Maine Sports Betting Saw Its Second-Highest Handle In July

Maine sports betting was expected to post a yearly-low handle and subpar revenue for the month of July, but recent figures released by the Maine Gambling Control Unit (MGCU) show that operators accepted $42.7 million in bets, the second-highest handle since the Pine Tree State launched sports betting in November 2023.

DraftKings Maine reported its second-highest handle in 2024

In addition to the handle increasing month-to-month, revenue also skyrocketed despite the state having just two licensed sportsbooks: DraftKings and Caesars. After removing canceled wagers, Maine’s sportsbooks paid out $35.7 million. This means operators kept about 15% overall.

According to the MGCU, states with legalized sports betting on average typically see a hold just above 8%. The tax bill to the state came in at over $600,000.

DraftKings and Caesars both saw new highs in adjusted revenue, combining for $6 million. In comparison, June saw $3.4 million in adjusted revenue while January (the highest reported revenue before last month) came in at $5.4 million.

DraftKings’ $36.8 million handle was the second highest in 2024, and revenue reached a new high as well. However, although Caesars reported its second-highest revenue of the year in July, its $5.9 million handle was the second lowest in 2024. It outperformed just February, according to figures.

March was the Pinetree State’s most successful month for sports betting

Maine’s biggest month of sports betting to date was March, when a total handle of $47.5 million was reported. This occurred during the NCAA’s March Madness, a single-elimination tournament to determine the U.S. national champion of men’s college basketball.

From November through June, state tax revenue on sports betting totaled over $3.2 million. The total was $2.3 million for the first half of 2024 alone. Though, state coffers took in only $270,000 in March.

The MGCU’s executive director, Milton Champion, is hoping Maine will reach its projected figures this year. Prior to launch in November, he cited a study predicting annual state revenue of $3.8 million. Another analysis projected $6 million. Maine is now on pace for $4.6 million in taxes for the first full year of sports betting, he said.

“We’re in the middle range,” he told Mainebiz recently. “Hopefully we can get a little closer to the $6 million projection. … You have winners and you have losers. And in some of those months, Mainers have been picking winners.”