Wyoming Legislators Pass a Bill to Allow Cryptocurrency Gambling
Responsible policymakers never cease to think about ways to stimulate economic growth in their counties, regions, or states. It appears that Wyoming has the most forward-thinking politicians in the United States, who are trying hard to raise the appeal of the least populous state in the country by being pro-crypto.
Table of contents:
- Sports betting with cryptocurrencies gets the green light
- The case politicians don’t need a nudge from crypto activists
Sports betting with cryptocurrencies gets the green light
Some people call Wyoming the most boring state in the US because, for a long time, it had no attractions except for seven national parks, which include the world-famous Yellowstone National Park. Even though Yellowstone and other parks have drawn in millions of tourists on a yearly basis, they haven’t been able to count on income from tourism over the past 12 months or so, which means that state legislators have been forced to generate ideas that would give the state economy a much-needed boost.
And since they couldn’t do much in the real world because Wyoming is the least populous state that has no means for developing neither agriculture nor machinery-producing industries as its land consists mostly of deserts and mountains. As such, policymakers have had no choice but to embrace the opportunities offered by the virtual world.
The case politicians don’t need a nudge from crypto activists
The latest news that arrived from the Equality State must have delighted those involved in online sports betting because the local policymakers have officially allowed betting on the outcome of sporting events using cryptocurrencies. According to the bill HB0133, published on LegalScan on April 5, the state has officially authorized online sports betting with cryptocurrencies that will be strictly regulated by the Wyoming gaming commission. According to the bill, online sports betting can be carried out with the “cash equivalent” of USD that can be easily converted to fiat. The list of approved cash equivalents includes digital, crypto, and virtual currencies, along with travellers’ checks, foreign currencies, credit cards, and money orders. As per the bill, all activities related to online sports betting, which excludes fantasy sports, as well as operators and vendors who provide such services, are to be regulated by the said commission. The Wyoming gaming commission is the only issuer of the corresponding permit that allows the provision of gambling services in that jurisdiction. The fee for both the initial and the renewal applications for such a permit amounts to $2,500.
Apparently, the political circles in Wyoming have a group of strong pro-crypto lobbyists who have pushed the crypto gambling bill through the State Senate. One of them is Senator Jeff Wasserburger, who represents the 23rd district and is a member of the Republican Party. He said that his colleagues are “getting more comfortable with cryptocurrency” and that the bill had been passed with “very little discussion.” Moreover, Caitlin Long, the CEO of Avanti Financial Group and Wyoming’s most active cryptocurrency advocate, wasn’t even involved in the drafting of the bill, which speaks volumes about the open-mindedness of Wyoming legislators towards crypto.