After successful sports betting launch in September, Wyoming is now one of the latest states to provide a regulated sportsbook market to those inside the state borders. The state has legalized a bill allowing the integration of sportsbooks and crypto-friendly wagering. Wyoming is the least populous state in the US. But, such independent betting sites you can check are increasingly becoming attracted to Wyoming mostly because of its decision to legalize the use of crypto-based blockchain technology during betting transactions in sportsbooks.
The United States Supreme Court repealed the federal ban on sports betting on May 14, 2018, when it abolished the Professional and Amateur Sports Protection Act (PASPA). After about three years, now some models of sportsbook betting are legalized in about 26 states along with Washington, D.C as well and the others are on their way.
This rapid growth of sports betting across the US has created a competitive marketplace for the bookies where they attempt to chalk out a strategy that offers customers the thrill to choose their own platform. Tapping on their taxable revenue, these jurisdictions try their best to create a favorable atmosphere.
It is worth noting that it took more than 3 years for a state to create legislative laws that would embrace the use of cryptocurrencies.
According to State Rep. Tom Walters, Wyoming’s betting laws will now allow punters to place their bets in digital currencies. He says that this law will be applicable when “operators” of sportsbooks are willing to embrace the crypto and iGaming industry future. The new law allows gamblers to fund their accounts with a plethora of digital and cryptocurrencies, Bitcoin being the most popular of them all. According to House bill 133, sports betting shops in Wyoming declare that they may accept any “digital, crypto, and virtual currencies” only if they can be denominated into a conventional cash-based currency.
Wyoming state legislators have also decided to welcome smart blockchain technology into crypto trading. And finally, they have also approved a couple of crypto-friendly bills to attract more attention to the crypto-markets. Wyoming’s Senator Jeff Wasserburger, one of the bill’s sponsors, is of the opinion that crypto conversations are so common in the Senate chambers that there “was very little discussion” during the inclusion procedure of cryptocurrency in the sports betting bill of the state. Senator Jeff further says “I think that Wyoming legislators are getting more comfortable with cryptocurrency as the issue evolves in our state.” According to CoinDesk, Wyoming’s legislators have stated that the inclusion of cryptocurrency is now almost second nature in their legislative agenda.
For the people within the state lines, the ability of the gamblers to fund with cryptocurrency might not seem pathbreaking. But, Wyoming has also given a vote of confidence to the bookies to start exploring a plethora of possibilities with the technology. The inclusion of crypto-friendly transactions comes with quick and secure funding and withdrawal methods.
How Wyoming’s Sports Betting Industry will be Revolutionized by Blockchain Tech?
It is known that sports betting is a tremendously profitable industry. The US could generate a revenue of more than $20 billion if more than 50 states legalize betting.
Mr Gaurav Soni, GammaStack CEO has always been in support of crypto and blockchain tech integrated sportsbook software solutions. He states, “There is already a massive demand in crypto and blockchain-based betting and gambling software solutions around the globe. 35% of the queries we receive revolve around the same.” The blockchain smart contract has not only changed the funding and transactions but also increase the safety and security of these transactions. The sportsbook software would greatly benefit from this tech as it introduces a quicker and safer method of transferring money among all sports. Operational costs will be greatly reduced if the operators could get rid of the charges levied while processing credit cards. Low operational costs would mean more taxable revenue for the bookies.
The endorsement of crypto as a legalised payment method changes the entire scenario. It will soon attract bigshots like DraftKing and FanDuel. Colorado is the most competitive sports betting market in Wyoming. Adding to that, Wyoming’s sports betting can also function through their mobile-friendly framework as most sports bets take place in Wyoming through mobile platforms.
Concluding Thoughts
According to the legislation passed, cryptocurrencies, in all forms, can be used as denominations of cash in the state of Wyoming. This implies that all virtual or crypto-assets can be transformed into cash for wagering in the online sports betting platform. These legalization laws are sure to provide fuel to the sportsbooks putting their money in further exploration of the possibilities with blockchain tech. This technology, undoubtedly, has its potential uses in the sportsbook industry. With the inclusion of crypto in this industry, Wyoming’s legislation has opened the door for the entire betting market.
