Saturday, June 15, 2024

Maine’s Betting Handle Grows, Revenue Continues to Decline

Figures from Maine’s betting scene show that DraftKings continued to dominate the local market

Maine published data about the financial performance of its sports betting industry in May, posting a decline in revenue in spite of an increase in betting handle.

In total, sports bettors spent $39.9 million on sports wagers in May. This represents a 4.2% month-on-month increase from the figures posted in April.

Despite the increase, sports betting revenue in May experienced a significant decline. Whereas sports betting operators reported total adjusted gross receipts of $4.1 million in April, they now posted revenue of only $3.3 million.

For reference, adjusted gross receipts in the state are calculated by subtracting canceled bets, winning bets and taxes from the handle figures.

Speaking of winning bets, sports aficionados in Maine won approximately $36.3 million from wagering on sporting events.

In the meantime, the state received roughly $331,000 in taxes.

In terms of year-to-date figures, Maine’s betting sector reported a handle of $197.7 million. In terms of revenue, the Pine Tree State reported adjusted gross receipts of $19.9 million.

Figures from Maine’s betting scene show that DraftKings continued to dominate the local market. As one of two legal betting operators, the company commanded a significant market share and was responsible for a whopping $33.1 million of all bets. Additionally, the American sports betting giant posted $2.9 million in adjusted gross receipts.

In the meantime, Caesars, DraftKings’ only competitor in Maine, reported $6.8 million in handle. Additionally, Caesars posted a revenue of almost $427,800.

As for the year-to-date results, DraftKings has so far taken $164.2 million in wagers, resulting in revenue of $17.8 million. Caesars, on the other hand, processed $33.5 million in bets and reported adjusted gross receipts of $2.1 million.

Maine’s sports betting market was launched in 2023 and has been largely dominated by DraftKings, which partners with the Passamaquoddy Tribe. In the meantime, Caesars, which has agreements with three separate tribal factions, namely the Houlton Band of Maliseet Indians, Mi’kmaq Nation and Penobscot Nation, is still struggling to perform on the same level as DraftKings.

Earlier this year, Maine tried to introduce iGaming too but failed amid concerns about the potential impact expanding the gambling industry may have.

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