Wyoming Sports Betting Revenue Rises in August as Amusement Game Revenue Dips

Wyoming’s sports betting sector saw a notable uptick in August 2024, with revenue growth driven by increased betting activity during the NCAA football season. According to data from the Wyoming Gaming Commission, the state’s five licensed online sportsbooks generated $1.59 million in gross gaming revenue, a 6% increase from July’s $1.5 million. This growth highlights the expanding popularity of online sports betting in the state.

The betting handle, or the total amount wagered, also surged significantly. In August, the handle reached $12.2 million, representing a more than 25% increase compared to the $9.72 million wagered in July. Much of this growth can be attributed to the unrestricted ability to place player prop bets on Wyoming college sports, a rule that lawmakers have yet to impose changes on despite recommendations from the NCAA.

DraftKings and FanDuel Dominate the Market

Leading the charge in Wyoming’s sports betting market is DraftKings, which contributed $6.57 million to the total handle in August. Caesars contributing more than $240,000.

The gross gaming revenue varied across operators. DraftKings led the market with $863,635 in revenue, followed by FanDuel at $505,307. BetMGM also posted $255,732, while both Caesars and Fanatics reported losses for the month. Caesars saw a loss of $5,233, while Fanatics recorded a slightly larger negative revenue of $26,184. These losses illustrate the competitive dynamics of Wyoming’s sports betting market as new operators seek to gain a foothold.

The rise in online sports betting coincides with the start of the NCAA football season in August, a time when Wyoming bettors are more engaged in wagering on college sports. The decision by lawmakers to delay implementing a ban on player prop bets for college sports, as suggested by the NCAA, has likely contributed to the increased betting activity.

Without restrictions on prop bets, bettors are placing wagers on individual player performances during college football games, adding a new dimension of engagement to sports betting in the state. This unrestricted betting environment has helped Wyoming sportsbooks boost their revenues, capitalizing on the enthusiasm surrounding the NCAA football season.

Amusement Game Revenues See a Slight Decline

While sports betting thrived in August, revenues from skill-based amusement games saw a minor decline. The Wyoming Gaming Commission’s report shows that amusement game operators generated $9.9 million in revenue, a 0.5% drop from July’s $9.94 million.

A variety of vendors, including prominent names like Jenkins Music and Entertainment Experts, contributed to the amusement game sector. However, the slight decrease in revenue suggests a cooling off from the activity levels seen in previous months.

Skill-based amusement games continue to be a significant contributor to Wyoming’s gaming revenues, with key operators like Jenkins Music and Wyoming Amusement Inc. providing a large portion of the overall income. Despite the dip in August, these games remain a popular form of entertainment across the state, though their performance can fluctuate from month to month.

Despite the decline in amusement game revenues, Wyoming’s regulatory framework, have positioned the state to continue benefiting from increased betting activity in the months to come.

Source:

”WYOMING GAMING COMMISSION – WAGERING ACTIVITY REPORT”, Wayoming Gaming Commission, August 2024.