Maine sports betting
The Pine Tree State residents have a good number of gaming activities to indulge in, from bingos to lottery, and of course casino games. But besides these types of gambling, can Maine residents wager on their favorite sporting events? Read on to find out. On this page, we have explored Maine sports betting in detail.
Is sports betting legal in Maine?
On May 2, Maine Governor Janet Mills signed LD 585 bill into law, which will permit both retail and online sportsbooks in the New England state. The newly Maine-signed sports betting law will allow in-person betting at off-track wagering facilities and casinos.
On the other hand, online sports betting will be controlled by Pine Tree State’s four federally known Native American tribes, who can affiliate with online sports betting brands like DraftKings and BetMGM. Currently, there is no launch date yet for sports wagering in Pine Tree State.
Top sports betting sites expected in Maine
The legalization of sports betting in Maine has presented online sportsbooks with the opportunity to put their gaming products into the hands of Pine Tree State residents. And many operators are eagerly waiting for the legalization process to be concluded, so they can jump at the opportunity. Below is the list of the top five betting sites that are expected to launch in the state immediately after the market goes live.
Established in 1997, Unibet is a top-rated sportsbook in the European market and seamlessly brought that long-standing experience to the US. Unibet offers a wide range of sports leagues and markets. The operator also offers the most attractive welcome bonuses and promotions. Besides bonuses and a wide selection of sports, Unibet’s website is easy to use.
Currently, Unibet is available in Virginia, Arizona, Pennsylvania, Indiana, Iowa, and New Jersey. With this wide range of market coverage, it is obvious that Unibet sportsbook will be one of the top betting sites to launch in Pine Tree State.
Given that DraftKings’ headquarters is located just outside of Maine in Boston, MA, as well as the fact that the operator is lives in almost all the states in the US with legal sports betting, bettors expect to see the best US sportsbook launch near its headquarters soon.
DraftKings’ Daily Fantasy Sports (DFS) site is already operational in Pine Tree State which means securing an online sportsbook license won’t be difficult.
Over the years, DraftKings has built a strong reputation across the United States online gambling market. Bettors across the US recognize DraftKings for its wide sports selections, attractive bonuses, competitive odds, security, and responsive customer support. Besides wide sports selections, the operator also offers punters plenty of markets to bet on.
The industry’s largest bonuses and promotions await eager Maine punters at the Caesars sportsbook. The operator was one of the first internet sportsbooks to debut in the wake of the United States sports wagering legalization.
In addition to great bonuses and promotions, Caesars sportsbook covers a wide range of sports. Maine punters will be able to wager on all the local sports as well as international sporting competitions.
On top of that, there are also many deposit and withdrawal options available for them to pick from, including echeck, bank transfers, prepared cards, and debit/credit cards. The best of all is that getting money in and out of the sports betting site is pretty fast and straightforward.
In operation since 2009, BetRivers, the Rush Street Interactive-owned sports betting brand is among the most reputable sportsbooks in the United States market. The operator offers attractive online sports betting products.
The presence of a top-rated online sportsbook like BetRivers in Pine Tree State will give the residents the opportunity to enjoy quality internet sports betting products. From plenty of sports to juicy bonuses, high security, and of course competitive odds.
Currently, you will find BetRivers in almost all the US states that are offering legal sports betting, which means Maine will certainly not be left out.
Presently, FanDuel has established itself as a dominant leader in a legal online sportsbook in the United States. Thanks to its wide range of sports and markets, clean website interface, responsive support, and fast payout. FanDuel is live and legal in almost all the states in the US where sports betting is legal. Considering the operator’s deep penetration in the United States sports betting one can boldly say that Fanduel will be among the first leading sportsbooks to step foot into Maine’s gaming market.
A brief history of online sports betting in Maine
In 2019, a year after the United States Supreme Court overturned the Professional and Amateur Sports Protection Act of 1992 and states became eligible to approve sports wagering, the Maine lawmakers shockingly passed a sports gaming act on the last day of its jurisdiction session. Before then the parliament had discussed the topic a little during the session, but many people thought they would hold on and review it well in 2020. That was not the case, the bill passed, but it wasn’t signed into law by the governor.
In many states in the US, if the legislature passes a bill and the governor fails to sign it within a specific time frame, usually 10 days, it immediately becomes law. This doesn’t apply to Maine. In Pine Tree State, after the lawmakers pass a bill right before postponement and the governor does nothing about it, the bill gets pushed to the next law-making session. That is what happened to Maine sports betting in 2019.
Can you bet on Daily Fantasy Sports in Maine?
Yes, you can wager on daily fantasy sports (DFS) in Pine Tree State. Maine passed a bill to legalize daily fantasy sports in 2017. In Pine Tree State, you will find several daily fantasy sports wagering sites, including FanDuel, DraftKings, Fantasy Draft, and Yahoo!.
The Gaming Control Unit within the Department of Public Safety controls daily fantasy sports. DFS wagering sites with in-state revenue of over $100,000 will be required to pay a license fee of $2,500 yearly and a 10% tax. Daily fantasy sports betting is open to residents who are 18 years or older.
A guide to taxes on online sports betting wins
In the United States, sports betting winnings are considered income. So bettors must report their sports wagering income just as they must also report their annual wages. These winnings are subjected to federal and state taxes.
Reporting sports wagering income is the sole responsibility of the bettor. It is only winnings of $600 or more that will prompt the sports betting operator to send the player a 1099-MIS form. Sports betting winnings are fully taxable and bettors must report the income on their tax return according to the IRS. Whether you are someone who wagers once per month or a professional punter who earns his entire income wagering on the NFL, all your winnings must be reported.
Can I write off my losses?
Yes, however, keep in mind that you won’t be able to write off more than you have won. To do so, you will need to itemize your deductions except if you gamble for a living. For example, if you won $1,000 at BetMGM sportsbook but lost $1,500 at Caesars sportsbook overall in 2022, you will only be able to write off $500 in losses.
On the other hand, if money from sports betting is your main source of income, the IRS sees you as a professional punter, which has a few tax benefits compared to casual punters.
Professional gamblers report their winnings as self-employment income under Schedule C within 1040. There, professionals have the option to list their winnings and write off associated expenses such as travel costs, wagers lost, and even Action Network PRO subscriptions.
How much do I have to pay the IRS?
Sports wagering winnings of $600 or more are subjected to a 24% withholding tax rate. Those taxes can be withheld at the time the sportsbook is paying out the winnings or when you file your taxes.
According to the IRS, non-cash winnings are also taxable. They are taxed based on prizes and values. For example, the fair market value of prizes like trips and cars must be reported as income, then the IRS will determine the amount of the taxes.
What if my winnings are lower than $600, do I still have to report it? Yes, all sports betting winnings must be reported to the IRS, even if it is below the threshold. However, keep in mind that besides the federal tax, you will also be required to pay a 5% state tax.