In the first month of legal wagering in Wyoming, bettors wagered $6.2 million in September and the state’s budget gained nothing from it, the Wyoming Pari-Mutuel Commission reported Thursday.
From that $6.2 million wagered, the state’s two sportsbook operators — DraftKings and BetMGM — reported $954,416 of gross gaming revenue. The net sports betting revenue was a loss of $123,969, however, in large part due to promotional offers by the two sportsbooks.
Because the state does not tax promotional offers, it didn’t earn any tax revenue from sports betting in September.
In the short term, promotional offers from sportsbooks in the state should go down, although additional new sportsbooks will also likely offer promotional deals once they launch in Wyoming. Colorado, which also does not tax promos, has experienced a similar situation.
David Carpenter, project manager for sports betting for the Wyoming Gaming Commission, said Wyoming is “a long ways off” from projected estimates of a $450 million annual handle, but he hopes the addition of new sportsbooks will increase the volume in coming months.
Football, parlays and baseball drive most bets
Win Rate: -1.99%
Taxes: $0 (-$12,398)
— Chris Altruda (@AlTruda73) October 26, 2021
Football was the most popular sport for Wyoming bettors. Nearly 60% of wagers ($3,645,747) placed in September were on football. The house posted a 14% hold on football bets.
Baseball was the second most popular sport, with $959,590 wagered. The books had a 10.4% hold. September was the final full month of the MLB regular season. No sports outside of football or baseball drew more than $170,000.
Parlays accounted for 17.5% of the total September handle, or $1.1 million. Sportsbooks had a 21.4% hold on parlays.
The sportsbooks made a gross profit on 14 of the 17 sports that received bets. Consumers did well outside of mainstream bets, making small profits on Australian rules football ($64), cricket ($56), and rugby union ($5).
The listed gross gaming revenue number provided by the Wyoming Pari-Mutuel Commission was $3,149 higher than the commission’s chart, which broke down the gross gaming revenue data by sport. A commission spokesperson said the data discrepancy will be corrected in the near future.