Wyoming House Rejects Then Passes Sports Betting
Wyoming isn’t exactly considered a powerhouse for gambling, but they appear to be trying to change that. Last week, the Wyoming House of Representatives passed a measure that will legalize online sports betting. However, the bill had an interesting path to passage.
Meanwhile, Flutter Entertainment is considering an IPO for FanDuel. FanDuel is one of the top online sportsbooks in America, and Flutter is looking to increase its grip on the US sports betting market.
Wyoming Passes Online Sports Betting Bill
Initially, it appeared that Wyoming would join Hawaii in punting on sports betting in 2021. Last Tuesday, HB 133 went to a vote in the state House of Representatives. It was initially met with a lot of opposition from some lawmakers that believed that online sports betting would lead to an increase in gambling addiction.
The measure was then voted on and defeated by a vote of 32-28. Normally, that would be the end of it. However, Rep. Mike Yin then put in a measure to reconsider the bill. Under Wyoming law, if a measure is defeated, any member of the majority parting voting on a bill can request the matter be reconsidered.
Rep. Yin initially voted against the bill but asked for reconsideration. Yin and one other member then voted in favor of the bill, which led to a second vote on the bill. This time around, two other members flipped their votes, and the bill passed by a vote of 32-28.
The bill now moves on to the Senate. If Wyoming is able to get this bill passed, it will join Tennessee as the only states offering online sports betting without a retail counterpart. Retail sports betting is not presently legal. The bill only addresses sports betting. Real money online casinos are not part of the discussion.
Wyoming is a small gambling market. Outside of tribal casinos, the only gambling it offers is the state lottery. If passed, online sports betting is expected to bring $449 million in taxes to the state.
Flutter Considering FanDuel IPO
If you have been paying attention to the online sports betting market in the United States, then you know that FanDuel is making waves across the country. The company is active in all legal US state, including Virginia who recently made sports betting legal. The growth of the company has led to speculation that Flutter was considering an IPO for the company.
On Monday, Flutter Entertainment issued the following statement:
” Flutter notes the recent press speculation in relation to a potential IPO of FanDuel, the Group’s US business. Flutter regularly evaluates its organizational and capital structure to assess how best to position itself to deliver upon the Group’s strategy. Options including the listing in the US of a small shareholding in FanDuel are being considered but no decision has been made at this time. Should a decision be made to proceed with a listing in due course, an announcement will be made as appropriate.”
Flutter Entertainment finished acquiring FanDuel this past December and it has dominated the US market. It is far outpacing Fox Bet, Flutter’s other sportsbook. Flutter is best known for PokerStars, but the company has been spinning off into other markets. It is also considered one of the best online casinos in the United States.
The creation of an IPO makes perfect sense for the company. FanDuel is going to be one of the main players in the sports betting market in the US and making it a spinoff company is the best move for both the future of FanDuel and for Flutter. While an IPO is not officially confirmed, expect the official word to come out in the next few months.