Wyoming to Explore Possible Gambling Expansion
Wyoming lawmakers and the Wyoming Gaming Commission (WGC) have entered into an agreement with Spectrum Gaming Group to conduct a comprehensive feasibility study on Wyoming's gambling industry. The move signals the state's interest in exploring potential gambling expansions, which could include the regulation of online gambling.
A Welcome to Wyoming sign along a state highway. (Source: Flickr)
LISTEN TO THIS ARTICLE:The contract aims to examine the current landscape of Wyoming's gaming activities, including sports betting, historic horse racing, and skill-based amusement games. Wyoming's sports betting market, which launched three years ago, has already resulted in $2.9 million in tax revenue for the state.
Related: Wyoming Online Gaming Gathers Further Support and Fees AnnouncedWhile this industry is still relatively new, its contribution to state finances has been noted as a positive sign for potential expansion. The feasibility study conducted by Spectrum Gaming Group will analyze how this revenue stream might be bolstered by introducing additional forms of gambling, such as online casinos. The WGC revealed that the results of the study could generate legislative proposals as early as next year's general session.
The upcoming study is a requirement of Wyoming's 2024 general appropriations bill, which mandates the gaming regulator to complete a thorough analysis of the state's gambling industry. The study will provide an overview of the state's current gambling sectors, including the established historic horse racing industry and the growing market of skill-based amusement games.
The WGC has emphasized that the study will be thorough, ensuring that any recommendations are based on solid data and research. This approach allows the state to make informed decisions about the future prospects of its gambling industry.
More Business News
US Online Gambling and Betting Expansion Continues
Online sports betting, which has already demonstrated economic benefits, will also be scrutinized as part of the assessment. In addition, the study will evaluate the current number of betting locations and monitor the growth of gambling activities throughout the state.
Spectrum, a well-known consulting firm with expertise in the gambling industry, will be tasked with the detailed research and analysis. Its study will not only assess the existing gambling framework in Wyoming but also consider the potential for introducing online casinos.
The report is expected to include projections for tax revenue that could be generated from online gambling and recommendations for a regulatory structure that would ensure the industry operates effectively and responsibly within the state. The research phase is slated to take place through the end of October, with an early draft of the report anticipated the following month.
Though no specific timeline for the introduction of iGaming or online sports betting in Wyoming has been established, the completion of the study will provide key insights into whether such an expansion is feasible and beneficial for the state. Should the results of the feasibility study lead to legislative action, Wyoming could join the growing list of states that have implemented regulated online casinos. States such as Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia have already adopted online gambling, and Wyoming could follow suit, depending on the findings of the study and subsequent legislative action.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Wyoming to Explore Possible Gambling Expansion