A new legal sports betting market in the United States is off to a strong start.
Maine, which began accepting online wagers on Nov. 3, reported revenue figures for its first month of sanctioned wagering. The Pine Tree State is the 38th U.S. jurisdiction to offer sports betting with wagering currently only authorized through DraftKings and Caesars Sportsbook.
DraftKings and Caesars collectively reported a $37.6 million betting handle for November, according to the Maine Gambling Control Unit (MGCU). DraftKings — the second largest sports betting operator in the U.S. in terms of market share — led the group last month by accepting $30.55 million worth of bets, while Caesars owner American Wagering collected $7.06 million in bets.
As a result of the betting handle, DraftKings generated $4.26 million in revenue after winnings paid to players and voided or canceled wagers, while Caesars posted $382,374 in revenue.
Other major operators, including FanDuel, delayed submitting wagering license applications in Maine following a flurry of changes to the state’s betting rules ahead of its launch last month.
Early benefits
The encouraging start in Maine sports betting proved to be profitable for its state and local governments.
Maine, which imposes a 10% tax on adjusted gross revenue for operators, collected nearly $466,000 in tax revenue in November from sports betting. The state is projected to generate between $3.8 million and $6.9 million in revenue annually from retail and online wagering
Maine expects handle and revenue figures to improve throughout 2024’s sports calendar.
“People bet on other things [like] maybe golf or something like that,” MGCU commissioner Milt Champion said, according to NHPR. “But the Super Bowl and March Madness are the two key times for sports wagering, so we’ll have to wait and see how they work out.”
