The latest report from the Wyoming Gaming Commission (WGC) shows July tax revenue from sports betting almost doubled from the previous month.
According to the report, Wyoming’s online sports betting activity in July amounted to:
- Monthly Wagers: $8,145,480.25
- Gross Gaming Revenue: $998,740.08
- Adjusted Taxable Gaming Revenue: $683,634.03
- Tax Revenue: $68,363.40
Even though a bump in tax revenue shows progress for Wyoming, a pair of daily fantasy sports operators are currently negotiating with regulators over their legality.
Wyoming online sports betting picks up in July
The WGC’s latest report shows state tax revenue hit $68,363, up from the $37,704 collected in June. In addition, gross gaming revenue from the state’s four sports betting operators increased from the $775,389 generated in June.
The four licensed sportsbooks operating in the state are DraftKings, BetMGM, FanDuel and Caesars.
Across the board, July 2023 was a better month for those books than the prior year’s version. For example, win for the licensees improved by an impressive 31.8%. Sportsbooks won around 12.3% of the money wagered on sports in July 2023.
Wyoming sports betting July 2022 numbers:
- Monthly bets: $7,246,352.46
- Gross gaming revenue: $680,740.26
- Adjusted taxable gaming revenue: $383,654.62
- Tax revenue: $38,365.46
PrizePicks and Underdog working with regulators
According to Legal Sports Report, two daily fantasy sports operators, PrizePicks and Underdog, have been working with Wyoming regulators.
In July, Wyoming regulators sent each company a letter calling their “player vs. house” pick ’em games unlicensed sports betting games and not DFS.
In an email, Stacie Stern, Underdog vice president of government affairs, wrote:
“We have been in active discussions with the Wyoming Gaming Commission, and those discussions will continue, including an in-person meeting scheduled for later this month. We look forward to continuing the dialogue with the Commission.”
Fantasy sports operators have been the subject of much controversy in several states, including Wyoming and Michigan. Regulators have argued that some DFS products mimic sports betting and thus need to be appropriately licensed.
Similarly, Elisa Richardson, vice president of strategic communications at PrizePicks, said conversations with the proper authorities remain positive.
“Our lawyers have been in contact with the appropriate authorities. Those conversations remain positive and productive,” Richardson said. “We’re working collaboratively with the Wyoming Gaming Commission directly on the matter.”
On Aug. 15, the Michigan Gaming Control Board (MGCB) proposed new regulations to ban contests that closely resemble sports bets.
In an open letter to his site’s players, Underdog founder and co-CEO Jeremy Levine has insisted that his DFS products are legal. Levine mentioned that Arizona, Colorado and Indiana state regulators confirm his claims.