Maine Has Solid First Full Month of Sports Betting Operation

Maine just finished its first full month of legal sports betting, and judging by the December numbers, the optimism for a strong platform appears to be well-founded.

The state launched its legal sports betting platform on Nov. 3 with just two best sports betting apps, DraftKings and Caesars. The list of Maine sports betting apps is expected to grow over time, which could increase overall sports wagering activity in the state.

December's figures represent a reasonable snapshot of what to expect from the relatively small Maine legal sports betting scene.

$44.5-million December handle for Maine

Maine's best sports betting sites reported a total of $44.5 million in December wagers from its two providers. It represents an 18.6% month-over-month increase from the $37.6 million spent with the state's providers in November.

Bettors won $39.9 million at the best sportsbooks in Maine during December.

Though not as flashy as other larger markets in the broad and expanding U.S. legal sports betting market, it is important to keep in mind that Maine is one of the smallest legal sports wagering jurisdictions in the country. Just 1.36 million residents call Maine home, and there are no professional sports teams in the state.

Meanwhile, $438,000 in taxes was collected from Maine sports wagering providers in December, a slight dip from the $466,000 from December.

Roughly $902,035 in taxes has now been collected in the nearly two months of legal sports wagering activity in the state.

DraftKings dominates

DraftKings and its partnership with the Passamaquoddy tribe dominated the Maine handle in December, accounting for $35.3 million or nearly 80% of the overall $44.5 million take.

Caesars and its partners, the Houlton band of Maliseet Indians, Mi’kmaq Nation, and Penobscot Nation, recorded $9 million in wagers in December.

As far as revenues go, DraftKings reported $4.1 million in adjusted revenue in Maine in December. That number represents an actual drop from the $4.2 million reported in November. Caesars also experienced a month-over-month revenue dip and reported $269,000 in December profits compared to $380,000 in November.

Moving forward

November and December are peak times for sports betting across the U.S. It isn't expected that handle and revenue totals in Maine will soar much higher than they did during the last month-plus of operation.

The Super Bowl and March Madness will be an intriguing litmus test for Maine sports betting.

New providers that will inevitably compete with DraftKings and Ceasars may also bring new customers to the state's industry. But, for now, legislators, providers, and the tax programs have to be happy. The numbers have met - and possibly exceeded - expectations so far.