Bitcoin and other crypto currencies have been top news in the past few months because of its rise in popularity. This is because of the attention Bitcoin has been getting from companies accepting Bitcoin like Mastercard, PayPal and Tesla. The logical next step was for states to acknowledge this currency. Thus, Crypto Online Sports Betting is Now Legal in Wyoming and more states will probably follow.
According to the iGaming Korea news, the signing of the bill to legalize cryptocurrency took place on Monday. Furthermore, the House Bill 133 will also have new guidelines that will take effect in September. With this new law, Wyoming is now the second state in the U.S. to allow online sports wagering.
Wyoming is the First state for legal Crypto Online sports betting
Wyoming is the First state to allow the use of cryptocurrencies like Bitcoin for online sports betting. Thus, it is a win for proponents of not only sports betting but also for cryptocurrencies. This is because cryptocurrencies need more acceptance by the public to become an acceptable in the eyes of the government.
According to sports news, under Article 1 of the new law, digital and virtual currencies qualify as cash equivalents. Basically, accept assets that are convertible to cash for online sports wagering as long as it has the proper approval.
Of course, in addition to cryptocurrencies and Bitcoin for online betting, gamblers can legally use other forms of currencies. These also include travelers’ checks, cashier’s checks, money orders and credit cards, to fund their accounts with online sportsbooks.
While Wyoming is the First state for legal Crypto Online sports betting, they still late in their acceptance of it. This is because countries like England have been accepting Bitcoin for Crypto Online Sports Betting for years.
According to financial industry analysts, the reason for Wyoming to include the acceptance of cryptocurrencies for gambling are many. This is because they have been trying to challenge Delaware’s business incorporation dominance by being a cryptocurrency friendly state. One such example is that since 2018, crypto tokens are an exemption from securities regulations in Wyoming.