Maine Sports Betting Revenue Sees Major Rise in April 2024
Sports betting revenue in Maine increased by 51.9% in April compared to March, reaching $4.1 million. This brought to an end a three-month decline, even though player spending dropped.
Maine’s sports betting revenue increases in April, bringing an end to a three-month decline.
LISTEN TO THIS ARTICLE:April’s adjusted gross receipts from sports betting were significantly higher than the $2.7 million recorded in March, which was the lowest since the state legalized sports betting in November 2023.
The adjusted gross receipts in Maine are calculated by subtracting voided and canceled bets, federal excise tax, and player winnings from the total handle. In April, void bets amounted to $173,638, federal excise tax was $93,326, and player winnings were $33.9 million.
Despite the rise in revenue, the total handle dropped by 19.5% to $38.3 million. March saw a record handle of $47.6 million.
DraftKings Leads the Way
Sports betting in Maine is currently offered by two licensed operators: Caesars and DraftKings. DraftKings has consistently outperformed Caesars, attracting more bets and generating higher revenue.
In April, DraftKings, in partnership with the Passamaquoddy tribe, reported $3.8 million in adjusted gross receipts, with players wagering $31.6 million. Caesars, collaborating with the Houlton band of Maliseet Indians, Mi’kmaq nation, and Penobscot nation, recorded $342,841 in adjusted gross receipts from $6.7 million in bets.
For the year up to April, Maine’s adjusted gross receipts totaled $16.5 million, with players betting a cumulative $157.8 million.
More Finance News
Discussions Continue Regarding Online Casino
While sports betting has been successfully introduced, Maine has not managed to launch online casino gaming. Discussions with tribes to establish online casinos led to a proposed bill that would create a legal market.
However, last month, the bill failed to pass the House and was moved to the Senate, where it was tabled. This left the possibility of revisiting the bill before the session’s end, but it ultimately failed between houses in mid-April.
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