Maine Has Solid First Full Month of Sports Betting Operation

Maine has successfully completed its inaugural month of legalized sports betting, and based on the December statistics, the enthusiasm for a robust platform seems justified.

On November 3, the state debuted its legal sports betting platform with only two apps, DraftKings and Caesars. It is anticipated that the number of sports betting apps available in Maine will expand in the future, potentially boosting sports wagering activity statewide.

The December data provides a realistic glimpse into the modest size of Maine’s legal sports betting industry.

$44.5-million December handle for Maine

In December, Maine’s top sports betting sites saw a combined total of $44.5 million in wagers from its two providers, marking an 18.6% increase from the $37.6 million wagered in November.

During December, bettors won a total of $39.9 million at the top sportsbooks in Maine.

While Maine may not have the same level of excitement as larger markets in the U.S. sports betting industry, it is crucial to remember that it is one of the smallest legal sports wagering jurisdictions in the country. With only 1.36 million residents and no professional sports teams, Maine presents a unique landscape for sports betting.

In December, Maine sports wagering providers collected $438,000 in taxes, slightly lower than the $466,000 collected in the previous month.

Approximately $902,035 has been collected in taxes from legal sports wagering activity in the state over the past two months.

DraftKings dominates

In December, DraftKings and the Passamaquoddy tribe’s collaboration were the top players in Maine, bringing in $35.3 million, which made up almost 80% of the total $44.5 million revenue.

In December, Caesars and its partners, including the Houlton band of Maliseet Indians, Mi’kmaq Nation, and Penobscot Nation, collected $9 million in wagers.

In terms of revenues, DraftKings saw a decrease in adjusted revenue in Maine, reporting $4.1 million in December compared to $4.2 million in November. Caesars also experienced a drop in profits, reporting $269,000 in December compared to $380,000 in November.

Moving forward

Sports betting in the U.S. reaches its peak during November and December, but it is unlikely that Maine’s handle and revenue totals will significantly surpass the levels seen in the last month of operation.

Maine sports betting will face an intriguing litmus test with the Super Bowl and March Madness.

New competitors entering the market alongside DraftKings and Ceasars have the potential to attract a fresh wave of customers to the state’s industry. At present, legislators, providers, and tax programs are content with the current situation as the numbers are meeting, and possibly surpassing, expectations.