Maine is taking steps to authorize legal sports betting by the end of the year.
The Maine Gambling Control Unit is expected to award temporary wagering licenses to online sports betting sites in November, ending an arduous legalization process. In May 2022, Maine Gov. Janet Mills signed LD 585 into law — a piece of legislation that authorizes online sports betting through Maine’s tribes with retail wagering through casinos and off-track betting facilities.
“This law provides meaningful economic opportunities for the Wabanaki Nations. It incentivizes investment in Tribal communities, and it formalizes a collaboration process on policy that sets the foundation for a stronger relationship in the future,” said Gov. Mills last year in a statement.
Earlier this week, the Gambling Control Unit submitted the final proposed rules for sports betting in Maine to the attorney general’s office. The rules are expected to be adopted in November.
Lucrative opportunity
Sports betting provides a promising new revenue stream for Maine and its tribes. Each of the state’s four tribes is permitted to partner with an online operator of their choice. Online wagering in Maine is expected to account for 85% of the state’s sports betting market. Maine is projected to generate between $3.8 million and $6.9 million in revenue from sports betting annually.
In 2022, casinos and other forms of legal gambling in the Pine Tree State generated $64 million in revenue, according to the director of the state’s Gambling Control Unit Milt Champion.
Staying patient
Despite the opportunity of entering a new sports betting market, Maine’s gaming commission hasn’t received many applications for sports betting licenses. According to a report from The Portland Press Herald in April, the Maine Gambling Control Unit had yet to receive a single application for a license.
The lack of applications was due to constant changes to Maine’s proposed regulation rules for sports wagering. The delay has caused sportsbooks including FanDuel and DraftKings to withhold applications. However, the recent submission of the final proposed rules could accelerate the application process for potential operators in Maine that could reap the benefits of the upcoming NFL and NBA seasons.
