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Can I accept payments online without violating payment processing laws in Wyoming? What are the requirements?

To accept payments online in Wyoming, you must comply with the state’s regulations on online sports wagering and money transmission. Additionally, you must not engage in unlawful skimming of credit, debit, or other electronic payment cards or unlawful use of credit cards.

Online Sports Wagering Regulation

The Wyoming Gaming Commission regulates online sports wagering and sports wagering operators and vendors [1.1]. To comply with the regulations, you must:

  • Possess a permit issued by the commission to accept online sports wagers [1.3].
  • Establish terms and conditions for online sports wagering that are compliant with all applicable federal laws [1.1].
  • Identify the sporting events upon which online sports wagers may be accepted and methods of play [1.1].
  • Receive online sports wagers and remit payoffs in a specific manner [1.1].
  • Manage and resolve suspected cheating, sports wagering irregularities, and complaints [1.1].
  • Ensure that a patron making an online sports wager is physically present in the state when making the wager unless otherwise authorized by the commission [1.1].
  • Use a geolocation system to ensure that a patron making an online sports wager is physically present in the state when making the wager unless otherwise authorized by the commission [1.1].
  • Establish internal controls for all aspects of online sports wagering, including procedures for system integrity, system security, operations, and accounting [1.1].
  • Establish operational controls for online gaming accounts [1.1].
  • Ensure that sports wagering operators do not offer prohibited sports wagers [1.1].
  • No person under the age of eighteen (18) years shall engage in online sports wagering [1.2].

Money Transmission Regulation

The Wyoming Division of Banking regulates money transmitters and carries out the provisions of the Wyoming Money Transmitter Act [2.1]. To comply with the regulations, you must:

  • Obtain a license to engage in the business of money transmission [2.1].
  • Comply with the Bank Secrecy Act [2.1].

Unlawful Skimming of Credit, Debit, or Other Electronic Payment Cards

It is unlawful to use a scanning device or a re-encoder to access, read, obtain, memorize, or store information encoded on the magnetic strip or stripe of an electronic payment card without the permission of the authorized user, with the intent to defraud the authorized user, the issuer of the authorized user’s electronic payment card, or a merchant [3.1].

Unlawful Use of Credit Card

It is unlawful to use a credit card, or the number or description of a credit card, issued to another person without the consent of that person; use a credit card which you know has been revoked, cancelled, or expired; or knowingly use a falsified, mutilated, or altered credit card or the number or description thereof [3.2].

Conclusion

To accept payments online in Wyoming, you must comply with the state’s regulations on online sports wagering and money transmission. Additionally, you must not engage in unlawful skimming of credit, debit, or other electronic payment cards or unlawful use of credit cards.

Source(s):
Jurisdiction

Wyoming