Maine sports betting concluded the year on an impressive note, achieving a substantial handle of $44.5 million in December. This marked an 18.6% increase compared to November, where the figure stood at $37.6 million.
The legal sports betting landscape in Maine commenced on Nov. 3, 2023, making December the first full month of sports betting activity. Looking ahead, the trajectory of Maine’s gambling scene and revenue for the coming year remains uncertain. Presently, the Pine Tree State offers both retail and online sports betting, with ongoing legal proceedings aiming to incorporate iGaming into its offerings, thereby expanding its betting horizons.
Maine’s Two Licensed Operators: DraftKings and Caesars
Maine has exclusively granted licenses to DraftKings and Caesars for its online sports betting market. However, with the expanding sports betting scene in the state, it is anticipated that additional vendors will soon join the fray.
DraftKings secured its position through a strategic partnership with the Passamaquoddy, while Caesars entered the market through collaboration with three Wabanaki nations: the Penobscot nation, the Houlton band of Maliseet Indians, and the Mi’kmaq nation.
According to the agreement with the State of Maine Gambling Control Unit, both DraftKings and Caesars are obligated to remit 10% of their adjusted gross receipts as taxes to the state. The December figures revealed that the state accrued $437,884 in tax revenue. Since the commencement of legal sports betting, the total tax remitted to the state has reached $902,035.
Maine Bettors’ Winnings Declined in December
In December, bettors secured winnings amounting to $39.9 million.
Upon deducting these winnings, along with federal excise of $107,478 and voided/canceled bets totaling $132,376, the adjusted gross receipts stood at $4.4 million. This figure marked a 4.4% decrease compared to the opening month’s total of $4.6 million.
DraftKings Maintains Dominance in Maine
In the second consecutive month, DraftKings maintained its competitive advantage by achieving a revenue of $4.1 million, driven by a substantial $35.3 million in bets. In its inaugural complete month of operation, the platform surpassed its November performance, exhibiting a growth rate of 15.7%.
DraftKings emerged as a dominant force, accounting for nearly 80% of all sports bets placed in the state during the month of December.
Caesars, on the other hand, generated $269.154 in revenue and attracted $9 million in bets. This resulted in a consolidated revenue of $4.6 million for the month. Despite this being Caesars’ first full month, it fell slightly short of its November revenue of $4.7 million.
The growth observed in Maine’s betting scene has captured the attention of both operators and regulators. As the NFL Playoffs and Super Bowl Sunday approach in the coming weeks and months, there is heightened anticipation about how the industry will unfold during these high-profile events. Hence, stakeholders are closely monitoring the trends and developments.
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