Wyoming sportsbooks rack up $6.2m handle in first month

The Wyoming Pari-Mutuel Commission has released the state’s first sports betting revenue report.

According to data published by the Commission, the two licensees in the Cowboy State took in $6.2 million in sports wagers in September, which was the first month of operation for the industry. The Wyoming sports betting market rolled out on September 1, with DraftKings and BetMGM going live on the first day.

Commenting on the report, the sports wagering project manager at the Wyoming Pari-Mutuel Commission, David Carpenter, expressed optimism in the growth of the industry, saying that he expects the handle to grow two-fold in October.

“October looks positive, the potential for doubling of wagers and a fraction of the free bet activity,” he said.

Moving on to revenue, the action generated $954,416 in gross receipts for the sportsbooks, which translates to a hold percentage of 15.3%. However, the net gaming revenue was $123,970 in the red after operators deducted the amount spent on promotional offers. This means that the state did not get any proceeds from the industry in the month since the tax revenue was -$12,398.

Football betting drives Wyoming handle

As seen in other states where gambling on sports is legal, football fans generated a huge chunk of Wyoming’s betting handle at $3.6 million. The gross revenue generated by the sport was $512,885, which translates to a win rate of 14.1%.

Parlay cards generated $233,498 in wins from a $1.1 million handle. The figures show a hold percentage of 21.4%, making it among the most profitable market for sportsbooks in the state.

Baseball ranked third in volume after posting a handle of $959,590 and $110,111 in revenue. Soccer betting came in fourth with a $166,473 handle and a hold of $17,359, while tennis brought in $116,331 in wagers and $17,089 in gross profits.

The report further shows that $98,790 was wagered on basketball in the month. The action generated $31,751 in gross receipts for sportsbooks, translating to 32.1% in hold percentage.

The Wyoming industry is online-only, which means that there are no retail operators in the jurisdiction. The state is the second in the country to legalize a mobile-only sports betting model, after Tennessee.

More Wyoming sportsbook apps to launch this year

Players in Wyoming have only two sportsbook apps to choose from currently, but the situation is likely to change in the near future. The state’s gambling law provides for at least five online licensees, and it does not limit the number of platforms that can be deployed in the market.

Earlier this year, the Wyoming Gaming Commission reported that five operators had expressed interest in entering the state’s market, but only DraftKings and BetMGM were cleared to launch on September 1. The other companies that applied to run mobile betting in the state are Flutter Entertainment’s FanDuel Sportsbook and Penn National Gaming’s Barstool Sports.

According to sources close to the Commission, FanDuel Sportsbook could be approved to launch during the regulator’s next meeting on November 5. Barstool is also set to go live in the state before the end of the year.

Other brands likely to debut in Wyoming at some point in future are PointsBet and SuperBook Sports.