LSB Feature: How Wyoming Allowing Crypto Sports Betting Changes Things

Wyoming passed legislation to regulate sports betting.
Wyoming legislation allows cryptocurrencies to be used to bet on sports.
North Carolina lawmakers are now considering bringing cryptocurrencies to sportsbooks.

CHEYENNE, Wyo. – Wyoming may have changed the sports betting game with the passing of HB 133. The regulations allow for cryptocurrencies to be used at local sportsbooks.

While licensed online sportsbooks have accepted crypto for years, regulated markets have never allowed cryptocurrencies to be used.

Following in Wyoming’s footsteps, lawmakers in North Carolina are now considering allowing cryptocurrencies as well. This could potentially change the legal sports betting market forever.

Wyoming Accepts Crypto

The Wyoming sports betting market has finally been regulated after the signing of HB 133 but the biggest story of the signing is the inclusion of cryptocurrencies in the market.

“I think that Wyoming legislators are getting more comfortable with cryptocurrency as the issue evolves in our state,” said Jeff Wasserburger, State Senator (R-Gillette), one of the bill’s sponsors, noting that there was very little discussion about including crypto in the bill.

Cryptocurrencies being accepted in Wyoming is big as this increases the banking methods available to local betting fans. Looking at overseas-based sportsbooks, these operators have allowed and even encouraged with bonuses, the use of cryptocurrencies like Bitcoin, Litecoin, and Ethereum for years. As cryptocurrencies become more engrained in the world, alongside sports betting, it only makes sense that US markets would become open to the idea.

Wyoming has been a long advocate for cryptocurrencies and blockchain. Legislators in Wyoming have a blockchain force, with prominent members like Caitlin Long working for years lobbying for Wyoming to accept more crypto transactions within the state.

Long was one of the main lobbyists pushing to include crypto as a form of payment on the sports betting bill.

From the early onset, Wyoming lawmakers were discussing including cryptocurrencies with the sports betting bill and it successfully managed to pass in the lawbooks with little resistance. This can lead to a domino effect that could bring crypto betting to other markets as well.

Other Markets Looking At Cryptocurrencies

Alongside Wyoming, the Texas sports betting bill, known as HB 2070 has language surrounding cryptocurrencies.

Texas lawmakers want as many financial options as possible for betting fans and are looking at cryptocurrencies as a major pull in Texas. Cryptocurrencies are growing in usage by residents, and not many markets are allowing it which would give Texas the edge.

The North Carolina sports betting bill seems to have the same thought process, with new legislation being pushed by local lawmakers to expand sports betting in the Old North.

While the SB 688 does include more sportsbooks being added to the market, there is also the addition of allowing cryptocurrencies as well, being inspired by Wyoming.

“Any time we see things in other areas of the country going well in regards to sports betting we can then use their experiences as blueprints for our own market which is always helpful,” said Jim Perry, North Carolina Senator to LegalSportsBetting.

North Carolina, Texas, and Wyoming seem to be looking ahead, and more sports betting markets are expected to follow. Cryptocurrencies have boomed in the country in the last few years, with Bitcoin, in particular, reaching all-time highs in volume.

The Growth Of Crypto

Cryptocurrencies have seen a boom similar to the legal sports betting boom that has occurred across the country.

Popular crypto trading company Coinbase went public, becoming the first blockchain provider that is publicly traded on the NASDAQ.

More local businesses have begun accepting crypto as payments, and many sports betting markets that are now beginning to launch will have a slew of sports betting fans who have already been betting on sports using cryptocurrencies for years. With the continued integration that cryptocurrencies have had in the country, it was only a matter of time before sports betting markets began joining in on the fun.

If Wyoming, Texas, and North Carolina wind up seeing major success, other bigger markets are likely to be tempted to try their hands in cryptocurrencies. If a major sports betting market like New Jersey were to embrace crypto, the entire market could shift.

This is still the earliest stage of the crypto market, with so few states adding legislation. But last year, the idea was not even mentioned by most markets, and now Wyoming has already put into motion a sports betting market that accepts cryptocurrencies.

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Giovanni Shorter

Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.