Maine’s January Sports Betting Activity Drops While Revenue Rises
LISTEN TO THIS ARTICLE:In January 2024, Maine bettors wagered over $38.1 million at the two licensed sportsbooks in the state. According to the figures released by the Maine Gambling Control Unit, January’s handle dropped by 14.1% compared to the handle recorded in December.
January represents the third month of legalized betting in Maine, as well as the second full month of operation since the state’s betting market officially went live on November 3rd.
As per revenue, the state’s operators generated $5.5 million, and after adjustments, the figure settled at $5.4 million. Despite the decline in sportsbook activity, the revenue marks a 25.5% rise from the $4.3 million adjusted receipts generated in the preceding month. The growth was simply driven by a better-adjusted win rate of 14.32% compared to 9.84% in December.
DraftKings Retains First Spot
DraftKings, in partnership with the Passamaquoddy tribe, merged as the market leader for the third consecutive month in the state. The operator attracted over $32 million in wagers, which made up 83.9% of the total bets for the month. From these wagers, the company earned $4.7 million in revenues.
Caesars, in collaboration with the Penobscot, Maliseet, and Mi’kmaq tribes, received slightly more than $6 million in wagers and generated $743,762 in revenue. Maine received $546,149 in taxes for January, based on its 10% tax rate on adjusted sportsbook revenues.
Tribes in Control of Maine’s Betting Market
When Maine launched its betting market on November 3, 2023, only DraftKings and Caesars had successfully partnered with the Native American tribes in the state, thereby aiding their entry into the state. Governor Janet Mills signed the legislation that legalized sports betting in Maine in May 2022, and it formally took effect on August 2, 2022.
Though the Maine Gambling Control Unit was designated as the gambling regulator in the state, the Native American tribes in the state were given control of the mobile and online sports betting market.
New bills are currently being proposed to expand gambling options to include online gambling in Maine as well as enhance the sovereignty of the federally recognized tribes.
More Finance News
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Virginia, Arkansas, and Missouri to Vote on New Gambling Initiatives
Nov 05, 2024
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Maine’s January Sports Betting Activity Drops While Revenue Rises