The recently published sports wagering report by the Maine Gambling Control Unit has shed light on the state’s burgeoning betting landscape, revealing an impressive handle exceeding $37 million in its opening month.
Maine’s entry into the legal sports betting scene has seen an impressive start, with bettors wagering a total handle of $37.6 million in its inaugural month.
Legal sports betting in Maine was set in motion when Governor Janet Mills signed the legislation in May 2022, marking a significant milestone for the state’s gambling scene. The law officially took effect on Aug. 2, 2022, laying the groundwork for the forthcoming sports betting activities.
The Pine Tree State officially unveiled its long-awaited sports betting market on Nov. 3, marking the beginning of a new era. The inaugural monthly report covered 27 days of betting fervor, concluding at the end of November.
During the month, players received $32.7 million in winning bets. However, some bets, amounting to $137,112, were voided for several reasons, and a federal excise tax totaling $82,342 was deducted.
Following these revisions and adjustments, the month culminated with operators boasting a gross revenue figure of $4.6 million. As part of the regulatory framework, 10% of this adjusted gross revenue contributed to the state’s coffers in the form of taxes, totaling $464,152.
DraftKings Leads the Way with a $30.5 Million Betting Handle in November
In the state of Maine, the sports betting scene is currently a two-player game, with DraftKings and Caesars Sportsbook taking center stage as the sole legal operators in the market. Both sportsbooks made their grand entrance on the market’s inauguration day, swooping in on Nov. 3, 2023, to offer their wagering services to eager bettors across the state.
With Maine’s state law giving exclusive rights to online sports betting to four tribes, Caesars secured a partnership with three of the Wabanaki Nations, forging agreements with the Penobscot Nation, the Houston Band of Maliseet Indians, and the Mi’kmaq Nation. In a parallel move, DraftKings solidified its presence by reaching an accord with the Passamaquoddy Tribe.
Just days after its highly anticipated launch, the state’s new sports betting market hit the ground running, raking in a total handle of $5.4 million from enthusiastic bettors. DraftKings emerged as the primary recipient of these wagers, capturing about 88% of the total bets placed.
Among the pair, DraftKings made a stronger entrance into the market, boasting a robust handle of $30.5 million in its debut month, translating to a substantial gross revenue of $4.3 million. Bettors cashed in on over $26.1 million in payouts from DraftKings throughout November. The operator contributed $65,467 in federal excise tax and an additional $425,914 in other taxes.
Caesars logged a betting handle of $7.1 million, generating an adjusted gross revenue totaling $382,374. Player winnings amounted to $6.6 million, while the company also accrued a federal excise tax payment of $16,875 and additional taxes of $38,237.