Wyoming’s sports betting revenue surges by 17% in August

Sudhanshu Ranjan September 26, 2024

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Wyoming’s sports betting revenue surges by 17% in August

Wyoming’s sports betting market saw a notable surge with a 17 percent increase in total handle, reaching $12.2 million in August. This impressive growth can be attributed to several factors, including FanDuel’s rapid expansion and the steady performance of other major players like DraftKings and BetMGM.

Deep dive into surge in August

FanDuel emerged as one of the standout performers in Wyoming’s sports betting market in August. The platform saw its wagers more than double, reaching $3.2 million, which accounted for 26 percent of Wyoming’s market.

DraftKings continued to hold the majority share of Wyoming’s sports betting handle. With $6.6 million in wagers, DraftKings controlled the largest portion of the market, although this figure represents a 3 percent decline year-over-year.

BetMGM has consistently played an important role in Wyoming’s betting landscape. In August, it reported a 5 percent increase in handle, totalling $1.8 million. While BetMGM’s growth may not be as dramatic as FanDuel’s, its steady performance contributes significantly to Wyoming’s betting ecosystem.

One of the most exciting developments in Wyoming’s betting market is the rise of Fanatics. Despite being a relatively new player, Fanatics managed to surpass Caesars in just its fourth month in the state, with a handle of $460,763. Fanatics’ rapid growth signals a shift in the competitive landscape, as newer platforms begin to carve out their own space in the market.

Gross betting win increase

Wyoming’s betting gross win saw a significant 32 percent increase in August, driven by improved margins. The margin for the month stood at 13.1 percent, a notable improvement from last year’s 11.5 percent. This increase in gross win reflects the overall health of the market and indicates that betting platforms are becoming more profitable. For the state, this means more tax revenue and a stronger betting economy.

Wyoming’s monthly taxable revenue from sports betting reached $1.1 million in August, contributing to a total betting tax collection of $116,181. This represents an 11.7 percent increase from the $104,056 collected in August 2023, as well as a significant 38.1 percent rise from July’s $84,102. The growth in tax revenue is a direct result of the increase in betting activity, and it reflects the expanding contribution of sports betting to Wyoming’s economy.

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