Wyoming Sports Betting Hits Record High with DraftKings Leading the Charge
The Wyoming Gaming Commission has reported an unprecedented surge in sports betting revenue, reaching an all-time high of $2.7 million in January, with industry giant DraftKings at the forefront of this remarkable growth.
Record-Breaking Performance
January’s figures set new records in Wyoming’s sports betting landscape, with gross revenue surpassing the $2 million mark for only the third time in the past 29 months. This achievement outshined the previous record of $2.3 million set last October. Additionally, the total bets, or handle, reached $20.3 million, only second to the $21.2 million recorded in October, marking a significant 41.4% increase from the beginning of 2023.
The 67.7% spike in gross revenue is attributed to an impressive 13.1% hold, which is more than two percentage points higher than usual and ranks third all-time. The state capitalized on this success by levying a 10% tax on $1.8 million in adjusted gross revenue, culminating in tax receipts of $177,183.
Dominance of DraftKings
DraftKings has solidified its position as the leading sports betting app in Wyoming, consistently capturing over 50% of the market share. The operator set a new personal best by generating $1.4 million in gross revenue from an $11.4 million handle in January, barely edging past its previous record. This marks the fifth consecutive month DraftKings has accepted over $10 million in wagers and the fifth instance of surpassing the $1 million mark in gross revenue.
Not to be outdone, FanDuel also hit all-time monthly highs in both handle and gross revenue, breaking the $5 million handle barrier for the first time and securing over $676,000 in winnings. This success underscores FanDuel’s growing influence in the Wyoming market, with the platform surpassing $50 million in total wagers since its launch in March 2022.
Our Comment on Wyoming’s Sports Betting Milestone
Wyoming’s record-breaking month in sports betting, spearheaded by DraftKings’ outstanding performance, highlights the burgeoning potential of the mobile wagering market in the state. This achievement not only signifies a growing interest among bettors but also demonstrates the effective regulatory environment fostered by the Wyoming Gaming Commission.
As the state continues to embrace sports betting, the economic benefits, particularly in tax revenue contributions, underscore the positive impact of this burgeoning industry on the state’s financial health and its potential for future growth.
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