America’s legal sports betting market is expanding.
Maine will begin offering online sports wagering on Friday, Nov. 3, ending an arduous approval process, according to the state’s Department of Public Safety and Gambling Control Unit. The decision to launch on Nov. 3 comes after Maine sports betting rules were vetted by the state’s attorney general’s office.
As part of the rules, the state’s online sports betting operators are required to partner with four federally recognized Native American tribes. Caesars Sportsbook, one of the largest operators in America, has partnered with three of those tribes.
DraftKings has secured approval to offer sports wagering in Maine with the Passamaquoddy Tribe. Other sportsbooks, including FanDuel, had delayed wagering license applications in Maine due to constant changes in the state’s sports betting rules.
Looks like DraftKings has secured a toehold for its online sportsbook in Maine: pic.twitter.com/EbJf3dgX9i
— Geoff Zochodne (@GeoffZochodne) October 31, 2023
Maine embracing the sports betting industry comes after Gov. Janet Mills signed LD 585 into law in 2022. The piece of legislation not only authorizes online sports betting through Maine’s tribes but also permits retail wagering at land-based casinos and off-track betting facilities.
The state is projected to generate between $3.8 million an $6.9 million in annual sports betting revenue.
Sports fans in the Pine Tree State who are looking to place wagers are required to be 21 or older and physically in the state, per LD 585. The bill also permits betting on professional, college, and amateur sports. However, wagering on Maine colleges and universities is prohibited.
Lucrative opportunity
Online and retail sports betting presents a promising new revenue stream for Maine.
The state is projected to generate between $3.8 million and $6.9 million in annual sports betting revenue. Online wagering is estimated to account for 85% of Maine’s sports betting market.
In comparison, Maine casinos and other gaming ventures generated $64 million in revenue in 2022, according to Milt Champion, the director of the state’s Gambling Control Unit.
