Wyoming Sports Betting Revenue Insights

Since its launch, Wyoming’s sports betting sector has grown consistently. The state has increased its sports betting revenue with the entry of major sportsbooks like BetMGM, DraftKings, FanDuel, Caesars, and Fanatics Sportsbook. These sportsbooks have grown the market by offering various options for Wyoming residents.

2023

In 2023, Wyoming reported an annual online sports betting revenue of $17.29 million. A 16.9% increase compared to 2022. This marked another year of consistent growth as more residents engaged with online betting platforms regulated by the Wyoming Gaming Commission.

2024 (January–September)

Wyoming's sports betting market continued its growth trajectory in 2024. From January to September, the state reported:

• Total Handle: $137.09 million
• Gross Revenue: $16.13 million
• Average Hold Rate: 11.77%
• Tax Revenue: $1.04 million

Monthly Highlights

The highest handle was recorded in September 2024 at $22.88 million, accompanied by the highest monthly revenue of $2.95 million, reflecting strong engagement during the start of the NFL and college football seasons. Conversely, the summer months saw a slight dip, with the lowest handle in July 2024 at $9.72 million. Despite this seasonal fluctuation, the market demonstrated resilience, with an average monthly revenue of approximately $1.79 million across the year's first nine months.

Wyoming's commitment to an online and mobile sports betting model aligns with its geographical and demographic characteristics, ensuring accessibility for its residents. The state's proactive regulatory approach and the Wyoming Gaming Commission's dedication to maintaining a fair and secure betting environment have developed a thriving sports betting industry. (Wyoming Gaming Commission, 2024)

• November 22, 2024: Online sportsbooks reported $1.9 million in Wyoming sports betting revenue for October, according to the Wyoming Gaming Commission, reflecting a 15.2% decline from the $2.3 million reported in October of the previous year.
• October 3, 2024: The Wyoming Gaming Commission, in collaboration with the Wyoming State Legislature, contracted Spectrum Gaming Group to conduct a feasibility study on the future of wagering in the state. The Joint Appropriations Committee has prioritized a comprehensive gaming review as their top interim topic. (Wyoming Gaming Commission, 2024)
• June 1, 2024: Wyoming sports betting handle fell to $12.5 million in May, down 18.8% from April and 1.5% year over year.
• July 12, 2024: Wyoming delays its decision on banning college player props.
• May 29, 2024: Fanatics Sportsbook launched in Wyoming, bringing the total number of legal online sports betting businesses in the state to five.
• January 20, 2023: Wyoming's sports betting revenue increased by approximately 16.95% yearly, rising from $14,787,230.00 to $17,293,948.00.
• August 2, 2022: Caesars Sportsbook goes live in Wyoming, making it the state's fourth active legal sportsbook.

Wyoming's sports wagering market has shown steady growth since its operation in September 2021, with significant increases in handle, revenue, and tax contributions. Here’s a breakdown of the state’s performance from 2021 to 2023 based on Wagering Activity Reports of the Wyoming Gaming Commission:

2021 (Partial Year)

In its launch year, Wyoming's sports betting handle reached $40.3 million, generating $4 million in revenue with an impressive 10.62% hold rate. Although operations started late in the year, these figures laid the groundwork for future growth.

2022

Wyoming's market expanded rapidly in its first full year, with the sports betting handle surging to $144.5 million, marking a 258% increase compared to 2021. Revenue also grew significantly, reaching $14.8 million, with a slight decrease in the hold rate to 10.10%. Tax collections increased proportionally, with the state collecting $843,171 in taxes, a massive jump from 2021's $111,914.

2023

Wyoming continued its up-and-to-the-right trajectory in 2023, achieving a handle of $172.2 million, a 19% increase from 2022. Revenue grew to $17.3 million, representing a 16.95% year-on-year increase. The hold rate remained stable at 10.17%, while the state collected over $1 million in taxes for the first time, totaling $1,062,680, showcasing the market's maturation and sustainability.

2024

In 2024, Wyoming's sports betting market maintained its steady performance. Between January and September, the state reported a total handle of $137.09 million and $16.13 million in gross revenue, with an average hold rate of 11.77%. Tax revenue during this period reached $1.04 million. September 2024 was the most active month, with a handle of $22.88 million and revenue of $2.95 million.

• The Wyoming sports betting handle has increased over 4.5x since the market launched, rising from $40.3 million in 2021 to $172.2 million in 2023. It is on track to exceed $180 million by the end of 2024, with $137.09 million already recorded through September.
• Wyoming’s revenue growth demonstrates strong bettor engagement, with year-over-year increases of 258% in 2022, 16.95% in 2023, and consistent performance in 2024, with $16.13 million in gross revenue reported through September.
• Tax revenue from sports betting has grown over 9x since 2021, starting at $111,914 and reaching $1,062,680 in 2023, with $1.04 million collected through September 2024. This reflects the market’s sustained and growing contribution to Wyoming’s general fund.

Wyoming’s performance showcases the success of its mobile-first sports betting framework, driven by consistent bettor interest, regulatory stability, and operator engagement. These trends highlight the state's potential for continued growth in the coming years.