Wyoming Posts Record Sports Betting Numbers

You might not think of Wyoming as a place where sports betting would thrive, but based on what happened in January, Wyoming was a great place for sportsbooks. With DraftKings leading the way, the Wyoming Gaming Commission said that gross sports betting revenue for January reached an all-time monthly high of $2.7 million in the state. Gross income exceeded $2 million for only the third time in 29 months as the January total easily eclipsed the previous high of $2.3 million set in October of last year. Overall handle was up more than 41% and came in at more than $20 million for the second time. Only the $21.2 million handled in October of last year trailed the $20.3 million in accepted wagers.

Check out the latest sports betting odds at Caesars.

Gross income increased by 67.7 percent from the first month of 2023. The 13.1 percent hold was the third-highest hold ever and more than two full percentage points higher. The state collected $177,183 in taxes when it was able to apply its ten percent tax to $1.8 million in adjusted gross revenue.

Among the four betting applications available in Wyoming, DraftKings has continuously increased its handle market share to over 50%, making it the preferred option for mobile wagering users in the state. In the history of the state, DraftKings is the only sportsbook to report eight-figure monthly handles and seven-figure gross revenue totals. In January of 2024, it achieved both feats. The Massachusetts-based operator won a record $1.4 million off a $11.4 million handle with a 12.5 percent hold, surpassing its previous high-water mark from October by less than $10,000. It was the fifth time in a row that DraftKings had more than $10 million in wagers taken, and the fifth time that total gross income had above $1 million.

In addition to setting a record-breaking monthly handle and gross revenue, FanDuel also claimed over $676,000 in handle, accounting for a 12.6 percent hold, and crossed the $5 million overall mark for the first time. Since going live in Wyoming in March 2022, the colossal online gaming company has had more than $50 million in handle in Wyoming.

BetMGM claimed almost $548,000 in revenue, just missing its own revenue record by a small margin thanks to a 17.7% win rate from a $3.1 million handle. It cleared half a million dollars for the first time since December 2022 and finished within $3,000 of its greatest revenue haul which was in August 2022.

Despite keeping only $11,200 of the $416,000 wagered, Caesars posted a win percentage of 2.7 percent, falling far short of a double-digit hold. After deducting bonuses and promotional credits, Caesars’ adjusted gross revenue was negative, coming in at minus $13,600. Caesars had a negative AGR for the second month in a row, and this was the third time in the previous five months that the company’s grip on gross revenue was less than 3%.

Check out the latest sports betting odds at Caesars.