Crypto wagering for online sports betting now legal in Wyoming

Crypto wagering for online sports betting now legal in Wyoming

Wyoming has passed a new law legalizing online sports betting in the state with gamblers able to fund their accounts with bookmakers using cryptocurrencies.

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.

Our top trading bots

As part of the bill, the state’s legislature recognized crypto as suitable means of making deposits into online sports betting accounts.

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.

Prospective online sports betting licensees will, however, have to offer online wagering services in at least three U.S. jurisdictions to receive permits from Wyoming regulators, according to the provisions of the bill.

The inclusion of cryptos as approved cash equivalent is the latest example of Wyoming’s liberal policies toward cryptocurrencies.

Indeed, Wyoming is the first state in the U.S. to allow crypto deposits for online gambling. Meanwhile, British bookmakers have been allowed to accept cryptocurrency payments on their platforms since 2016.

With its friendly stance toward cryptocurrencies, Wyoming has been touted as having a significant chance of challenging Delaware’s business incorporation dominance. Since 2018, crypto tokens have been exempted from securities regulations in Wyoming.

Back in February, Caitlin Long, CEO of digital bank Avanti Financial Group, said that blockchain firms were becoming more alive to the crypto incorporation advantages offered by Wyoming over Delaware.

Continue reading with Cointelegraph
USDT premiums soar on Ukraine's Kuna exchange
Against the backdrop of an ongoing Russian invasion, the price of Tether's USDT stablecoin soared to as high as 36.97 Ukrainian hryvnia (UAH) ($1.23) on...
Bitcoin at the barricades: Ottawa, Ukraine and beyond
Protesting anti-vax truckers blockading downtown Ottawa, Canada had their fund-raising platform shut down because their host fears the “promotion of violence.”...
How to use UniSwap: A step-by-step beginner's guide
The Uniswap decentralized exchange (DEX) is the most popular DEX built on the Ethereum blockchain. For users wondering, "What is Uniswap?," this article...
Iota selected for Phase 2A of EU blockchain initiative
On Thursday, the Iota Foundation, which oversees developments in the namesake Internet-of-Things transactions blockchain (IOTA), announced that it had been...
Umbrella Network launches $15M oracle accelerator program
Decentralized oracle service Umbrella Network has launched a new accelerator program for projects looking to build data pipelines to the cryptocurrency...
Binance resumes DOGE withdrawals days after Elon Musk’s comments
Binance, one of the world’s largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch...
IoTeX ‘MachineFi’ rebrand backs 200%+ rally to a new all-time high
In the past 30 years, the growth of the internet and digital technology has transformed the way the world operates and now artificial intelligence and machine...
Pro traders look for this classic pattern to spot Bitcoin price reversals
Every trader aims to buy low and sell high, but only a few are able to muster the courage to go against the herd and purchase when the downtrend reverses...
Morgan Stanley equity fund owns 28.2K shares of Grayscale Bitcoin Trust, per SEC
Wall Street investment bank Morgan Stanley has gained exposure to Bitcoin (BTC) through Grayscale, offering further evidence of wider institutional acceptance...
Asset manager QR launches Bitcoin ETF on Brazilian stock exchange
The Brazil Stock Exchange, or B3, has launched the trading of another Bitcoin (BTC) exchange-traded fund, marking the growing acceptance of the crypto industry...
CNBC host boldly reveals he sold his BTC amid depths of bear market
Jim Cramer, the host of CNBC’s Mad Money, announced he has liquidated nearly all of his Bitcoin (BTC) holdings. Speaking on June 21 during an interview...
Theta and Theta Fuel (TFUEL) soar ahead of June 30 mainnet launch
Major protocol upgrades can play a significant role in altcoin rallies regardless of the state of the wider cryptocurrency market because new features excite...
Litecoin Climbs 12% As Investors Gain Confidence
Investing.com - Litecoin was trading at $302.894 by 23:42 (03:42 GMT) on the Investing.com Index on Tuesday, up 12.23% on the day. It was the largest one-day...
Bitcoin Slips as Altcoins Find Favor Amid Historic $2tn Milestone
By Yasin EbrahimInvesting.com – Bitcoin stuttered Tuesday, as the wave of new funds coming into the market that took the overall market cap above an unprecedented...
Bitcoin Falls 10% In Bearish Trade
Investing.com - Bitcoin was trading at $50,884.4 by 08:28 (12:28 GMT) on the Investing.com Index on Thursday, down 10.08% on the day. It was the largest...