038-4 Wyo. Code R. §§ 4-12 - Reserve Requirement

(a) A sports wagering operator or sports wagering vendor must submit a plan to maintain a reserve in the amount necessary to ensure the security of funds held in sports wagering accounts and the ability to cover the outstanding online sports wagering liability. All plans require Commission approval.

(b) The reserve must be in the form of:

(i) Cash or cash equivalents maintained in a Wyoming bank account segregated from the sports wagering operator's or sports wagering vendor's operational funds;

(ii) An irrevocable letter of credit from a bank located either in the State of Wyoming or at a minimum charted in the State of Wyoming;

(iii) A bond;

(iv) Payment processor reserves and receivables;

(v) Any other form acceptable to the Commission; or

(vi) Any combination of the allowable forms described in paragraphs (i) to (v).

(c) The reserve must be not less than the greater of twenty-five thousand dollars ($25,000.00) or the sum of the following amounts:

(i) The daily ending cashable balance of all patrons' sports wagering accounts;

(ii) Pending withdrawals;

(iii) Amounts accepted by the sports wagering operator or sports wagering vendor on online sports wagers whose outcomes have not been determined; and

(iv) Amounts owed but unpaid on winning online sports wagers through the period established by the sports wagering operator or sports wagering vendor for honoring winning online sports wagers.

(d) Funds held in sports wagering accounts must not be automatically transferred by a sports wagering operator or sports wagering vendor. A sports wagering operator or sports wagering vendor must not require a patron to transfer funds from his or her sports wagering account, in order to circumvent this rule.

(e) Amounts available to patrons for play that are not redeemable for cash may be excluded from the reserve computation.

(f) A sports wagering operator or sports wagering vendor must have access to all sports wagering account and transaction data to ensure the amount of its reserve is sufficient. Unless otherwise directed by the Commission, a sports wagering operator or sports wagering vendor must file a monthly attestation with the Commission, in the form and manner prescribed by the Commission, that funds have been safeguarded under this rule.

(g) The Commission may audit a sports wagering operator's or sports wagering vendor's reserve at any time and may direct a sports wagering operator or sports wagering vendor to take any action necessary to ensure the purposes of this rule are achieved, including but not limited to requiring the sports wagering operator or sports wagering vendor to modify the form of its reserve or increase the amount of its reserve.

Notes

038-4 Wyo. Code R. §§ 4-12

Amended, Eff. 10/5/2021. Amended, Eff. 7/17/2024.