2024-06-11
Maine Sports Betting Revenue Experiences Unexpected Decline in May
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According to the latest figures, Maine’s adjusted gross receipts from sports betting in May amounted to $3.3 million, a 19.5% decrease from the $4.1 million reported in April. This decline in revenue occurred despite a 4.2% month-over-month increase in total handle, which reached $39.9 million in May, up from $38.3 million in the previous month.
It’s important to note that Maine calculates adjusted gross receipts by subtracting voided and cancelled bets, federal excise tax, and player winnings from the total handle. This means that while the overall amount wagered by consumers increased, the state’s revenue from these bets declined due to a higher payout to players.
The sports betting market in Maine is currently dominated by two approved online operators – DraftKings and Caesars. DraftKings, which is partnered with the Passamaquoddy tribe, has emerged as the clear leader, accounting for $2.9 million in adjusted gross receipts from $33.1 million in bets during May.
In comparison, Caesars, which works with three Wabanaki nations (the Houlton band of Maliseet Indians, Mi’kmaq nation, and Penobscot nation), reported adjusted gross receipts of $427,718 and a handle of $6.8 million in May.
Looking at the year-to-date figures, the total adjusted gross receipts for the five months ending in May reached $19.9 million. Of this, DraftKings accounted for $17.8 million, while Caesars contributed $2.1 million. During this period, players in Maine have placed a total of $197.7 million in bets, with DraftKings processing $164.2 million and Caesars handling $33.5 million.
The reasons behind the unexpected revenue decline in May are not entirely clear, but industry experts have suggested several possible factors. One potential explanation is the seasonality of sports betting, with May typically being a slower month compared to the peak of the sports calendar in the fall and winter.
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