Successful Start to Sports Betting in Maine Industry

Maine Sports Betting Market Enjoys Impressive Early Success

By Amelia Walker Senior Content Writer Updated: 17 August 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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According to recent reports, the sports betting market in Maine has got off to a great start. Sports betting was legalized in the state in November 2023, and officials said that it has already gained traction in just nine months.

While industry experts say it is too early to talk about the long-term outlook for the success of sports betting in Maine, the state has demonstrated impressive early success.

Figures were released recently by the Department of Public Safety’s Gambling Control Unit. The data showed that since sports betting was legalized in the state, bettors have wagered close to $320 million. There are two authorized sportsbooks in the state, and they paid out nearly $285 million during this period.

The data also showed that March was a particularly busy month for sports betting activity in Maine, as this was the period when many college basketball games took place. Betting during the month came to an impressive $47.5 million. However, due to the success of bettors during March, tax contributions were lower than usual, coming in at $270,000.

A Boon for the State

Despite the lower tax contributions seen from sports betting in March, the state has done very well out of sports betting activity as a whole. Between November and June, Maine’s state coffered benefited to the tune of $3.2 million of which $2.3 million was collected in the first six months of the year.

Early studies had forecast state revenues from sports wagering to be between $3.8 million and $6 million a year. So, the state is currently in the mid-range of the figures that were initially forecast by industry analysts.

Milton Champion, the executive director of the Gambling Control Unit, said he was satisfied with the outcome so far. He stated,

We’re in the middle range. Hopefully, we can get a little closer to the $6 million projection.

Based on the current figures, forecasts relating to tax revenues from sports betting in Maine for the full year currently stand at $4.6 million.

A Challenging Journey for Maine

While Maine appears to be faring well when it comes to the success of its young sports betting market, the journey to legalization was a tough one.

After the overturning of PASPA back in 2018, a number of states across the country were eager to legalize sports betting, and they moved quickly to push through legislation that would enable them to do this.

In Maine, however, there was a lot of resistance when it came to legalizing sports betting, and this included vetoes from the governor, Janet Mills.

Things changed in 2022 after legislation was passed to legalize sports betting in the state and provide online management to Maine’s indigenous tribes. A 10 percent tax was set on profits, enabling the state to boost its coffers and increase its General Fund.

The legalization of sports betting in Maine has not only benefited the sportsbook operators that provide services in the state. It has also benefited many sports fans who were eager to wager on their favorite sports and teams.