 margin. But one of the members who originally voted against it then submitted a measure for reconsideration, which gave the bill a second chance to pass.
A day later, the same body voted 32-28 in favor of the legislation, which sent the bill to the Senate. The Senate ultimately passed the bill before Gordon signed it into law.
Wyoming joins Tennessee as the only two states in the country with an online-only sports betting market. Its market is expected to roll out this September, which would make it one of the quickest states to move from legalization to launch.