Tuesday, November 29, 2022

Maine 34th State to Regulate Sports Betting

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We may never have all 50 states decide to regulate sports betting. But slowly and surely, more and more states are reaping the rewards of legalizing the activity, and Maine is just the latest.

It looked like the state was going to pass sports betting legislation a couple of years ago, as both the State Senate and House passed legislation to do so. That bill was sent to the Governor, who vetoed the measure in a somewhat surprising move. This time around was different.

This new bid to regulate sports betting in Maine gives the states Native American tribes exclusivity over the online and mobile operations. Additionally, the bill reduces the taxes for Tribal Gaming while setting up a framework of cooperation between the Tribes and the state.

Under the new law, Maine’s three Native Tribes can now create their own sports book or partner with recognized operators. It also permits 10 retail sports betting licenses for casinos, horse tracks and off-track betting sites.

It’s expected that online and mobile betting will make up about 85% of the market in Maine. The tax rate is set at 10% on net revenue, and operators may even take deduction for promotions and federal excise tax. Licensing fees are set at $200,000 a year for online and mobile, is only $4,000 annually.

Maine has become the latest of several states in New England states to regulate sports betting, and while a launch date has not been set things are expected to move quickly. Now, the only states without sports betting are Massachusetts and Vermont.

 

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