April Revenue Insights
CHEYENNE, WY, July 13, 2025
Wyoming’s modest sports betting market, characterized by low wagering volume but strong operator margins, has generated $479,230 in tax revenue from January through April 2025. Bettors placed just $78.9 million in total wagers, yet the state collected 10% of the $7.94 million in gross gaming revenue (GGR).
The contrast is stark: Wyoming’s operator-side hold remains high at 10.07%, but the limited population and small bettor base mean that even strong margins translate into comparatively small tax yields.
January–April 2025 Revenue
| Month | Handle | GGR | Hold % | Tax Revenue |
|---|---|---|---|---|
| January | $25.27M | $2.90M | 11.46% | $171,278 |
| February | $16.83M | $2.11M | 12.52% | $139,552 |
| March | $20.94M | $1.14M | 5.45% | $50,881 |
| April | $15.84M | $1.80M | 11.33% | $117,519 |
| Total | $78.89M | $7.94M | 10.07% | $479,230 |
All online betting revenue goes to the Wyoming General Fund, supporting state operations.
Market Structure and Recent Developments
Wyoming allows mobile wagering through six licensed operators: BetMGM, Caesars Sportsbook, DraftKings, ESPN BET, Fanatics Sportsbook, and FanDuel. There are no retail sportsbooks, making it a streamlined but tightly regulated mobile-only market.
Operator hold rates have consistently exceeded 10%, with March as an outlier due to seasonal dips. This strong margin performance kept the market afloat despite low betting volume.
Legislative Proposal to Double Tax Rate
Wyoming lawmakers have proposed a significant shift: Rep. Liz Storer (D–Jackson) introduced a bill to raise the online sports wagering tax rate to 20%. The current 10% rate has proven steady but limited in statewide fiscal impact. According to Sen. Tara Nethercott (R–Cheyenne), the proposed increase is a placeholder as analysts estimate the real impact before the next legislative hearing.
If passed, doubling the tax rate could push 2025 tax income closer to $1 million, though it may also affect operator margins and bettor behavior.
Performance vs. Potential
Wyoming’s sports betting industry proves that even small markets can yield steady returns when hold is strong. But compared with larger states, every percentage point represents marginal public revenue. As congressional leaders examine the potential tax hike to 20%, Wyoming faces a critical balance: sustaining operator participation while increasing contributions to the state’s general fund.
