Wyoming legalized online sports betting - crypto wagers allowed too

[DoublerHunter]

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.

^ With this law, if you are going to think carefully and close, and read the description of how lawmakers consider it. It seems like they want to make the people that cryptocurrency is a prepaid one. This statement will support my opinion “ bets in lieu of greenbacks – so long as those cryptos can be converted to cash.” Cryptos being converted to cash is like having a prepaid that you can convert to cash in case you need it. And the essence of cryptocurrency is to becoming an independent store of value. I hope this will work still, in the future.
Nevertheless, I had like to check what would be the result of this new law and I hope it will affect the cryptocurrency community positively.

[Goodluckmate.com]

Nice, it's always good news to see new jurisdictions open to online gambling and betting. I hope that eventually all US states will follow this example and legalize iGaming.

As for the questions about converting crypto to cash and then back to crypto, I think that would be possible. I'm just stating this from my experience of online casinos that accept bitcoin deposits and withdrawals. I think that you deposit let's say $50 worth of bitcoin or other crypto and those get to you account as $50. You play with the USD and then if you choose to cash out in crypto, you enter the funds, let say you were lucky and need to withdraw $100. In this case, you will receive $100 worth of bitcoin minus fees to your crypto wallet.

I guess it's not the perfect scenario, especially for those who want to play with crypto and want to avoid exchange fees. But it's better than nothing. Anyway, good job Wyoming! 

[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.

^ With this law, if you are going to think carefully and close, and read the description of how lawmakers consider it. It seems like they want to make the people that cryptocurrency is a prepaid one. This statement will support my opinion “ bets in lieu of greenbacks – so long as those cryptos can be converted to cash.” Cryptos being converted to cash is like having a prepaid that you can convert to cash in case you need it. And the essence of cryptocurrency is to becoming an independent store of value. I hope this will work still, in the future.
Nevertheless, I had like to check what would be the result of this new law and I hope it will affect the cryptocurrency community positively.

I doubt the word "independent" is happening in crypto although that's really the purpose. Crypto could be independent due to its decentralization (most of crypto assets) but in general, the moment we ask for regulation or acceptance by the government, we should also accept that we loss that independence as everything relies on the regulation and everyone of us will have to follow the regulation.

[just_Alice]

That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.

[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.

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.

It may be his job but if he doesn't legalize the use of crypto in sports bet and payment of wagers there's nothing you or anyone can do about it but it all good he does legalized crypto payment though.

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.

Yes, the Wyoming governor makes a good example but even if Bitcoin did not get bigger it impossible for any government whatsoever to ban Bitcoin because they can only ban something that's within their system.

[FinneysTrueVision]

In Arizona just this week the governor also signed a bill legalizing sports gambling. More and more states are seeing an opportunity for money to be made and are now doing away with restrictions.

We are in the 21st century and gambling is not a public safety threat so it seems like common sense that they would begin to allow it. The demand is big enough that it is certain to bring in big revenue.

[michellee]

That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.

The gambler can convert their USD into BTC and send it to the exchanges or other wallets to hold or sell at once. Having the conversion to USD will allow us to see how much money we have to make a plan about how much money we will use to gamble. But that will not work if that gambler can not manage his money. We can wait for the next update from that and hopefully, that can also attract many gamblers to back playing on that place.

[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.

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.

If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.

[carlisle1]

That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.

The gambler can convert their USD into BTC and send it to the exchanges or other wallets to hold or sell at once. Having the conversion to USD will allow us to see how much money we have to make a plan about how much money we will use to gamble. But that will not work if that gambler can not manage his money. We can wait for the next update from that and hopefully, that can also attract many gamblers to back playing on that place.

It depends from how the gambler can limit their expenses while inside the gambling house, whatever currency you are using without limitations
you'll find yourself losing a lot.

Better in the sense that you know how much money you are using since crypto keeps changing in value,
with USD you'll be able to know if you already exceeding from your budget.

You can convert vice versa and it's all about how you understand everything.

[fiulpro]

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 do believe that it is a fine law indeed. Honestly the conversion of cryptos to fiat is something which is inevitable there is honestly no way that you can use BTC and other cryptocurrencies everywhere, plus lightning network is still not a good idea. Therefore I do think the law was good and we should focus more on the betting being legal. I do think Government is trying to get funds from taxes and online sports betting is something which is over the top. They are already having an incoming war crisis so better keep their sources open.

That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.

The gambler can convert their USD into BTC and send it to the exchanges or other wallets to hold or sell at once. Having the conversion to USD will allow us to see how much money we have to make a plan about how much money we will use to gamble. But that will not work if that gambler can not manage his money. We can wait for the next update from that and hopefully, that can also attract many gamblers to back playing on that place.

It's something that is already being done without such long process most sites show the users their bet value in BTC and also the balance too. If a gambler is using BTC or USD for sure he knows the conversion.

[Sithara007]

The state of Wyoming has probably realized that it is not possible to ban online gambling. Online sportsbooks can be set up with very minimal effort and in very short time period. If the authorities ban one such online site, then the promoters can easily make a clone available in less than 24-hours. The government needs to admit that rather than prohibiting such activity, a mutually beneficial route would be to legalize and regulate them. Now Wyoming has taken this route and I hope the other states where online gambling is not legal will follow.

[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.

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 the online gambling world, most sites don't want to run from the 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.

If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.

I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the US

[swogerino]

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.

Exactly.Anything thing coming from the governments cannot really be good for cryptos.As long as they force people to convert the amount of crypto to fiat and require kyc this is not good news.The good news would be if they passed a bill for permitting playing with crypto anonymously but this will never happen if any government is involved.

[CarnagexD]

I think it's actually nice that Wyoming specifically included the "In lieu of greenbacks" statement in the clause. Personally, it's better if I know how much my money or earning is worth in fiat since that is what we use on the daily basis anyway. I think it's a nice feature that most gambling sites should add in theirs too. Although I think it's actually counterproductive for crypto that they'd have to cash in with fiat instead of crypto.

[Twentyonepaylots]

I think it's great that more and more governing forces and authorities are acknowledging crypto gambling as another form of gambling. But I don't think it's actually nice that they are specifically asking these gambling sites operating within their vicinity to cash in using fiat, "greenbacks" as they say, and then convert it into bitcoin or any other form of cryptocurrency right on to the site.

[magneto]

I wonder how a state could possibly even ban a private company from accepting a particular currency?

Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?

The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.

[Botnake]

I wonder how a state could possibly even ban a private company from accepting a particular currency?

Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?

The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.

It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.

If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".

[Silberman]

If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.

I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the US

The US regulations are so bad that this is not only happening to casinos but to almost any institution that manages money, there are many banks that do not accept citizens of the US anymore precisely for the very same reasons, and there are many investment firms, international lawyers and accounting firms and even companies that keep your gold have stopped accepting US citizens as customers and it is easy to imagine that casinos are following the same trend.

[Yogee]

I wonder how a state could possibly even ban a private company from accepting a particular currency?

Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?

The private company can accept anything, including marbles, in exchange for their service if they want to but are they recognized as "legal tender"? Read about that.

.....
It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.

If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".

In simple words, regulators will not accept company financial reports that are priced in currency other than fiat or legally accepted payment methods hehe. It would be funny if the casino would pay their taxes in marbles or illegal drugs to renew their license since all their customers never paid in fiat or crypto.

[Fredomago]

I wonder how a state could possibly even ban a private company from accepting a particular currency?

Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?

The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.

It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.

If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".

Everything under the law needs to implement once you've applied for legalization of your business, and I agree that any time the regulator can audit and ask for legal documents to see if the sportbook is complying with the laws.

Every process are important which means that everything should follow  by  the book, accepting and regulating the business and all those payment forms are require to follow the rules.

Your example is simple but direct to the point,.