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The bill, which has already been signed into law, legalises online sports betting in the state, allowing bookmakers to take cryptocurrency deposits from bettors.
Wyoming also enacted a new legislation that legalises online sports betting in the state, allowing gamblers to finance their accounts with bookmakers using cryptocurrency.
Governor Mark Gordon signed House Bill 133 into law on Monday, with new guidelines expected to take effect from Sept. 1. The move sees Wyoming becoming the second state in the United States to permit online sports betting.
As part of the measure, the state legislature approved cryptocurrency as a viable method of depositing funds into online sports betting accounts.
Cryptos, as well as digital and virtual currencies, count as cash equivalents, according to the definitions in Article 1 of the law, i.e., authorised properties convertible to cash for use in online sports wagering.
Aside from cryptocurrency, bettors will finance their accounts with online sports betting bookmakers using traveler’s checks, cashier’s checks, money orders, and credit cards, among other methods.
Prospective internet sports betting licensees, though, will be required to provide online wagering facilities in at least three U.S. jurisdictions in order to obtain licences from Wyoming regulators, according to the bill’s requirements.
The addition of cryptocurrency as a permitted cash counterpart is the latest indication of Wyoming’s lenient stance against cryptocurrencies.
Wyoming is, in fact, the first state in the United States to allow cryptocurrency deposits for online gambling. Meanwhile, since 2016, British bookmakers have been able to welcome bitcoin payments on their websites.
Wyoming has been hailed as having a significant risk of undermining Delaware’s company incorporation domination due to its favourable attitude against cryptocurrencies. Wyoming has removed cryptocurrency tokens from securities legislation after 2018.
Caitlin Long, CEO of digital bank Avanti Financial Group, said in February that blockchain companies were becoming more aware of Wyoming’s crypto integration advantages over Delaware.