Wyoming has passed a new law legalizing online sports betting in the state with gamblers able to fund their accounts with bookmakers using cryptocurrencies.
Governor Mark Gordon signed House Bill 133 into law on Monday, with new guidelines expected to take effect from Sept. 1. The move sees Wyoming becoming the second state in the United States to permit online sports betting.
As part of the bill, the state’s legislature recognized crypto as suitable means of making deposits into online sports betting accounts.
According to the definitions under Article 1 of the legislation, cryptos, as well as digital and virtual currencies, qualify as cash equivalents — i.e., approved assets convertible to cash for use in online sports wagering.
Apart from cryptos, bettors can also utilize travelers’ checks, cashier’s checks, money orders and credit cards, among others, to fund their accounts with online sports betting bookmakers.
Prospective online sports betting licensees will, however, have to offer online wagering services in at least three U.S. jurisdictions to receive permits from Wyoming regulators, according to the provisions of the bill.
The inclusion of cryptos as approved cash equivalent is the latest example of Wyoming’s liberal policies toward cryptocurrencies.
Indeed, Wyoming is the first state in the U.S. to allow crypto deposits for online gambling. Meanwhile, British bookmakers have been allowed to accept cryptocurrency payments on their platforms since 2016.
With its friendly stance toward cryptocurrencies, Wyoming has been touted as having a significant chance of challenging Delaware’s business incorporation dominance. Since 2018, crypto tokens have been exempted from securities regulations in Wyoming.
Back in February, Caitlin Long, CEO of digital bank Avanti Financial Group, said that blockchain firms were becoming more alive to the crypto incorporation advantages offered by Wyoming over Delaware.