Maine lawmakers approved the sports betting bill on the last day of their legislative session. The bill will now head to the office of Governor Janet Mills. If signed into law, Maine will be the 15th state to legalize sports wagering.
Since the start of 2019, six states have legalized sports betting. Among the states that made it legal, New Jersey is the clear winner. In fact, it earned $3 billion in wagers in its first year of allowing bets on sports.
Maine’s sports betting bill allows mobile betting. In fact, operators have the option to have an online-only operation. However, online sports betting comes with a higher tax rate of 16 percent. Retail sports betting has a tax rate of 10 percent.
Sports Betting Bill
According to a political forum, the bill fully embraces a free market concept. In fact, the state will give out numerous licenses with low taxes and fees. In addition, there will be no data mandates and integrity fees.
The bill allows online and retail betting through 11 existing gambling facilities in the state. In addition, Maine doesn’t require online bookies to have a deal with a land-based licensee. That means companies without a physical presence in the state can apply for an online license. This is a good gambling industry news for independent online operators.
The bill does prohibit wagering on in-state college sports events. Also, it prohibits betting on college teams from the state.
Maine will now be at the same position as its neighbor New Hampshire, which is waiting for the governor to sign its sports betting bill. The two states hope that their sports betting industry will be ready in time for the start of football season.
The bill estimated around $1.9 million in revenue in the first year of sports wagering. Also, they expect it to grow to $5.6 million by the fourth year. This is a good time to invest in a sports betting platform in Maine.