Wyoming passed a new law that would legalize online sports betting in the state, and players could fund their betting accounts using cryptocurrencies.
Governor Mark Gordon signed House Bill 133 on Monday, and the new rules are expected to take effect on September 1. The move makes Wyoming the second state in the US to allow online sports betting.
As part of the bill, the state legislature recognized cryptocurrency as an appropriate method of depositing into online sports betting accounts.
According to the definitions in Article 1 of the legislation, cryptocurrencies, as well as digital and virtual currencies, qualify as cash equivalents, that is, authorized assets that can be converted into cash for use in online sports betting.
In addition to cryptocurrency, players can also use traveler’s checks, cashier’s checks, money orders, and credit cards to fund their online accounts.
However, potential licenses for online sports betting must offer online sales services in at least three U.S. jurisdictions in order to obtain licenses from Wyoming regulators under the terms of law.
The inclusion of cryptocurrencies as an approved monetary equivalent is the latest example of a liberal cryptocurrency policy in Wyoming.
In fact, Wyoming was the first state in the United States to allow deposits of cryptocurrencies for online gambling. Meanwhile, UK bookies have been accepting cryptocurrency payments on their platforms since 2016.
With a friendly approach to cryptocurrencies, Wyoming has a great opportunity to challenge Delaware’s dominance in setting up businesses. Since 2018, cryptocurrencies have been exempt from the Wyoming Securities Regulations.
In February, Caitlin Long, chief executive of Avanti Financial Group, the digital bank, said that blockchain companies are becoming more active regarding the crypto benefits that Wyoming has to offer across Delaware.