Wyoming legalized online sports betting - crypto wagers allowed too

[suzanne5223]

Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.

[Wexnident]

Good news I suppose, it's basically a legalized crypto sportsbook, I don't see any issues here. Even if crypto was reflected via fiat, I doubt it'd pose THAT much of an issue, I just hope that the reflection is accurate with the market price, especially with the volatility that some coins have, though some casinos are already doing it so as long as they don't do it half-assedly, they should be fine.

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?

I mean, wouldn't their casinos automatically tax them, even if it was crypto-based before? And was there even one before the law was legalized?

[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.

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  .

Right from the beginning no online gambling site that is not registered with the US government is allowed to provide service to the US customer and it not the gambling site alone because the same thing applied to other businesses.

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.

The news will make some difference since the US have the highest number of cryptocurrency users in the world and the legalization of crypto for an online betting site may increase the number of betting site providing service to the US.

[robelneo]

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.

“I think that Wyoming legislators are getting more comfortable with cryptocurrency as the issue evolves in our state,” said state Sen. Jeff Wasserburger

How I wish every lawmaker in every city in every country have this kind of thinking if we have this in every country we will have a fast adoption of Cryptocurrency, we have proven again that gambling is one of the catalysts in Crypto adoption, gambling is a multi-billion dollar industry, and the Cryptocurrency technology is making it's way to gambling and it's taking this industry.

[Lorence.xD]

Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.

That is his job anyways,. i would be mad if he wasn't involved because that means that he is wasting the taxpayers money. This will definitely increase the profits in gambling since there are options and people love options, the only problem is whether the gambling houses are going to adopt real fast on this bill.

[Silberman]

Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.

I really think this is a very clear example of why it is going to be impossible to ban bitcoin, the market is worth two trillion dollars and countries are going to want to have some of that economic activity going through them so they can tax that activity, so even if many governments are against it if bitcoin keeps getting bigger then we're going to get more news like this one in which politicians try to revive their local economies with the adoption of bitcoin.

[jrrsparkles]

Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.

That is his job anyways,. i would be mad if he wasn't involved because that means that he is wasting the taxpayers money. This will definitely increase the profits in gambling since there are options and people love options, the only problem is whether the gambling houses are going to adopt real fast on this bill.

In online gambling world, most sites don't want to run from US due to their insane tax rates which even take almost 30 to 40% as tax from the winning rewards depends on the state where it is located and that is also another reason why people who are US residents are not allowed to gamble on most of the gambling sites.

[acquafredda]

This is a huge step forward to the path that will lead to the institutionalization of crypto gambling too! The market is growing too much too leave the space to crypto gambling platforms only and now incumbents will adjust accordingly. Will be interesting to follow how this evolves and, thanks for sharing it as I missed it.

[Fredomago]

This is a huge step forward to the path that will lead to the institutionalization of crypto gambling too!

Yeah right, more and more crypto gamblers will comes up and make more transactions as legalities are now being
provided by the state, win win for both sides.

The market is growing too much too leave the space to crypto gambling platforms only and now incumbents will adjust accordingly.

Implementations up to the next office takers, it should provide intact laws regarding to this to make sure that the
flow of this rules will continue.

Will be interesting to follow how this evolves and, thanks for sharing it as I missed it.

More and more might comes up and good news regarding to crypto usages will be addeded.

[bitzizzix]

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.

“I think that Wyoming legislators are getting more comfortable with cryptocurrency as the issue evolves in our state,” said state Sen. Jeff Wasserburger

How I wish every lawmaker in every city in every country have this kind of thinking if we have this in every country we will have a fast adoption of Cryptocurrency, we have proven again that gambling is one of the catalysts in Crypto adoption, gambling is a multi-billion dollar industry, and the Cryptocurrency technology is making it's way to gambling and it's taking this industry.

Of course and it's all because of the development or the majority because many Cryptocurrency users in the region make the main leaders support and adopt it and besides understand Cryptocurrency.
Wyoming passed a new law legalizing online sports betting in Cryptocurrency based states and this is a great idea and example for certain states and will be a boon for it, and I also hope that in my city the leaders have good ideas. like him.

[dunfida]

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.

“I think that Wyoming legislators are getting more comfortable with cryptocurrency as the issue evolves in our state,” said state Sen. Jeff Wasserburger

How I wish every lawmaker in every city in every country have this kind of thinking if we have this in every country we will have a fast adoption of Cryptocurrency, we have proven again that gambling is one of the catalysts in Crypto adoption, gambling is a multi-billion dollar industry, and the Cryptocurrency technology is making it's way to gambling and it's taking this industry.

Of course and it's all because of the development or the majority because many Cryptocurrency users in the region make the main leaders support and adopt it and besides understand Cryptocurrency.
Wyoming passed a new law legalizing online sports betting in Cryptocurrency based states and this is a great idea and example for certain states and will be a boon for it, and I also hope that in my city the leaders have good ideas. like him.

Any bill or laws would be definitely needing lots of discussions and arguments if a certain thing would be accepted or not but though this will vary on what kind of government does a country had.

Each of them would have different views towards crypto, some might like it some would not basing up on neither their personal opinions or as a group that had been agreed upon.

So in talks about acceptance and integrations then it all matters to their point of view if it would be beneficial or would be a threat to them.

[Becky666]

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.

With the first statement of the website there is an open indication that the website will accept the waggers from gamblers in cryptocurrencies which is the very best anyone would wish at the moment. Here is the quote from the website - "Wyoming has legalized online sports betting with a new law that also allows gamblers to place their wagers in crypto". It's a new development for the community that are close to this area and we wish them well as well.

[Fundamentals Of]

This is just one of the earliest steps for crypto to become legally accepted in gambling sites in the US. This is overdue actually. Gambling sites which are registered somewhere outside US territories have been accepting crypto for some time already and yet the US is still prohibiting it. It is about time the US will accept the role of cryptocurrency in gambling. Gamblers want privacy and a certain amount of anonymity. That's something they can get from crypto.

[Vaculin]

The condition seem not necessary anymore as no one would really use crypto if they can't convert it to cash. As a gambler, using crypto is only a vehicle to gamble easier and retain being anonymous if we want to hide, so this news is really positive as the highligh on this news really is that they are already accepting crypto in sports betting.

[imstillthebest]

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.

not reflected but converted in fiat .
its useless because you are still gambling with fiat and not by crypto  .
there was one gambling site in bitcointalk that do exactly like this ,
 you depo crypto and your crypto will be converted to fiat but i forgot if they allow you to withdraw your money in a crypto form but it should be working this way for the idea to be helpful somehow for non crypto and crypto gamblers on that state .

[michellee]

As others said, that is good news for crypto users, especially for gamblers who often use crypto to gamble. I guess the government wants to know who was using crypto to gamble and make a new regulation related to that news. Maybe the government wants to control online sports betting from their State. I think a gambler needs to do KYC on the online sports betting website and I think their bank account will be monitor by the government. I wonder how much the taxes that the gambler should pay regard to that news.

[Botnake]

As others said, that is good news for crypto users, especially for gamblers who often use crypto to gamble. I guess the government wants to know who was using crypto to gamble and make a new regulation related to that news. Maybe the government wants to control online sports betting from their State. I think a gambler needs to do KYC on the online sports betting website and I think their bank account will be monitor by the government. I wonder how much the taxes that the gambler should pay regard to that news.

They just want to benefit on the popularity of crypto, as they legalize sports betting, they know that huge money will come from crypto space, so with that, they regulate and they make money at the same time. They cant' control anything that is not owned by the state, but they can always monitor them to comply with the law, especially on correct tax remittance.

[michellee]

As others said, that is good news for crypto users, especially for gamblers who often use crypto to gamble. I guess the government wants to know who was using crypto to gamble and make a new regulation related to that news. Maybe the government wants to control online sports betting from their State. I think a gambler needs to do KYC on the online sports betting website and I think their bank account will be monitor by the government. I wonder how much the taxes that the gambler should pay regard to that news.

They just want to benefit on the popularity of crypto, as they legalize sports betting, they know that huge money will come from crypto space, so with that, they regulate and they make money at the same time. They cant' control anything that is not owned by the state, but they can always monitor them to comply with the law, especially on correct tax remittance.

It could be like that because maybe they see that the crypto is used in gambling and it can bring them profit since the crypto becomes more accessible and acceptable in many countries. If they can regulate it and cooperate with the local banks, they will know how many of their people often used crypto to gamble, and they can implement the new regulations related to the crypto. They can apply the taxes to people who use crypto to gamble, which means they will get another income from the gambling business.

[mediaBuzz]

As others said, that is good news for crypto users, especially for gamblers who often use crypto to gamble. I guess the government wants to know who was using crypto to gamble and make a new regulation related to that news. Maybe the government wants to control online sports betting from their State. I think a gambler needs to do KYC on the online sports betting website and I think their bank account will be monitor by the government. I wonder how much the taxes that the gambler should pay regard to that news.

They just want to benefit on the popularity of crypto, as they legalize sports betting, they know that huge money will come from crypto space, so with that, they regulate and they make money at the same time. They cant' control anything that is not owned by the state, but they can always monitor them to comply with the law, especially on correct tax remittance.

The tax rate is the same as in most other states where sports betting is legalized. 10% on gross revenue. While searching this info I came over a table of tax rates in all states. In Delaware, if you open an online sports betting company, 50% (entire HALF) of your gross revenue will go to taxes and later will be played out as the state lottery. That's what we call monopoly.

[Kelvinid]

As others said, that is good news for crypto users, especially for gamblers who often use crypto to gamble. I guess the government wants to know who was using crypto to gamble and make a new regulation related to that news. Maybe the government wants to control online sports betting from their State. I think a gambler needs to do KYC on the online sports betting website and I think their bank account will be monitor by the government. I wonder how much the taxes that the gambler should pay regard to that news.

They just want to benefit on the popularity of crypto, as they legalize sports betting, they know that huge money will come from crypto space, so with that, they regulate and they make money at the same time. They cant' control anything that is not owned by the state, but they can always monitor them to comply with the law, especially on correct tax remittance.

The tax rate is the same as in most other states where sports betting is legalized. 10% on gross revenue. While searching this info I came over a table of tax rates in all states. In Delaware, if you open an online sports betting company, 50% (entire HALF) of your gross revenue will go to taxes and later will be played out as the state lottery. That's what we call monopoly.

I guess that's really unreseasonable, why are they dedudcting from Gross revenue? IMO, it shoudl be in the Net revenue, and if they'll deduct in gross revenue, it should not be 50%, I'm just wondering, are there sports betting business survive in this kind of taxation requirement?