Wyoming contemplates increasing taxes on sportsbooks
In the state of Wyoming, with a population of less than 600,000 people, the online sports betting industry has been growing steadily since its legalisation in September 2021. According to data, the industry has generated approximately $3.8 million in tax revenue for the state since then.
Michael Savio, a writer from Denver who covers the sports betting industry for Casino.com, has been reporting on this development for over four years. When not delving into the world of online sportsbooks, Michael enjoys betting on sports and exploring Colorado.
The current tax rate for online sportsbooks in Wyoming stands at 10%. However, a legislative committee has proposed a potential increase to 20% in an unspecified location, although no final decision has been reported yet. This proposal, if enacted, could further boost state revenues but may also impact operator profitability and consumer offers.
Since the industry's inception, both the total handle and operator revenue have increased significantly each year. In 2021, the total handle was $40.3 million, operator revenue was $4.0 million, and state tax revenue was a modest $111,000. By 2024, these figures had grown to $209.6 million, $22.8 million, and $1.41 million respectively.
Michael Savio's reviews, updated regularly to reflect the latest changes and developments in the industry, can be found on the Casino.com website. His reviews often include analysis of the user experience, betting options, and customer service, providing readers with accurate and easy-to-understand information.
As we await the decision on the proposed tax rate increase, it's worth noting that Wyoming lawmakers project annual tax revenue could reach between $1.2 million and $3 million as the market matures. The impact of a potential 20% tax rate on this projection remains to be seen.
Stay tuned for more updates on this developing story from Michael Savio and the Casino.com team.
Michael Savio, a writer from Denver who covers the sports betting industry for Casino.com, has been reporting on the growth of sports-betting in the online industry in Wyoming, a state where the industry has been steadily growing since its legalization in September 2021. In his reviews, updated regularly, he analyzes the user experience, betting options, and customer service of various online sportsbooks, aiming to provide readers with accurate and easy-to-understand information. The finance sector, particularly the state revenue, has also been impacted by the sports-betting industry's growth, with the current tax rate on online sportsbooks at 10%, but a potential increase to 20% being proposed, which could further boost state revenues but may also affect operator profitability and consumer offers in the sports-betting industry.
