Last May, Maine made history when Governor Janet Mills put her signature on Bill LD 585. For sports gamblers, this meant they would be able to legally bet on sports at retail and online sportsbooks. As of August 8, 2022, the Maine Sports Betting Law is Now in Effect. However, sportsbooks and operators looking to open a sportsbook in Maine will have to wait months before they can start.
A statement from Maine’s Gambling Control Unit (GCU), says it may be months before sports betting is available. Milt Champion, the GCU executive director said that the state is not in a hurry to make it available. This is because they want to do it properly and is hesitant to set a sports gambling start date.
Maine Sports Betting Law is Now in Effect but May not Be Available until 2024
According to iGaming Software providers, that is not a surprise to anyone in the gambling industry. This is because there is always a period of time between when it becomes legal and when it is available. While the wait may be frustrating to sports gamblers in Maine, it is something 30 other states have gone thru.
The issue is that the regulatory steps for bookmakers and online gambling operators are still pending. Furthermore, Champions said that “it is not an easy process” and that they are not trying to pit it off. In actuality, they want to do it right the first time. Unfortunately, Champion said that he is looking at a sports betting timeframe between April 2023 to January 2024.
For Native American tribes, the wait is especially painful as they have exclusive rights to the online sports wagering market. Furthermore, this is a significant amount as it accounts for 85 percent of the sports betting revenue in Maine.
According to gambling industry news, Maine will not earn a huge amount of revenue from sports gambling. Maine estimates that it will see around $3.8 to $6 million annually. However, the longer it takes for the first bet to be made, the more money Maine will lose. This is because until it is available, Maine sports bettors will continue to bet somewhere else.