Maine’s Sports Betting Handle Continues Growth in December
LISTEN TO THIS ARTICLE:Maine’s two approved sportsbooks, DraftKings and Caesars, recorded a combined sports betting handle of $44.5m in December.
The figure was up 18.4% compared to the $37.6m gotten in November, the first month of legal betting in the state.
Maine’s regulated betting market launched on November 3, 2023, making December the state’s first full month of legalized sports wagering.
Despite the handle increase, the operators generated an adjusted gross revenue receipt of $4.4m, a decrease of 4.4% compared to the $4.6m in the opening month.
The adjusted gross revenue receipt was arrived at after deducting bettors' win in December, totaling $39.9m. $107,648 was deducted as federal excise, and voided and canceled bets amounted to $132,376.
In the month, the state received $437,884 in taxes based on the 10% standard tax rate, which applies to the licensed sportsbooks on their adjusted gross receipts.
DraftKings Leads
Since the inception of the market, DraftKings has been ahead of Caesars in terms of handling and revenue. In December, DraftKings recorded $4.1m in adjusted gross receipts of $35.4m in total bets. Players won $31.1 million, and DraftKings paid $85,129 in federal excise tax and $410,969 in other taxes.
Caesars reported $269,154 in total adjusted gross receipts from $9.1m in bets. Player winnings amounted to $8.8m. Caesars paid $22,349 in federal excise tax and an additional $26,915 in other taxes for the month.
Governor Janet Mills signed Bill LD 585 in May 2022, which laid the foundation for retail and online sports wagering in Maine. However, only approved tribes within the state can operate internet sports betting. They can either apply for a license for online betting or form partnerships with an online operator.
While DraftKings partners with the Passamaquoddy tribe in Maine, Caesars partners with three Wabanaki nations: the Houlton band of Maliseet Indians, Mi’kmaq nation, and Penobscot nation.
Gambling Expansion in Maine
There has been an increase in legislative efforts to expand gambling options in Maine. Several bills have been introduced in the House to achieve this purpose.
One notable bill, LD 1777, sponsored by Rep. Laura Supica and supported by House Speaker Rachel Talbot Ross and Senate President Troy Jackson, seeks to extend gambling options to include online gambling as well as sports betting.
However, the bills may face opposition from some quarters in the state, particularly from Gov. Janet Mills, who opposes gambling expansion despite approving the proposal that gave exclusive online sports wagering rights to the tribes.
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