Maine Sports Betting Handle Tops $39M In June

The Maine Gambling Control Unit (MGCU) reported Thursday that the Pine Tree State accepted $39.5 million in wagers from sports betting for June, similar to May’s $39.8 million figure. Wagers on the NBA Finals and Stanley Cup Final contributed to these numbers.

Sports betting first launched in Maine on Nov. 3, 2023

In June, the hold percentage remained at 8.6% as the adjusted revenue came in at $3.4 million, a slight increase over May’s $3.3 million. This led to the tax bill climbing to $340,000 as well.

DraftKings and Caesars Sportsbook are currently Maine’s only two licensed sportsbooks. At the moment, DraftKings is the most successful operator in the state.

Of course, Sports betting first launched in Maine on Nov. 3, 2023. In the opening month, the Pine Tree State pulled in $37.6 million. The state also accumulated $2.4 million in tax receipts through its first two months.

In December, the first full month of legalized sports betting, the state earned $44.5 million in wagers. The handle totaled $82.1 million across those two months.

According to the MGCU’s monthly reports, DraftKings grew by 7% in adjusted revenue last month, while Caesars dropped 1%. June was DraftKings’ second-best month in handle since Maine legalized sports betting in November.

Meanwhile, Caesars has now reported a declining handle for three-straight months. In January and February, the state collected approximately $71.7 million.

DraftKings contributed over $60 million of that total amount, whereas Caesars contributed just $20 million through the first three months of 2024.

Pine Tree State generated a record-high $47.6 million handle in March

Additionally, Maine’s sports betting industry made history in March, generating a record-high $47.6 million handle. Adjusted gross receipts also totaled $2.7 million.

In Maine, an operator is required to collect and distribute 10% of adjusted gross sports wagering receipts to the director to be forwarded by the director to the Treasurer of State for distribution.

Per the MGCU:

“One percent of the adjusted gross sports wagering receipts must be deposited in the General Fund for the administrative expenses of the Gambling Control Unit within the department and one percent of the adjusted gross sports wagering receipts must be deposited in the Gambling Addiction Prevention and Treatment Fund established by Title 5, section 20006-B.”

Four-tenths of 1% of the adjusted gross sports wagering receipts must be deposited in the Agricultural Fair Promotion Fund. Six and one-half percent of the adjusted gross sports wagering receipts must also be deposited in the General Fund.