Sports Betting

Maine Hits Record-High Sports Betting Handle in March

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Maine Hits Record-High Sports Betting Handle in March

Maine’s sports betting industry made history in March, reaching a record-high $47.6 million wagered and adjusted gross receipts totaling about $2.7 million. 

Although DraftKings and Caesars Sportsbook are the only two sportsbooks operating in the state, the market has still expanded.

Maine sportsbooks saw $47.6 million wagered in March after recording a low of $33.6 million in February

In February, the state posted a low of $33.6 million. A month later, DraftKings emerged as the dominant venue in Maine’s sports betting market, generating an impressive $39 million in revenue. 

After factoring in payouts of $36.2 million and a federal excise tax of $95,302, DraftKings reported adjusted gross receipts of $2.53 million. At a tax rate of 10%, the sportsbook paid $253,642 in taxes to the state.

Meanwhile, Caesars Sportsbook contributed $8.6 million in bets last month, its highest collection of wagers this year.

After deducting canceled wagers of $40,181, payouts to players of $8.3 million, and federal excise tax of $21,137, Caesars Sportsbook reported adjusted gross receipts of $169,638. The company paid $16,963 in taxes to the state as well.

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.”

DraftKings is still Maine’s most popular sportsbook 

Sports betting first launched in Maine on Nov. 3, 2023. In the opening month alone, the Pine Tree State pulled in $37.6 million. 

In December, the first full month of legalized sports betting, the state earned $44.5 million in wagers. The handle totaled $82.1 million across those two months.

Maine collected $9.21 million in revenue at a hold rate of 11.3%. The state also accumulated $2.4 million in tax receipts last year. 

In January and February, the state collected approximately $71.7 million. It should be noted that DraftKings contributed over $60 million of that total amount.

Additionally, Caesars Sportsbook contributed about $20 million through the first three months of 2024. Adjusted gross receipts for the sportsbook came to $1.3 million, and the company paid more than $130,000 in taxes to Maine.