Maine Sees Dip in March Sports Betting Revenue Despite Record-High Handle

The Pine Tree State saw its busiest sports betting month of the season in March, but it didn’t pay off as hoped.

Maine announced it saw $47.6 million in wagers during March, its highest since launching in November 2023. This was a massive increase after seeing just $33.6 million in February, thanks mainly to March Madness. However, the state saw a decline in revenue compared to the previous month, just over $200,000.

The revenue drop was small and can mostly be attributed to a higher public win percentage and around $150,000 in voided bets. The problem is that Maine’s sports betting revenue has declined since its launch in November. 

Poor Numbers Make Future Uncertain

Maine was never expected to post large revenue totals from sports betting, but it had hoped to see more than they have. The state currently has just two online sportsbooks available: DraftKings and Caesars. The small market size kept many operators from pursuing a license in Maine, a decision that has paid off so far.

The biggest question moving forward is if the market will shrink. DraftKings has dominated in Maine, contributing over $60 million in wagers in March alone. That has left an almost microscopic market share for Caesars, who has a handle of around $20 million since sports betting went live in November.

Caesars was originally the only sportsbook to pursue a license in Maine, but DraftKings decided to enter at the last moment. The cost of operating the platform could outweigh the dwindling profits, leading to an early exit from the Pine Tree State.

Other Gambling Markets Remain Stalled

Maine recently saw a bill legalizing online casinos fail by a vote of 74-71. The narrow defeat shows that support for online gaming is strong, but poor sports betting numbers could change that. The driving reason behind legalizing any form of gambling is tax revenue. If that drops too low, supporters may decide it's not worth the uptick in problem gambling that comes with legalization.

Retail sports betting remains legal in the state, but no locations have been given the green light to open.