Wyoming has enacted a new law that legalizes online sports betting in the state, as players can fund bookmaker accounts using cryptocurrency.

Gov. Mark Gordon signed House Bill 133 on Monday, and the new rules are expected to take effect on September 1. The measure assumes that Wyoming will be the second state in the United States to allow online sports betting.

As part of the bill, the state legislature has recognized cryptocurrencies as a suitable method of depositing funds into online sports betting accounts.

According to the definitions in Article 1 of the legislation, cryptocurrencies, as well as digital and virtual currencies, qualify as cash equivalents, ie authorized assets that can be converted into cash for use in online sports betting.

In addition to cryptocurrencies, players can also use traveler’s checks, cashiers’ checks, money orders and credit cards to fund their accounts via online sports betting.

However, potential online sports betting licensors will be required to provide online gaming services in at least three U.S. jurisdictions to obtain regulatory approvals in Wyoming in accordance with the provisions of the law.

The inclusion of cryptocurrencies as an approved cash equivalent is the latest example of Wyoming’s liberal cryptocurrency policy.

In fact, Wyoming was the first state in the United States to allow cryptocurrency deposits for online gambling. Meanwhile, bookmakers in the UK since 2016 have been able to accept cryptocurrency payments on their platforms.

Given its friendly attitude to cryptocurrencies, Wyoming has been described as a great opportunity to challenge the dominance of doing business in Delaware. Since 2018, cryptocurrency tokens are not subject to the rules of the Wyoming Stock Exchange.

In February last year, Caitlin Long, CEO of Avanti Financial Group, a digital bank, said that blockchain companies are becoming increasingly aware of the cryptocurrency integration benefits that Wyoming has to offer over Delaware.

Source: CoinTelegraph

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