- A new report from Spectrum Gaming Group shows Wyoming could benefit from expanded gaming offers
- iGaming could contribute nearly $140 million in gross gaming revenue a year
- The report does not show a severe impact to the state’s established casino market if iGaming is approved
A newly published report this week shows legalized Wyoming iGaming would be a beneficial new program for the state and would have little negative impact on Wyoming’s already established casino market.
The Wyoming Gaming Commission commissioned the study from Spectrum Gaming Group to evaluate the state’s current gaming market, the potential impact of legalized iGaming, and how a gaming expansion could effect the current markets in the state.
Wyoming currently has legalized online sports betting and five operators in the Cowboy State, as well as three Native American casinos that operate on their own individualized gaming compacts. The state has no casinos of its own.
Study Shows Positive iGaming Revenue Potential
Spectrum Gaming evaluated several performance benchmarks from the eight states that have some form of legalized iGaming. The report determined Wyoming could see impactful iGaming revenues if the state legalizes the new form of gaming.
“From these benchmarks, it appears that Wyoming iGaming could produce gross gaming revenues of between $93.4 million and $138.4 million if legal in 2024. Wyoming imposes a 20% tax on gross gaming revenue on both skill based amusement games and historical horse racing. Tax rates in iGaming in other jurisdictions range from 15% in West Virginia to 54% in Pennsylvania,” according to the report.
If Wyoming taxed iGaming at a 20% rate of gross gaming revenue, it could see between $18.6 million and $27.6 million annually in tax revenues.
In addition to potentially legalizing iGamign in the Cowboy State, the Spectrum Gaming Group recommended raising the legal age of historical horse racing and online sports betting to 21, keeping the legal age consistent with skill-based amusement game requirements.
Wyoming legalized online sports betting on April 5, 2021, after Wyoming Gov. Mark Gordon (R) signed HB 0133 into law.
Limited Impact on Casino Market
In addition to the revenue impact, Spectrum Gaming Group evaluated iGaming legalization’s potential detriment to the current casino market in the state. Every state with legalized iGaming has established casinos, according to the report.
However, of the seven states offering iGaming, only West Virginia “has an extensive distributed gaming industry.” West Virginia offers brick-and-mortar casinos, video lottery games, iGaming, and both in-person and online sports betting in the state.
Evaluating gross gaming revenues in West Virginia, Spectrum Gaming Group found “there has been little to no erosion in the gaming market for casino gaming or VLT games across the state” after iGaming legalization.
“iGaming gross gaming revenue has been accretive rather than cannibalistic to the casino and distributed gaming sectors,” according to the report.
Introduction
In recent years, the topic of legalized iGaming has been a hotly debated issue in many states across the United States. Wyoming is one of the states that has been considering the potential benefits of legalizing iGaming. In this article, we will explore the potential benefits of legalized iGaming in Wyoming based on a comprehensive study.
Economic Impact
One of the primary benefits of legalizing iGaming in Wyoming is the potential for a significant boost to the state’s economy. A study conducted by the Wyoming Gaming Commission found that legalizing iGaming could generate millions of dollars in revenue for the state each year. This revenue could be used to fund important public services such as education, healthcare, and infrastructure.
Job Creation
Legalizing iGaming in Wyoming could also lead to the creation of new jobs in the state. The study found that legalizing iGaming could create hundreds of new jobs in the gaming industry, including positions such as game developers, customer service representatives, and marketing professionals. These new jobs would provide opportunities for Wyoming residents and help to reduce unemployment in the state.
Consumer Protection
Another benefit of legalizing iGaming in Wyoming is the potential for increased consumer protection. Currently, many residents of Wyoming participate in illegal online gambling sites that are not regulated by the state. Legalizing iGaming would allow the state to implement regulations and safeguards to protect consumers from fraud, money laundering, and other illegal activities.
Tourism
Legalizing iGaming in Wyoming could also have a positive impact on tourism in the state. The study found that legalizing iGaming could attract more visitors to Wyoming, particularly those who enjoy online gambling. This increase in tourism could lead to higher spending at local businesses, hotels, and restaurants, boosting the overall economy of the state.
Conclusion
In conclusion, the potential benefits of legalizing iGaming in Wyoming are numerous. From economic growth and job creation to consumer protection and increased tourism, legalizing iGaming could have a positive impact on the state. As more states across the country move towards legalizing iGaming, Wyoming may soon join them in reaping the benefits of this growing industry.
