DraftKings, Flutter, Caesars: Wyoming and Other U.S. States Invest in the Gambling Industry

^{Pictured: Wyoming Senator Cale Case}

Wyoming’s Treasury Department has confirmed that it holds shares in betting giant DraftKings worth more than $110,000, according to Cowboy State Daily. Data from the U.S. Securities and Exchange Commission also shows that the state owns shares in a number of other gambling companies.

In addition to DraftKings, Wyoming’s investment portfolio includes holdings in several major industry players:

• Flutter — 4,322 shares valued at $1.2 million
• Super Group (Betway/Spin) — 88,913 shares valued at $969,000
• Sportradar Group — 22,126 shares valued at $621,000
• Monarch Casino — 5,889 shares valued at $509,000
• PENN Entertainment — 16,870 shares valued at $301,000
• Boyd Gaming — 3,145 shares valued at $246,000
• Gambling.com — 18,465 shares valued at $219,000
• Rush Street Interactive — 14,232 shares valued at $212,000
• MGM Resorts — 6,160 shares valued at $211,000
• Caesars Entertainment — 6,954 shares valued at $197,000
• Churchill Downs — 1,399 shares valued at $141,000

These disclosures sparked mixed reactions among Wyoming lawmakers. Some expressed concern about the state becoming a shareholder in gambling companies.

“I’m not sure it’s appropriate to invest in gambling while, as a state, we’re also trying to regulate it,” said State Senator Cale Case.

Critics of these investments also argue that owning gambling stocks could influence legislative decisions on tax policy affecting gaming operators. (Wyoming allows online sports betting, while online casinos remain prohibited.)

State investments in gambling companies are not unusual in the U.S. For example, New Jersey and several other states also include gambling stocks in their portfolios. Recently, it was reported that DraftKings was setting up a political action committee to protect the interests of betting operators in the United States.