Maine Hits Record-High Sports Betting Handle in March

Although relatively new to the state, the Maine sports betting handle hit a record high in March with $47.6 million wagered, a significant increase from February’s low of $33.6 million. Adjusted gross receipts in the state totaled around $2.7 million.

Only two sportsbooks – DraftKings and Caesars Sportsbook – are presently operating in Maine. DraftKings (DraftKings 38,44 +1,05%) constitutes the majority of that market, contributing $39 million in revenue. After payouts of $36.2 million and federal excise tax (0.25%) of $95,302, adjusted gross receipts for the company stood at $2.53 million. At a rate of 10%, DraftKings contributed $253,642 in tax to Maine.

Caesars Sportsbook (Caesars Entertainment 44,51 +2,06%) contributed only $8.6 million in wagers in March, which was its highest collection this calendar year. After canceled wagers of $40,181, payouts to players of $8.3 million, and federal excise tax of $21,137, Caesars finished with $169,638 in adjusted gross receipts and $16,963 in tax to the state.

According to the Maine Gambling Control Unit:

One percent of the adjusted gross sports wagering receipts must be deposited in the General Fund for the administrative expenses of the Gambling Control Unit within the department and one percent of the adjusted gross sports wagering receipts must be deposited in the Gambling Addiction Prevention and Treatment Fund established by Title 5, section 20006-B.

How Has Maine Fared So Far?

After sports betting was launched on Nov. 3, 2023, Maine was off to a quick start, registering $37.6 million in betting handle in its first month. In December, which was the first full month of betting, the state collected $44.5 million in handle. Across those two months, total handle stood at $82.1 million with revenue of $9.21 million at a hold rate of 11.3%. Maine collected $2.4 million in tax receipts in 2023.

In the first two months of the new year, Maine collected a combined $71.7 million. Of that, DraftKings contributed more than $60 million in handle. So far, DraftKings has managed collections of just under $100 million in the first three months of this year. Adjusted gross receipts during this period was $11.1 million.

In comparison, Caesars Sportsbook has been a quiet observer, contributing just $20 million in three months so far this year. Adjusted gross receipts for Caesars was $1.3 million with a little over $130,000 contributed in tax to the state.

Online Casino Bills Faces Narrow Defeat

LD1777, a bill to legalize online casinos in Maine, faced a close loss in the State House. The vote was close but the bill was defeated by a count of 74-71. That bill would have improved the structure of the current sports betting situation in the state, which is currently exclusively operated by the Wabanaki tribes.

Maine’s online sports betting industry has begun with aplomb. It won’t be long before the state breaches $50 million in handle, led by DraftKings (Passamaquoddy). However, the situation with online casinos seems like a long way away before any tangible action comes to pass.

READ MORE:

• Maine Sports Betting Handle Up 18.6% in December
• Maine Lawmakers Look to Legalize iGaming in 2024
• Sports Betting Revenue Tracker