One year can make a big difference. The Wyoming Gaming Commission’s January 2023 revenue report revealed that Wyoming online sportsbooks nearly doubled their revenue compared to January 2022.
The growth is a good sign for a relatively young market that launched late in 2021 but has courted the biggest sports betting operators in the nation.
Breaking down Wyoming sports betting numbers for January
In January 2023, the state’s four live online sportsbooks generated a handle (total gambled) of $14.3 million. Interestingly, that’s only about $400,000 more than what was bet in January 2022.
But even though the handle was similar between the two months, sportsbooks generated significantly more gross gaming revenue (bets minus payouts) last month compared to a year earlier:
- January 2023: $1.6 million
- January 2022: $1.1 million
That significant difference in gross gaming revenue led to the big year-on-year jump in net revenue, which is gross gaming revenue minus various expenses like non-cash winnings, and voided and canceled bets.
Wyoming sports betting generated $922,899.34 in take-home revenue last month, compared to $465,651.96 one year earlier.
The significant increase in revenue isn’t a surprise. It typically takes up to a year for a sports betting market to mature. Operators refine their marketing and promotional strategies. Bettors familiarize themselves with their sportsbook app options and betting options.
Once a market is up and running, the growth slows but typically remains steady.
Wyoming has four live sportsbooks (DraftKings, BetMGM, FanDuel, and Caesars) and will likely see two new sportsbooks launch in 2023: PointsBet and Barstool.
DraftKings dominates Wyoming online sportsbooks
When a state launches online sports betting, being first to market is a big deal for operators. Being first means getting a solid customer base that generates handle every month.
Being second typically means settling for a smaller market share, albeit a bigger slice than sportsbooks that launch third and later. That’s exactly how it played out in Wyoming.
DraftKings launched first back in 2021. And, as of January 2023:
- DraftKings accounts for around 59% of all handle in the state
- BetMGM captures around 30% of the market
- FanDuel accounts for around 9% of handle
- Caesars has roughly 2%
Football is king in Wyoming
According to WGC records, the Wyoming market thrives during the NFL and NCAA football seasons.
This past summer, the handle dipped below $8 million for the first time since sports betting launched in 2021. However, by the time the NFL season started, revenue rocketed past $12 million and hit an all-time high by the end of October.
The state saw the betting handle surpass $14 million for the first time in October and, since then, handle has yet to dip below $14 million.
As for take-home revenue, the state’s sportsbooks generated more than $1 million for the first time in September. Revenue stayed above $1 million through December before dipping below $925,000 last month.
