Maine Sportsbooks See Revenue Drop in May
The state of Maine has released its sports wagering results for May, revealing an uptick in sports betting handle but a decline in revenue.
May's adjusted gross sports betting receipts decreased by 19.5% month-on-month.
LISTEN TO THIS ARTICLE:In the month characterized by the NBA and NHL playoffs and representations from other sports like MLS and college sports, the state recorded a sports betting handle of $39.9 million. The figure marks a 4.2% increase month-on-month compared to the $38.3 million wagered in April.
The state's bettors collectively won $36.3 million in payouts during May, resulting in adjusted gross receipts of $3.3 million for operators. The total fell 19.5% short of April’s $4.1 million.
In May, the state collected $331,279 in tax revenue. The generated from sports betting goes towards various state funds including the education fund and gambling addiction treatment and prevention.
DraftKings Continues to Lead Market
Maine currently only has two licensed online sports betting operators: DraftKings and Caesars. Since its launch in November last year, DraftKings in partnership with the Pas samaquoddy tribe, has dominated the market. May was no exception. In the month, the operator reported adjusted gross receipts of $2.9 million from a total of $33.1 million in wagers.
Caesars, which partners with three Wabanaki nations, the Houlton band of Maliseet Indians, Mi'kmaq nation, and Penobscot nation, generated adjusted gross receipts of $427,718 from $6.8 million in bets.
More Finance News
Year-to-date, the total sports betting handle for the first five months ending May reached $197.7 million. While DraftKings accounted for $164.2 million of the total bets, Caesars contributed $33.5 million.
The total adjusted gross receipts for the period amounted to $19.9 million, with $17.8 million from DraftKings, while Caesars generated $2.1 million.
Online Gambling Bill Stalls
At the moment, online casino gambling is unregulated in Maine. While the state has two commercial land-based casinos, it has not been able to legalize online casino gaming. Although repeated attempts have been made to achieve this aim, none have yielded tangible results.
The latest effort, a bill, failed to pass the House. However, it still went to the Senate, where a motion was approved to table it. The bill, if passed, would have granted Maine’s tribal nations authority over online casinos.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Maine Sportsbooks See Revenue Drop in May