Sports Betting

Maine Online Sports Betting Draws $239M in Revenue Through Its First Six Months

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Maine Online Sports Betting Draws $239M in Revenue Through Its First Six Months

Maine online sports betting operators have collected $239 million in wagers through the first six months since legalized iGaming began in November 2023.

DraftKings, Caesars Sportsbook are currently the only two licensed sportsbooks in Maine

Gov. Janet Mills granted Maine’s federally recognized Native American tribes’ exclusive rights to operate online sports wagering. Each tribe is required to pay a 10% tax on adjusted revenue to the state.

Maine granted online licenses to each of the state’s four federally recognized Indian tribes: Maliseet, Mi’kmaq, Passamaquoddy, and Penobscot.

DraftKings, partnered with the Passamaquoddy Tribe, led Caesar’s Sportsbook in gross receipts from November 2023 through April 2024, bringing in over $197 million.

The sportsbook finished with $178 million in winnings payouts, federal taxes, and other fees. The Passamaquoddy Tribe earned a net receipt of more than $23 million. Of that amount, the operator paid $2.3 million in taxes to the state.

Caesars Sportsbook, partnered with the Masliseet, the Mi’kmaq, and the Penobscot, generated $42.8 million in gross revenues from November 2023 through April 2024.

Those are the only two licensed sportsbooks in Maine. BetMGM is expected to open two retail sports betting locations in the state later this year.

The three tribes split nearly $2.3 million after paying out $40.5 million in payouts, fees, and federal taxes. State revenues from Caesars totaled more than $229,600.

Both vendors combined have totaled more than $2.5 million in revenue for Maine since November 2023.

The Pine Tree State could generate as much as $4.8 million in iGaming revenue this year

According to Milt Champion, Maine’s Gambling Control Unit Executive Director, it will take a full single calendar year for state officials to determine whether online sports betting will meet or exceed tax revenue projections.

Previous estimates, ranged from $3.8 million to as much as $6.9 million.

“I’d been leaning a little bit more toward the six,” Champion said, adding that $3.8 million is more realistic. Revenues are on pace to surpass the $3.8 million estimate.

For the first four months of 2024, Champion said state revenues have added up to $1.6 million. If the profitable trend continues, Maine could earn as much as $4.8 million for the year.

However, the first six months of the year are usually busy for sports betting anyways, with the NFL’s Super Bowl, NCAA’s March Madness, NBA playoffs, and NHL postseason.

Maine will have a chance to finish the year strong with the 2024 Summer Olympics and the MLB playoffs.

Furthermore, license renewal is required for legal sports betting in Maine. It runs $200,000 every four years. Retail licenses will cost $4,000 to renew every four years. Commercial partners are required to contribute $40,000 as well.