In Maine, their adjusted gross receipts are calculated by subtracting voided and canceled bets, federal excise taxes, and player winnings from their handle. Last month, sports betting revenue dipped 19.5% month-over-month. That’s despite Maine reporting an increase in their betting handle. Their adjusted gross receipts in May amounted to $3.3 million. In April 2024, Maine posted $4.1 million.
Maine’s total betting handle for May 2024 was $39.9 million. Additionally, total wagers were up 4.2% month-on-month from $38.3 million in April. During May, consumers won a total of $36.3 million while Maine collected $331,729 in tax.
DraftKings is the #1 sportsbook in Maine
While only two sportsbooks are legally allowed to operate in Maine, DraftKings is the clear #1. Caesars is also in the market. Since DraftKings opened in November 2023, they’ve been the industry leader in Maine. In May 2024, DraftKings posted $2.9 million in adjusted gross receipts from $33.1 million in bets. The sportsbook is partnered with the Passamaquoddy tribe in Maine.
Caesars Sportsbook had $427,718 in adjusted gross receipts last month from $6.1 million in wagers. They work with three Wabanaki nations. the Houlton band of Maliseet Indians, the Mi’kmaq nation, and the Penobscot nation. In Maine, their year-to-date adjusted gross receipts are $19.9 million. Draftings attribute $17.8 million of that. Over the last five months, the state has accepted $197.7 million in wagers.
