Wyoming and Texas Include Cryptocurrency Option in Their Sports Betting LegislationPublished March 18, 2021 by Elana K
In the United States, cryptocurrency is not offered as a payment method for online sports betting, despite its popularity as a payment method around the world. Wyoming and Texas are trying to change that.
Over the past few years, cryptocurrency has become an increasingly popular payment method for online gambling and sports betting. There are several reasons for this: crypto betting offers total anonymity, immediate cashouts, and lends itself to provably fair systems.
In the United States, however, Bitcoin and other cryptocurrencies are not yet being offered. Wyoming and Texas are trying to change that.
Both states have put forth sports betting bills that would include cryptocurrency as a payment method on sports betting sites within each state.
The Wyoming bill is based on the model of international online sportsbooks and includes Bitcoin as a payment method. The proposal has already passed in the House and is moving forward to the Senate. The Texas bill hasn’t made it that far yet. It had its initial reading in the Texas Legislature and was then passed on to the Committee on State Affairs.
If the legislation goes through, Wyoming and Texas will be allowed to offer cryptocurrency as a payment method for online sports betting. What’s more, they will likely set the new standard for U.S. sports betting. Other states that have already legalized online sports betting will see that there is a demand for crypto and may add it to their list of payment options.
The going will not be easy. Wyoming lawmakers first voted against the gambling bill in early March, but the next day a reconsideration motion was passed and the bill was approved. To push online sports betting forward in Texas, the state constitution would need to be changed, and that can only be done by winning two-thirds of the votes from lawmakers in both chambers.
While the going will be tough, it will be a big win for U.S. online sports betting industries if they can offer crypto payment methods for online sports betting.