In July 2024, Maine’s sports betting industry achieved notable milestones, with the handle reaching $42.9 million—the second-highest figure since the state launched its sports betting operations in November 2023. This represents a significant uptick in activity and revenue for the state.
Performance Overview
The data released by the Maine Gambling Control Unit highlights a robust performance in July. The total handle, which represents the total amount of money wagered, was $42.9 million. This figure is surpassed only by January 2024’s record handle. The revenue generated from these bets was $6 million, marking an increase from the $3.4 million reported in June and surpassing the previous high of $5.4 million recorded in January.
DraftKings
Partnered with the Passamaquoddy tribe, DraftKings led the market with $36.8 million in total bets placed in July. This significant figure underscores the dominant position of DraftKings in Maine’s sports betting landscape.
Caesars
In contrast, Caesars, which collaborates with multiple Wabanaki nations including the Houlton Band of Maliseet Indians, Mi’kmaq nation, and Penobscot nation, reported a handle of $5.9 million. While this figure is notably lower than DraftKings’, it still contributes significantly to the state’s sports betting revenue.
Tax Revenue and State Impact
Maine imposes a 10% tax on adjusted gross receipts from sports betting. For July, this tax generated $603,283 in revenue for the state. This contribution is a key element of the financial benefits Maine derives from legal sports betting, assisting in funding various state programs and services.
Historical Performance and Market Trends
Since the launch of sports betting in November 2023, Maine has seen a steady increase in betting activity and revenue. The growth from July’s figures compared to earlier months reflects an expanding interest and participation in sports betting within the state.
Operator Dynamics and Tribal Partnerships
The differing performances of DraftKings and Caesars highlight the impact of their respective tribal partnerships. DraftKings’ collaboration with the Passamaquoddy tribe has yielded a higher volume of bets, suggesting a successful integration of their offerings with the tribe’s network. On the other hand, Caesars’ broader partnerships with multiple Wabanaki nations indicate a diversified but potentially less concentrated market approach.
Looking Forward
As Maine’s sports betting market continues to evolve, stakeholders will be closely watching how these trends develop. The increased handle and revenue are promising indicators of sustained growth, while the performance of different operators will provide insights into the effectiveness of various strategic partnerships.
July 2024 has proven to be a milestone month for Maine’s sports betting industry, showcasing significant growth in both handle and revenue. The contrasting performances of DraftKings and Caesars, coupled with the substantial tax revenue, underline the expanding influence of sports betting in the state and its potential to contribute further to Maine’s economy.