For most gambling markets, including Michigan, New York and New Jersey, October was the month for smashing records. Interestingly, Wyoming was not left out of the action as the state surpassed $20 million worth of betting handle for the first time in history.
According to data released by the Wyoming Gaming Commission, the online sports betting segment of the state hit an all-time record after they handled bets worth $21.23 million in October. Compared to the $19.2 million betting handle reported in September 2023, this record-breaking figure is a 10.4% increase.
Wyoming also saw a 23.2% jump in betting handle year-on-year from October 2022. However, the number of wagers brought in was not the only record-breaking statistics reported in October.
Sports Betting Revenue Smashes Previous Revenue By Almost 25%
Payouts to bettors totaled $18.9 million, bringing the gross revenue from October to $2.27 million. This revenue figure is also the state’s all-time monthly high and indicates a whopping 48.87% increase from the previous month. From a year-on-year perspective, October’s revenue grew 15% from the previous year.
The last time Wyoming set a monthly revenue record was in March 2023. Back then, it posted $1.837 million. However, October’s figures are an impressive 23.64% greater than March’s record.
It’s worth noting that Wyoming’s taxable gaming revenue for October stood at $1.41 million, representing another state record. The taxable revenue in the month was 172.62% greater than September and 21.55% higher than October 2022.
Unsurprisingly, Wyoming sportsbooks reported a record-breaking payment of $141,086 in betting taxes to the state in October. This figure means that the Wyoming sports betting industry has now collected $1.68 million in taxes since its launch.
Compared to September’s taxes, though, October’s numbers were a 21.74% year-over-year increase and a 172.72% rise from September 2023 where state-based operators combined to pay $51,752.
Currently, there are only four licensed online sportsbooks in the state.
Caesars is the most recent market entrant with its license approved as recently as August 2022. FanDuel, on the other hand, went live in March 2022. DraftKings and BetMGM are the industry pioneers since they were the first sportsbooks to launch when sports betting was officially legalized in September 2021.
DraftKings Tops Sports Betting Industry with 58% Market Share
Not only is DraftKings one of the frontier sportsbooks in Wyoming, but it is also the state’s market leader. In October, DraftKings Sportsbook accepted wagers worth $12.47 million, accounting for 58.5% of the total betting handle in the state for the month.
The sportsbook also reported a taxable revenue of $911,576 in October, which is more than all the other operators combined. FanDuel Sportsbook and BetMGM continued their competition in the state with the former edging out its closest rival on betting handle.
BetMGM could only manage a betting handle of $3.53 million while FanDuel reported $4.85 million in wagers. However, FanDuel’s low betting hold meant it only ended up with $174,782 in taxable revenue for October. On the other hand, BetMGM posted a revenue of $255,083, surpassing FanDuel on that metric.
Caesars had the lowest revenue and betting handle in the state. It accepted $378,622 in wagers and subsequently recorded a revenue of $73,028. These figures meant it was the only sportsbook with a decrease in handle from September.
DraftKings and BetMGM both witnessed an increase in their revenue and handle from the past month. But for FanDuel, its revenue dropped slightly compared to September’s figures.
