Wyoming Sportsbooks See Revenue Spike in November

Wyoming’s online sports betting market delivered a mixed bag of results in November, with total wagers decreasing but revenues climbing to new heights. According to the Wyoming Gaming Commission, the state’s sportsbooks recorded a combined handle of $22.8 million, marking a 6.7% drop compared to October. Despite the dip in betting activity, revenues soared by 77.6%, reaching $3.4 million for the month.

This revenue spike underscores the profitability of Wyoming’s sports betting industry, even in months when overall wagering slows down. The significant jump in earnings highlights the efficiency of sportsbooks in managing risk and maximizing returns during a competitive football season.

DraftKings Dominates November

DraftKings continued its reign as the most popular sportsbook in Wyoming, handling an impressive $12.5 million in wagers for the month. This figure represented more than 54% of the state’s total betting handle, cementing the platform’s dominant position. In of revenue, DraftKings generated over $2 million, which ed for 59.3% of Wyoming’s total sportsbook earnings for November.

The other operators in Wyoming’s market trailed far behind DraftKings in both handle and revenue. FanDuel Sportsbook ranked as the second-most successful platform, processing nearly $4.7 million in wagers and reporting revenues exceeding $675,000. BetMGM followed closely with a betting handle of approximately $4.1 million and revenues of more than $558,000.

Fanatics Sportsbook, although newer to the market, handled over $1 million in bets, contributing $124,000 in revenues. Caesars Sportsbook, which occupied the smallest share of the market, recorded a handle of about $524,000 and revenues suring $33,500. These figures reflect a highly competitive market where a few key players dominate, but smaller operators are still carving out space for growth.

The surge in sportsbook revenues comes at a pivotal time for Wyoming’s gaming industry. While November’s handle declined, the substantial growth in revenue indicates a shift in betting patterns. Sportsbooks may have benefited from a higher hold percentage, suggesting that bettors lost more relative to the total amount wagered. Such trends are not uncommon during the later stages of the NFL and college football seasons when betting activity tends to peak.

This impressive performance in November aligns with ongoing discussions about the future of gaming in Wyoming. The Wyoming Gaming Commission recently entered into an agreement with Spectrum Gaming Group to conduct a comprehensive feasibility study on online casinos. This study is expected to evaluate the potential benefits and challenges of introducing iGaming in the state, including its impact on revenues and regulatory frameworks.

Potential for Market Expansion

If Wyoming decides to introduce online casino gaming, it could mark a transformative moment for the state’s gaming industry. Online casinos have the potential to diversify revenue streams, attract a broader audience, and increase the competitiveness of Wyoming’s market.

Currently, online sports betting remains the centerpiece of Wyoming’s gaming landscape , with DraftKings leading the charge. However, as lawmakers and regulators explore the possibility of iGaming, the market could see new opportunities for growth and innovation.

For now, Wyoming’s sportsbooks are capitalizing on seasonal betting trends, with November’s revenue numbers serving as a testament to their profitability. As the state evaluates its next steps, all eyes will be on the feasibility study’s findings and the legislative decisions that follow.

Source:

Wagering Activity Report November 2024 [pdf], Wyoming Gaming Commission, December, 2024.