Sports betting operators in Wyoming generated $954,416 in gross revenue during the first month of legal betting in the state – but net revenue was negative.
While gross revenue was almost $1m, net sports wagering proceeds – after promotional spending is included – were negative. Operators lost $123,969 in net wagering proceeds.
This revenue figure came as players wagered a total of $6.4m during the month. Football was by far the most popular sports for betting, bringing in gross revenue of $512,885 on $3.6m worth of bets. Parlay bets totaled $1.1m and produced revenue of $233,498.
Baseball betting revenue was $100,111 and came on bets worth $959,590.
As net wagering revenue is used as the tax base, tax income was negative as well, meaning operators can count their September losses against their tax bills for future months.
Sports betting was legalized in Wyoming in April after Governor Mark Gordon signed House Bill 0133 into law. Its market then launched on 1 September, with both DraftKings and BetMGM going live.