Crypto Wagering for Online Sports Betting Now Legal in Wyoming
Governor Mark Gordon of Wyoming signed House Bill 133 into law on Monday, with new guidelines expected to take effect from Sept. 1. The big news for cryptocurrency is the law legalizes online sports betting in the state with bookmakers permitted to accept 'cash equivalents' which cryptocurrency made that list cash equivalents.
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.
The inclusion of cryptos as approved cash equivalent in law is the latest example of Wyoming’s liberal policies toward cryptocurrencies and that cryptos are being widely accepted and adopted. Wyoming is the first state in the U.S. to allow crypto deposits for online gambling, but is not the first. I was surprised to find out that British bookmakers have been allowed to accept cryptocurrency payments on their platforms since 2016!
I also find it funny that Wyoming with its friendly stance toward cryptocurrencies is being touted as having a significant chance of challenging Delaware’s business incorporation dominance which is known for is lack of regulations and favorable business conditions. During the last bull run back in 2018, crypto tokens have been exempted from securities regulations in Wyoming.
With this news I'll be interested to see if there will be more crypto companies popping up in Wyoming vs. other place in the US.
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