Betting News

Maine sports betting opens with $37 million

The initial month of regulated sports wagering in Maine was marked by a revenue collection that significantly surpassed $37 million. On November 3, Maine, which is renowned for its artisanal beer and adventure offerings, legalized regulated sports betting. In contrast, the participants generated a total winning of $32.7 million through the placement of wagers.

After accounting for the deduction of $82,342 from taxation and $137,112 from voided wagers, the total gross receipts were $4.6 million. In addition, the Maine Gambling Control Unit reports that $464,152 was collected from additional tax sources. The payment rate for operators is 10% of the adjusted gross receipts.

DraftKings and Caesars both began operations in November. With a $30.5 million handle, DraftKings made $4.3 million in adjusted gross receipts. The firm has partnered with the Passamaquoddy tribe to provide online sportsbook in Maine. DraftKings provided gamers with $26.1 million in winnings. The operator paid $65,467 in taxes and an additional $425,914 for various other taxes.

The adjusted gross receipts for Caesars were $ 382,374, with a handle of $7.1 million. Caesars’ winnings totaled $6.6 million, with taxes totaling $16,875. In addition, a tax payment of $38,237 was made. Caesars has made alliances with three Wabanaki nations.  Mi’kmaq and Penobscot nations, as well as the Houlton clan of Maliseet Indians, are among these.

Early last year, Maine Governor Janet Mills signed legislation authorizing retail and sports betting. In the case of LD 585 states, internet sports betting can be operated by selected state tribes. They have the option of requesting for online gambling certification. They will also be able to join forces with a single operator. There are land-based certificates for racetracks and off-track wagering activities in the retail betting scenario.

Janice Graziano

Janice has joined Times of Casino team as a casino news writer. Along with writing, she is additionally a content manager. Janice has over five years of experience in inscribing. Her zealousness for casino and online gaming draw her to casino industry. In her spare time, she relishes playing online poker games.

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