The Maine Gambling Control Unit has officially announced that the launch of legal sports wagering in the state is anticipated between November 5 and 15. This significant development comes after a lengthy process of legal review and rule adoption by state authorities. Maine’s journey to legalized sports betting commenced following the law signed by Governor Janet Mills in May 2022. The law granted exclusive rights for online wagering to Maine’s tribal entities.
The Rule Adoption Process:
The state attorney general’s office is currently engaged in reviewing the proposed adopted rules, which represents the third version of these regulations after over a year of meticulous work. Once the attorney general’s office approves these rules, the process will proceed to the Secretary of State’s office. Typically, the Secretary of State’s office takes three to five business days to complete its tasks. Once the adopted rules are posted on their website, Maine will officially go live with legal sports wagering.
Revenue Projections:
The legalization of sports betting in Maine carries significant revenue potential for the state. It is estimated that sports betting could generate between $3.8 million and $6.9 million in revenue. To put this into context, legal casinos and other forms of gambling contributed $64 million in revenue for the state in 2022.
Tribal Involvement:
Maine’s sports betting legislation includes provisions for the state’s four Native American tribes. Each tribe has the opportunity to apply for a single mobile sports betting license. The state will receive a share of 10% of adjusted gross sports wagering receipts.
Licensing and Costs:
For those interested in entering the sports betting market in Maine, there are costs associated with licenses. Each mobile sports betting license comes at a price of $200,000 and has a four-year duration. Additionally, four-year retail sports betting licenses will be available for $4,000.
Industry Giants’ Presence:
Notably, industry giants FanDuel and DraftKings have already established their presence in Maine through their fantasy offerings. With the imminent launch of sports betting, these brands are poised to make a significant impact on the state’s sports wagering landscape.
Maine’s journey towards legal sports betting is approaching its culmination, with a November 2023 launch in sight. The revenue projections, tribal involvement, and licensing costs are indicative of the state’s readiness to embrace this new sector, aligning with the legal landscape established in 2022. The arrival of industry leaders FanDuel and DraftKings further emphasizes the potential growth and competitiveness within Maine’s emerging sports betting market.