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Maine kicked off their first month of legal sports betting with a bang. The small market saw $37.6 million wagered to kick off the new industry. While the number pales compared to some of their East Coast neighbors, it is impressive, considering the state only has two online sportsbooks: Caesars and DraftKings.
The impressive start for the Pine Tree State generated over $466,000 in tax revenue. Some of their success can be attributed to launching in the final stretch of the NFL season, the most wagered-on sport in the US. Many expect the state to see somewhere between $3.8 million and $6.9 million in revenue, but the next few months should provide a clearer picture of the market's size.
“People bet on other things, maybe golf or something like that,” said MGCU commissioner Milt Champion, according to NHPR. “But the Super Bowl and March Madness are the two key times for sports wagering, so we’ll have to wait and see how they work out.”
Most sports betting tax revenue will go toward Maine’s General Fund, the state’s primary operating fund. The remaining will go towards the Gambling Addiction and Prevention Treatment Fund.
DraftKings controlled Maine’s sports betting market in its first month. The operator accounted for $30.55 million of the state’s handle, while Caesars accounted for just $7.06 million. It was a tough blow for Caesars, who had been the sole licensed operator ahead of Maine’s sports betting launch. DraftKings obtained a license days before the industry went live, taking away what would have been a massive month for the Las Vegas-based sportsbook.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
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