A busy Monday across three states
The authorities in Wyoming and South Dakota have both approved rules for their soon-to-launch sports betting sectors, while the New York State Gaming Commission (NYSGC) has provided more clarity to online sports betting license applicants.
The Wyoming Gaming Commission (WGC) approved rules for the online sports betting sector on Monday. The meeting took place two days after the public comment period for the proposed rules came to an end. As well as adopting rules for the online-only sports betting sector, the WGC voted unanimously in favor of identical emergency online sports betting rules.
retail sportsbooks in Deadwood to be up and running the following day
The South Dakota legislature too voted unanimously on Monday in favor of sports betting regulations. Minor changes will be made to these rules during a September 8 hearing. The South Dakota Gaming Commission plans to approve licenses at this hearing in order for retail sportsbooks in Deadwood to be up and running the following day.
Finally, the NYSGC posted another round of questions and answers (Q&As) on Monday regarding the application process for online sports betting licenses.
Finalizing the rules in Wyoming
In Wyoming, the final rules cover all key aspects of the sports betting sector in the state, including internal controls, advertising practices, payments, and taxes. Both the regular rules and emergency rules have the same language. However, the latter will only be in place for 120 days after they get filed with the state’s registrar.
first state to allow sports betting operators to accept wagers via “digital, crypto, and virtual currencies”
One of the standout aspects of the rules is that Wyoming will be the first state to allow sports betting operators to accept wagers via “digital, crypto, and virtual currencies.” This can be done once these bets can be converted into cash. The deadline for the filing of these rules was September 1, with the application process for licenses being open since July 15. Notable operators like BetMGM, FanDuel, and DraftKings all plan to enter the Wyoming market.
Wyoming Governor Mark Gordon signed online sports betting legislation into law in April. It was the first state to legalize sports betting in 2021 at the time, joining Tennessee as the only other state to allow online-only sports betting. The state authorities need to issue at least five licenses, but there is no cap on the maximum number of sports betting licenses.
The WGC hopes to have handed out licenses in advance of the beginning of the NFL season on September 9.
South Dakota getting ready to launch
The South Dakota Commission on Gaming approved the sports betting rules in July, and the legislature had until August 2 to consider them. One of the key aspects of the framework is the 9% tax rate that operators must pay to the state from sports betting revenue.
Only casinos in the town of Deadwood in South Dakota are able to launch retail sportsbooks. The requirement comes after voters in the state approved the measures in November 2020.
New York regulator provides further clarity
The NYSGC published its latest set of Q&As before the stipulated deadline. The previous set was posted late, while the request for applications (RFA) release came eight days after the initial deadline.
The most recent round of Q&As resolves a number of different issues. They provide clarification on the relationships that operators have with platform providers and explain further the scoring criteria regarding taxation. There will be at least two licenses available in the state for sports betting platform providers, plus a minimum of four for sportsbook operators. Interested parties have until 4pm EST on August 9 to submit their applications.
It does not look like sportsbooks will be able to launch any time soon in New York. Certain lawmakers are hoping that the sector will at least be up and running in time for the Super Bowl in February 2022.