Sports Betting

In May, sports betting revenue dipped in Maine despite an increase in their handle

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Maine Sports Betting pic

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.