CHEYENNE, Wyo. — Wyomingites placed nearly $2.8 billion in wagers and amusement game plays in 2025, cementing gaming and sports betting as a massive economic driver in the Cowboy State.
According to the newly released December 2025 Wagering Activity Report from the Wyoming Gaming Commission, the year concluded with a strong $243.8 million in total December activity across all gaming sectors.
While online sportsbooks often dominate national headlines, the state’s proprietary local data reveals a different reality: Historic Horse Racing (HHR) terminals are the undisputed king of Wyoming’s betting landscape, making up roughly 90% of the state’s total wagering handle.
Here is a deep dive into the December figures, year-to-date (YTD) data, and what these numbers mean for our state, counties, and local municipalities.
2025 Year-In-Review: The $2.77 Billion Milestone
To understand the sheer scale of gaming in Wyoming, one only needs to look at the 2025 Year-to-Date summary. Between January and December, total recorded wagers (and net proceeds for skill games) hit $2,770,703,651.
October was the high-water mark for the year, pulling in over $245.2 million, closely followed by December ($243.8 million) and March ($243.7 million), largely driven by peak historic horse racing numbers and heavy online sports wagering seasons.
2025 Year-To-Date Wagering Summary by Sector:
| Category | Total 2025 Handle / Wagers | % of Total Activity |
| Historic Horse Racing | $2,491,842,283 | 89.93% |
| Online Sports Wagering | $234,480,578 | 8.46% |
| Skill Based Amusement Games* | $30,638,894 | 1.11% |
| Simulcast Racing | $5,243,033 | 0.19% |
| Advanced Deposit Wagering | $4,913,236 | 0.18% |
| Live Racing (May – Sept) | $3,537,793 | 0.13% |
| TOTAL | $2,770,703,651 | 100% |
(Note: Skill-Based Amusement Games track “Net Proceeds” rather than total amount played, meaning their actual footprint is significantly larger than the face-value figure).
The Juggernaut: Historic Horse Racing (HHR)
If you’ve visited a local gaming parlor or off-track betting location in Wyoming recently, you’ve seen the flashing lights of Historic Horse Racing terminals. These machines, which base their outcomes on previously run horse races, accounted for a staggering $218.5 million in wagers in December alone.
The market is tightly contested between three major operators, with Wyoming Horse Racing leading the pack to close out the year:
| Operator | December Handle | Dec. Payouts to Players | Market Share |
| Wyoming Horse Racing | $84,865,880.12 | $77,181,838.22 | 38.8% |
| Wyoming Downs | $72,364,679.64 | $65,788,354.00 | 33.1% |
| 307 Horse Racing | $61,350,716.60 | $56,263,626.61 | 28.1% |
| TOTAL | $218,581,276.36 | $199,233,818.83 | 100% |
Local Impact: This isn’t just revenue for the operators. In December alone, HHR terminals generated $1,115,991.38 for Wyoming counties and $1,069,821.39 for Wyoming cities. Furthermore, the state and the Local Government Liability Pool (LSRA) both collected over $546,000, and an additional $874,325 went toward breeder funds to support the state’s equestrian and agricultural sectors.
Online Sports Wagering: DraftKings Maintains Dominance
Since its legalization, mobile sports betting has become a favorite pastime for Wyoming sports fans. Driven by the NFL playoff push and college bowl season, December saw $22.4 million in online sports wagers. Out of that pool, operators paid out roughly $19.6 million in cash and non-cash winnings to bettors, resulting in a Gross Gaming Revenue of $3.32 million.
The battle for Wyomingites’ sports betting dollars is largely a two-horse race, but DraftKings continues to comfortably lead FanDuel:
| Sportsbook | December Wagers | Gross Gaming Revenue | State Tax Due |
| DraftKings | $10,872,740.02 | $1,528,704.29 | $128,370.88 |
| FanDuel | $5,068,778.15 | $826,505.67 | $64,484.63 |
| BetMGM | $4,256,883.50 | $664,740.08 | $51,747.88 |
| Fanatics | $1,469,969.10 | $204,944.50 | $17,403.10 |
| Caesars | $745,766.73 | $100,546.16 | $8,826.40 |
| TOTAL | $22,414,137.50 | $3,325,440.70 | $270,832.89 |
Skill-Based Amusement Games: A Steady Local Contributor
Found in bars, truck stops, and fraternal organizations across Wyoming, Skill-Based Amusement Games pulled in over $10 million in total played revenue in December, resulting in $2.27 million in net proceeds after players were paid out their winnings.
The 20% tax on these net proceeds resulted in over $454,000 in tax due for the month. These funds are heavily redistributed to local municipalities.
Top Earning Vendors (By Dec. Net Proceeds):
- Wyoming Amusement Inc: $411,178.00
- Jenkins Music: $376,298.40
- Wyoming Amusement Svc: $327,560.00
- S & C Vending LLC: $309,899.37
- Entertainment Experts: $309,163.51
From December’s skill game revenues, $109,814 was distributed directly to counties and $94,576 to cities, alongside a significant $204,390 sent to the School Foundation Program Account (SFPA) to support local education.
Traditional Racing and Advanced Deposit Wagering (ADW)
While live horse racing is strictly a summer affair in Wyoming, generating a YTD handle of $3.53 million, pari-mutuel wagering still ticks along in the winter months.
In December, traditional Simulcast (Off-Track Betting) handle hit $332,918, with Wyoming Horse Racing making up more than half of those wagers ($192,548). Meanwhile, Advanced Deposit Wagering (ADW), allowing bettors to fund apps to bet on out-of-state tracks, totaled $239,079 in wagers. Gameplay led the ADW space with over $153,000 in wagers, significantly outpacing national competitors like TVG ($43k) and Twinspires ($16k).
Looking Ahead Here In 2026
While traditional Live Racing and Simulcast Wagering make up less than 1% of the overall financial picture, they remain the historical and cultural heartbeat of the Wyoming Gaming Commission’s mandate. However, the data makes one thing crystal clear: digital sportsbooks and electronic HHR terminals are funding the modern era of Wyoming gaming.
With $2.77 billion processed in a single calendar year, the Cowboy State has quietly developed one of the most robust, highly regulated, and locally beneficial gaming economies in the Mountain West. As operators look to expand and state legislators continue to utilize these tax revenues for local schools and infrastructure, 2026 is already shaping up to be another record-breaking year.
AntlersArch founder and the voice behind Teton Tattle.
