Maine Handle, Revenue Unchanged in June Despite Summer Sports Slowdown

DraftKings increases its hold on the market.

Ethan Matthew - News Editor at Covers.com
Ethan Matthew • News Editor
Jul 9, 2024 • 15:52 ET • 4 min read
Maine Black Bears Guard Kellen Tynes
Photo By - USA TODAY Sports

May and June appear to be nearly identical months for Maine’s sports betting market as numbers were virtually unchanged, but a closer glance reveals the state's sportsbooks are seeing differing outcomes.

The Maine Gambling Control Unit (MGCU) reported that the Pine Tree State accepted $39.5 million in wagers for June, nearly identical to May's $39.8 million figure. 

The hold percentage remained at 8.6% as the adjusted revenue came in at $3.4 million, a hair more than May’s $3.3 million. That means the tax bill also saw a slight bump to $340,000.

While most summers see a drop in betting handle, this year is ready to break the trend thanks to the Summer Olympics. MGCU executive director Milton Champion echoed that sentiment, adding “you may see some good numbers this year."

DraftKings and Caesars in different directions

While revenue and wagers held steady, the state's two sportsbooks saw opposite trends that may paint a picture of the Maine sports betting market.

Unlike most competitive betting states, Maine doesn’t offer bettors a ton of options. Only DraftKings and Caesars are live in the Pine Tree State, with DraftKings proving to be the preferred option for many bettors.

Caesars’ handle fell nearly 7% in May, while DraftKings saw a slight increase in action. DraftKings also grew 7% in adjusted revenue, while Caesars fell by 1%. 

Overall, June was DraftKings’ second-best month in handle since Maine legalized sports betting in November, while Caesars has now reported a falling handle for 3-straight months.

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