Since the legalization of online sports betting in Maine last November, when DraftKings and Caesars Sportsbook launched as its two mobile sports betting apps, the Pine Tree State has seen its monthly betting handle decrease while revenue increased following the end of the football season.
Maine totaled $33.6 million in wagers, down from $38.1 million in January and a $44.4 million betting handle generated in December 2023, according to numbers provided by the Maine Gambling Control Unit for February.
However, revenue was also down in February compared to January, as the state made $4.6 million in adjusted revenue between DraftKings and Caesars Sportsbook. This was down from $5.5 million in gross adjusted revenue at a 14.6% hold in January 2024.
DraftKings has been the primary sportsbook since launching in Maine, receiving over $126 million in wagers from November 2023 through February 2024. Caesars Sportsbook is a distant second, drawing under $27.6 million in wagers during the same timeframe.
February’s tax bill
Both online sportsbook operators remained taxed at 10% of their adjusted revenue in February 2024, generating roughly $425,500 in tax money for the state of Maine. This is down from $545,000 in January 2024, but this isn’t unexpected, especially with primary Maine sports betting markets like football concluding their season in early February.
The Maine Gambling Control Unit reports provide transparency for how taxed revenue is handled and distributed among various state programs. One percent of the handle is deposited into the state’s General Fund, which totaled just over $275,000 in February.
Other programs in Maine include administrative expenses for the Gambling Control Unit and Gambling Addiction Prevention and Treatment services, which totaled over $42,400 in February. The rest of the taxed revenue goes toward agricultural and horse racing programs.
