Wyoming legalized online sports betting - crypto wagers allowed too

[Yogee]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

[Fortify]

It's good news for Bitcoin holders, slightly strange that they needed to pass a law to accept these funds - maybe that helps with money laundering requirements. I wonder if the betting sites will be forced to offer a mechanism for people to exchange any potential winnings into a fiat cash payment, or they are simply saying that any convertible-to-cash currency will be allowed (including ones that you need to exchange outside of the gambling site). Step by step Bitcoin is taking over and it is much less susceptible - having a fixed amount - to monetary inflation than the US government printing money whenever they want to hand out checks.

[Yogee]

It's good news for Bitcoin holders, slightly strange that they needed to pass a law to accept these funds - maybe that helps with money laundering requirements.

It's not like that. The law was about authorizing online sports wagering and part of the accepted payment method is cryptocurrencies.

I wonder if the betting sites will be forced to offer a mechanism for people to exchange any potential winnings into a fiat cash payment, or they are simply saying that any convertible-to-cash currency will be allowed (including ones that you need to exchange outside of the gambling site).

I'm also thinking of the process. Perhaps someone more diligent to read the entire ACT can explain to us if platforms will allow users to convert it back to crypto upon withdrawal.

[mindrust]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

"so long as those cryptos can be converted to cash"

I didn't understand this part. So does that mean it is still not allowed if the casino doesn't let you convert your crypto to USD? That means the casino will have to set up a banking account since it is going to deal with USD and it is not going to be possible to establish a crypto only casino, am i correct? If the casino has a bank account, the government can  check the ingoing/outgoing transactions, ask questions etc etc. I guess it is a good thing.

[Lanatsa]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

Good news for those who do lived in Wyoming! At first I was bit curious on where this place is located and found out that this is a least populous state of the United States.

So its expected that USD value would really be displayed on in spite of your crypto deposits but well this isn't really that much of a big issue as long we can make out conversions
of those balance back to crypto.

It might be on a different view while you play but well this is much better than make out those conversions first on other services or platforms before you can able to play.

[notblox1]

This is good news but I still prefer if websites would accept betting with Bitcoin and other crypto coins instead of converting to fiat.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.

[Twinkledoe]

This is good news but I still prefer if websites would accept betting with Bitcoin and other crypto coins instead of converting to fiat.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.

But if nothing else, this will be a good introduction for some of their residents to real crypto casinos. When they find out that there are crypto casinos that don't require KYC, I think, they will prefer on this one. But right now, they need to learn how to transact with crypto, and later on, they will understand how real crypto casinos work.

[Yogee]

.....

"so long as those cryptos can be converted to cash"

I didn't understand this part. So does that mean it is still not allowed if the casino doesn't let you convert your crypto to USD?

You just need to deposit in crypto to your account and the exchange will show the equivalent value in USD. They are mandated to do that.

That means the casino will have to set up a banking account since it is going to deal with USD and it is not going to be possible to establish a crypto only casino, am i correct?

They can also partner with a third party like Bitpay to handle crypto transactions.

If the casino has a bank account, the government can  check the ingoing/outgoing transactions, ask questions etc etc. I guess it is a good thing.

The new law just added online sports gambling and allowed  crypto deposits. Not a bad thing to me if you gamble on a casino whose in a jurisdiction that regulates casinos to begin with.

[sunsilk]

Still good news, unlike some other place that doesn't allow it.

For those gamblers in Wyoming that have been gambling with fiat. They'll start to hear out cryptocurrencies as they gamble with those sportsbooks.

Those who don't want to spend cash and yet they have crypto, it's an ease for them.

[Saint-loup]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

Wow that's a big news for the adoption of cryptocurrencies in the United States. It can be a new step toward the availability of cryptocurrencies in bricks and mortar casinos of North America, but it will also certainly convert some current old school gamblers into crypto ones.
Nonetheless I don't think current cryptogamblers will leave their favorite online casinos to register onto US ones, because KYC will still be mandatory despite using cryptocurrencies.

[Viscore]

I'm not disappointed with this, it's actually a good news and we have to get used that when we talk about government, anything is always paired with fiat. Gambling only makes crypto as a tool in gambling, so it's a great news as it will increase the adoptoin on crypto gambling which is one of the biggest contributor why crypto is more popular now.

Also, this regulation makes gamblers to be confident that their money will not be confiscated anytime, so a green signal when regulatrs accept crypto, maybe they already see the opportunity now.

[Hippocrypto]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

This is another great news that uplift Bitcoin's reputation and I seen that demand and adoption would tend to increase in coming days. Because of this, fiat would not be an issue for everybody due to people prefers cryptocurrency instead of using physical money for their betting on several sportsbooks.

[samcrypto]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

This could be the start and its good that Wyoming formally legalize the online sports betting using “digital, crypto and virtual currencies”.

Those gamblers who wish to gamble using their cryptocurrency are now free to use it, and it can also be converted into fiat money which can be more easy for gambler to withdraw their funds legally, this is indeed a good news and a step closer for a more States/Country to legalize the usage of cryptocurrency.

[hulla]

As Elon said when fiat currency show 0% interest only a fool won't look elsewhere and for the Wyoming 33rd Governor to legalized cryptocurrency for online sports bet he totally understands the better the integration will give to his state that why he legalized it and if we think about some restriction gamblers experience in the US, I think Wyoming legalized crypto for gambling site a reasonable settlement.

[Joel_Jantsen]

The state government played it really smart and this isn't as much good news for the community as we think it is. Since they have legalized cryptos, they would expect you to pay taxes on your gambling earnings which wasn't the case before. They wouldn't even wait for you to convert your winnings into fiat, they could simply ask you to pay taxes in cryptos which is another level of centralization.

Wasn't online sports betting always legal in the States as long as the betting company is registered in the US?

[ene1980]

As Elon said when fiat currency show 0% interest only a fool won't look elsewhere and for the Wyoming 33rd Governor to legalized cryptocurrency for online sports bet he totally understands the better the integration will give to his state that why he legalized it and if we think about some restriction gamblers experience in the US, I think Wyoming legalized crypto for gambling site a reasonable settlement.

Still the gambling site needs to register in the US to be able to accept bets in cryptocurrencies. As long as the government gets the money they do not have problems with what you do with your money, be it gambling or anything else  .

Need to know more about the situation as many sites restrict players from the US and i do not think this news will make any difference to those restrictions that are imposed but it is a start.

[Saint-loup]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

This is another great news that uplift Bitcoin's reputation and I seen that demand and adoption would tend to increase in coming days. Because of this, fiat would not be an issue for everybody due to people prefers cryptocurrency instead of using physical money for their betting on several sportsbooks.

Americans are georestricted on many gambling platforms, so they can't easily gamble with their cryptos. At least with this new regulation, they will be able to spend and to use their funds in cryptocurrencies somewhere. This can be a good news for the markets, because if americans lose their cryptos on gambling sites, they will need to buy more on the market and to increase the amount of bid orders and demand.

[Kemarit]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

We have a lot of crypto related casino's that reflected USD so I guess this is non-issue for most of us.

Quite surprising coming from Wyoming, but I guess the governor and his advisors are into crypto so it's a win-win for us. Wonder though which state will be next, as this could really explode crypto related gambling specially if most US states will allow it. And there could be more crypto sites on the horizon because of this news.

[Darker45]

Not really a disappointment. If the gamblers can deposit crypto, bet with crypto, and withdraw crypto, it is good enough acceptance of crypto.

I don't think "in lieu of greenbacks" necessarily means the crypto balances are to be computed into fiat. It might simply mean crypto itself could be used for betting rather than converting it to fiat first. The only condition is that the crypto used is convertible to fiat.

But if that phrase means the users are using crypto with built-in fiat computation, I hope it won't be instantly converted by gambling sites. The problem is found right there. The conversion rate might not be fair.

[Silberman]

If you're from that State and you haven't heard this yet,

House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.

- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gambling

That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.

That is good but I wonder if people are going to be able to withdraw their capital in bitcoin and what happens when the capital they want to withdraw is higher than what they deposited in the casino, but overall it is a good news even if it is a news that it is going to benefit only those that live in that state, but this is just the beginning, mainstream adoption is coming and governments all around the world will have to adjust to this reality, if they do not then they are bound to leave a lot of money over the table that they could have gotten in the form of taxes.