Wyoming is set to revisit the possibility of legalising online casino gaming in 2025. This comes after a study from Spectrum Gaming Group provided a detailed analysis of the economic benefits that online casinos could bring to the state.
The Spectrum Gaming Group study, as presented to the Wyoming Gaming Commission, was spearheaded by Representative Robert Davis, who intends to refile legislation based on the results.
The study suggests that iGaming revenues could range between $93 million and $138 million in its first year in operation. This is only the beginning, with revenues projected to grow around $162 million to $199 million annually by the end of year five.
Tax benefit projections for Wyoming are expected in the range of $20 million to $30 million for the first year, rising to $40 million by year five.
Cannabilisation concerns
Addressing a bone of contention, the study emphasised that online gambling tends to complement and not compete. This means that traditional gambling activities will not be harmed from the onset of online casinos, addressing significant concerns about cannabilisation.
“The iGaming portion doesn’t support any cannibalisation, and it looks to be relatively easily implemented based on the things the state of Wyoming currently has going for it,” said Representative Robert Davis.
Wyoming’s current gambling market features online sports betting that went live in 2021, three tribal casinos, charitable gaming, horse racing facilities, and skill-based amusement games.
The state’s sports betting market has registered $518 million in wagers since its launch. It has produced $54.6 million in revenue and yielded $3.2 million in taxes to the state.
Bill to be introduced
Rep. Davis remains optimistic about Wyoming’s ability to manage an expanded iGaming framework, encouraged by the state’s experience regulating online sports betting. He said he would introduce a bill this month to bring the proposal to the legislature in early 2025.
Lawmakers’ sentiment would influence the bill’s passage, but Davis believes the study provides compelling evidence for moving forward.
“I plan on going ahead and introducing it. Hopefully, we can get action on both sides of the chamber and get it going. What the appetite will be, I’m not sure,” he said.
Commercial gaming industry stakeholders support legalised iGaming that would help benefit Wyoming’s tax revenue. However, tribal representatives remain sceptical and argue that Spectrum study may not capture iGaming’s full impact on tribe-owned casinos.
Davis acknowledged Wyoming’s conservative stance on gambling and reiterated that it could present challenges despite the promising financial projections and industry support. He also talked about how the proposal would have to gain traction in both chambers of the legislature and win over various stakeholders.
The measure could help transform the state’s gambling landscape if approved. It would help bring substantial economic benefits to its residents.
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