Wyoming Sports Betting Reaches New High in October
The state of Wyoming saw a surge in online sports wagering during the month of October.
Wyoming’s online sports betting market reached a new peak in October, with bettors placing a total of $21.2 million (£16.9 million/€19.5 million) in wagers. This surpasses the previous record set in September of this year, marking a significant increase in activity.
The October figures represent a 23.4% jump compared to the same period last year, demonstrating a consistent upward trend in participation. Revenue generated from these bets also hit a record high, reaching $2.3 million for the month.
This revenue figure represents a 15.0% increase compared to October 2022 and a substantial 53.3% increase from the $1.5 million generated in September 2023.
Taxable betting revenue also achieved a new peak, reaching $1.4 million. This represents a 21.7% increase compared to October 2022 and a remarkable 172.6% increase from the $517,523 generated in September.
Wyoming bettors collected a total of $19 million in winnings from online sports betting, while the state also saw a record high in tax revenue, reaching $141,087.
DraftKings emerged as the leading operator in the market, capturing $12.5 million in bets and generating $1.4 million in revenue. FanDuel followed closely behind, securing $4.9 million in bets and $402,961 in revenue.
BetMGM’s online sports betting revenue reached $3.5 million, with $378,344 in revenue generated. Caesars, on the other hand, trailed behind with $378,622 in bets and $73,028 in revenue.
Fanatics Betting and Gaming (FBG) is set to enter the Wyoming market soon, following its acquisition of PointsBet US’s operations within the state.
The sports behemoth, Fanatics, has acquired PointsBet Wyoming LLC.
Earlier this year, Fanatics’ FBG unit agreed to purchase Fanatics’ American operations. In June, the two entities finalized a $225 million agreement, which was endorsed by PointsBet investors.
As each state grants permission, more US state businesses will be transferred to FBG. PointsBet asserts that everything is progressing as anticipated.
This week, FBG initiated its online sports wagering platform in Virginia, signifying another milestone in their takeover of PointsBet US.
