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In October, Wyoming witnessed a record high in gross gaming revenue, reaching $2.3 million. This increase of 23.4% compared to the same period last year show the huge growth in online sports betting in the state. Leading the pack in terms of revenue was industry giant DraftKings, earning an astounding $1.4 million from a staggering $12.5 million in online sports bets. FanDuel claimed the second spot with revenue of $402,961 and a handle of $4.9 million. The intense competition among these major players highlights the fierce market dynamics as they vie for a larger share of the thriving industry.
A notable development in Wyoming’s online sports betting landscape is the upcoming entry of Fanatics Betting and Gaming (FBG). Following their acquisition of the US operations of Fanatics earlier this year, FBG is set to make a significant impact in the state. This move signals a promising future for the company and adds another layer of competition to an already dynamic market. Furthermore, BetMGM reported solid performance with a revenue of $378,344 from $3.5 million in online sports bets, showcasing their ability to attract bettors and generate substantial earnings.
Taxable gaming revenue also experienced a remarkable increase, reaching a record-breaking $1.4 million, representing a growth of 15% compared to the previous year. This highlights the sustained momentum and profitability of the online sports betting sector in Wyoming. Bettors in the state displayed their enthusiasm by wagering an impressive $21.2 million on sports online during October, underscoring the growing popularity of online betting platforms and the strong appetite for sports gambling among residents.
Another significant development in the industry is the acquisition of PointsBet Wyoming LLC by FBG, with shareholders approving the deal and ownership smoothly transitioning to the FBG division of sports retail giant Fanatics. This strategic move positions FBG as a key player in the market and sets the stage for future growth and success. The thriving online sports betting industry in Wyoming not only provides an economic boost but also generates additional tax revenue. In fact, the tax collected from online sports betting reached a record high of $141,087, representing a staggering increase of 172.6% from the previous month. The substantial $225 million investment agreed upon in June 2023 for Fanatics Betting and Gaming’s US operations further solidifies the economic impact of the industry, creating job opportunities and fostering economic growth.
Looking ahead, Wyoming’s online sports betting industry continues to thrive, surpassing previous records and setting new benchmarks each month. As the sector remains dynamic and fiercely competitive, bettors can expect an ever-evolving landscape with even more exciting opportunities and innovations in the future. With its remarkable performance in October, Wyoming has firmly established itself as a major player in the online sports betting industry, promising greater excitement and economic prosperity in the coming months and years.
