Good Start Reported for Sports Betting in Maine

It's been a week since the state of Maine launched its legal sports betting platform, which includes the best sports betting apps. So far, Maine sports betting apps have been enjoying success thanks to a full weekend of NFL action, and NBA and NHL contests contributing to the bottom line of the state's new legal sports betting scene.

Figures for the first five days of legal sports betting in the Pine Tree State were released Thursday, and the numbers paint a good picture for the industry going forward. 

Right now DraftKings Maine, through a partnership with the Passamaquoddy tribe, and Caesars Sportsbook Maine, in conjunction with three of the Wabanaki Nations (the Houlton Band of Maliseet Indians, the Mi’kmaq Nation, and the Penobscot Nation) have gone live.

$5.4 million handle for five days

The Maine Department of Public Safety and its Maine Gambling Control Unit report brisk activity for the state's sportsbooks through five days of operation. Brisk by Maine sports betting standards, at least. Maine's legal sports betting providers, which offer Maine sportsbook promos, took in $5.4 million in bets through the first week of NFL action and up until Wednesday.

DraftKings, which is among the best sportsbooks, accounted for the vast majority of Maine's five-day handle. That book reeled in $4.7 million in bets, which is 88% of the overall wagering total. Caesars made up the other $700K in bets.

DraftKings also took in $3.4 million during its first full weekend of wagering action in Maine. That included bets taken in from Friday morning to Sunday night.

Operators in the state paid out $4 million in winnings. Futures bets weren't factored into that total and will be awarded at a later date. The hold rate for Maine sports betting apps was an industry-friendly 24% through five days. 

In other words, it's so far, so good for the Maine legal sports betting industry and its betting sites.

Benefits of the Maine market

Maine is one of the smallest U.S. legal sports betting jurisdictions, with 1.36 million residents and no professional sports teams. Still, what looks like a respectable legal sports betting market will be taxed 10% on revenues. There's a $200,000 initial licensing fee for any prospective provider.

While a chunk of the tax revenue will go toward programs tied to gambling addictions, 6.5% will go to the state's general fund and will aid government programs.

Tax revenue is expected to hit between $3.8 million and $6.9 million in its first year of operation.

Maine sports betting apps are off to a flying start, with over half of the NFL season to go and Super Bowl betting and March Madness wagering yet to be experienced. 

So while it's not one of the jurisdictions most analysts will keep a keen eye on, Maine, and the , may become an important model for other small states looking to adopt a legal sports betting platform.