Wyoming: New sports betting law allows crypto wagers

Wyoming has legalised online sports betting and crypto enthusiasts are now able to place a bet using cryptocurrencies

House Bill 133 was signed last Monday and allows sportsbooks to accept forms of digital currencies including crypto and virtual currencies, as long as the cryptos could be converted back into cash.

Wyoming, the least populous state in America, is embracing cryptocurrencies and has a number of pro-crypto lawmakers. These lawmakers are ensuring that digital currency remains an integral part of their legislative agenda.

Wyoming’s lawmakers had previously put forward a number of bills to attract the crypto industry. The three bills that were previously passed by the state aimed to make Wyoming the number one state in the US for cryptocurrency and blockchain businesses.

According to Coindesk, Wyoming legislators confirmed that crypto-inclusion is becoming a force of habit for the state.

Wyoming sports betting scene has accelerated in recent months. It was only last year that House Bill 225 was passed on and rejected as it did not allow betting on college and high school events. However, House Bill 133 was introduced and finally signed into law after failing the first time. The bill then passed on a second vote by a 32-28 margin, before going through the Senate on a 24-5 vote.

The bill was introduced in February by six representatives and two senators. Moreover, Wyoming Gambling Commission will be in charge of regulating betting.

Licenses are available to operators/vendors who are currently operating in at least 3 US jurisdictions. Sports betting operator authorisation would set them back $100,000 but will remain valid for the following five years. After these five years, operators will need to pay a renewal fee of $50,000.

Operators will also need to pay 10% tax on any monthly revenue generated from online sports betting.
It is quite impressive that ‘crypto wagers’ were included directly into Bill 133, without the need to continuously lobby for it.

This proves that Wyoming is aiming to be the number one state in the US when it comes to crypto and blockchain, especially since the state’s legislators passed those bills that classify digital assets as property within the Uniform Commercial Code.

The bill also allows banks to provide digital asset custodial services providing they are compliant with several regulations and standards in accounting and internal control.

Therefore, Wyoming is definitely leading the pack and the state may experience a huge influx of crypto and blockchain focused companies in the near future.

Source: IgbNorthAmerica