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With the opening of Caesars Sportsbook and DraftKings’ mobile wagering, legal mobile sportsbooks made their debut in Maine last week. For bettors in Maine, these two companies represent the only options for legal mobile sports betting. Residents of Maine will ultimately be able to bet on sports in person at the two retail casinos in the state as well as at off-track betting establishments; however, it is not yet clear when those establishments will start taking bets. Additionally, no retail agreements for sports betting in Maine have been disclosed. One of the two digital platforms in the state, DraftKings, has collaborated with the Passamaquoddy Tribe, while Caesars Sportsbook announced in May that it has teamed with three of the four Wabanaki Nation tribes.
Maine, one of the ten least populous states in the union, isn’t anticipated to have a significant influence on the US sports betting industry, but DraftKings and Caesars Sportsbook are happy to expand nationally. DraftKings stated in a letter to shareholders, “We are very excited to be one of only two operators expected to operate OSB in Maine.” As a result, we have reflected in our updated forecast the expected $10 million investment and OSB launch in Maine, which will have an effect on Adjusted EBITDA in the fourth quarter of 2023. We can absorb this additional investment and yet meet our implied Adjusted EBITDA target for the fourth quarter of 2023 thanks to our outstanding performance.”
Check out the latest sports betting odds at Caesars.
DraftKings, a Boston-based company, is well-known throughout New England. It is the only operator in New Hampshire and one of only two (the other being FanDuel) in Connecticut. In Connecticut, DraftKings reported a $622 million mobile wagering handle in 2022, generating $62 million in total gaming revenue. DraftKings reported $891.7 million in handling and $66.7 million in revenue in New Hampshire in 2022. There are more people living in New Hampshire and Connecticut than in Maine; in fact, the population of Connecticut is more than twice that of Maine. Based on estimates, Maine’s 10 percent tax rate may bring in between $4-6 million in tax revenue per year from mobile sports betting.
In 2023, Maine will be the fifth state or jurisdiction in the United States to permit the use of legal mobile sports betting apps. While mobile operators went live in Massachusetts in March, Ohio permitted mobile sportsbooks to open for business on January 1. June saw the opening of mobile sportsbooks in Puerto Rico, and September saw the launch in Kentucky. By the end of 2023, legal betting sites are anticipated to launch in Vermont as well.
Though mobile providers won’t be able to operate in the state until the first half of 2024, North Carolina authorized sports betting on mobile devices this year. Although a formal anticipated debut date for North Carolina’s mobile market has not yet been disclosed, state law mandates that it must operate by the middle of June 2024.
Check out the latest sports betting odds at Caesars.
