In a stunning development for Wyoming’s burgeoning online betting industry, the month of October witnessed a phenomenal surge, setting new revenue records and underscoring the increasing popularity of sports wagering in the state. The total handle for the month exceeded the previous record of $19.2 million set in September this year, marking a significant 23.4% increase over October of the previous year.
The gross gaming revenue for the month of October amounted to an impressive $2.3 million, another landmark figure that represents the state’s highest to date. This figure not only surpassed last year’s numbers by a considerable 15.0% margin but also outpaced September 2023’s revenue by a whopping 53.3%.
Moreover, the state of Wyoming celebrated an all-time monthly high for taxable gaming revenue, reaching upward to $1.4 million. This reflects a notable 21.7% jump from October of the prior year, and an astronomical 172.6% leap from the preceding month of September, which saw taxable revenues of a mere $517,523.
The patrons of online sports betting platforms in Wyoming were on the winning side, garnering total winnings of $19.0 million. Simultaneously, the state coffers were bolstered by a record tax intake of $141,087, the highest seen in this sector to date.
Dominating the market, DraftKings led the pack generating revenue of $1.4 million from an impressive betting handle of $12.5 million. Trailing behind, yet securing a firm second place in the Wyoming market, was FanDuel, with revenue reaching $402,961, and a betting handle that touched $4.9 million.
Not to be overlooked, BetMGM too revealed a strong performance with revenues of $378,344 culled from $3.5 million in online sports wagers. The lineup of top contenders was rounded out by Caesars, which, though significantly lower in comparison, accumulated revenues of $73,028 from a betting handle of $378,622.
The competitive landscape of Wyoming’s online sports betting scene is prepped for further shake-ups with the impending entry of Fanatics Betting and Gaming (FBG). FBG is set to join the Wyoming market following the acquisition of PointsBet US’s operations in the state. The ownership of PointsBet Wyoming LLC has been transferred from the previous holder to the FBG division of the sports retail giant, Fanatics.
Earlier this year, FBG made a strategic move by striking a deal to acquire the US arm of Fanatics for a purchase price of $225.0 million, a transaction that received the green light from PointsBet shareholders and was agreed upon in June 2023. The transfer of additional US state operations to FBG is underway, pending the receipt of approvals in each respective state, with Wyoming’s market being on track with the planned progression.
In another strategic expansion, FBG recently launched its online sportsbook in Virginia, marking yet another phase in the ongoing integration of PointsBet US. This step is part of a broader strategy to extend the Fanatics brand into the digital betting realm, suggesting a bullish stance in the dynamic and growing market of online sports gaming.
As state regulations continue to evolve and the online sports betting industry booms, the record-breaking figures reported from Wyoming in October are a clear indicator of the market’s potential. Enthusiasts and stakeholders alike will be keenly watching as this sector continues to unfold, anticipating further growth and innovation in the already dynamic landscape.
