Maine Sports Betting Sees Massive Surge in December
Date: 2024-01-10 Author: Dima Zakharov Categories: SPORTS BETTING
Maine Sports Betting Breaks Records
Maine's sports betting industry is off to a sensational start, as players wagered a staggering $44 million on various sports events in December. This figure represents an impressive 18.4% increase compared to the previous month, November, which marked the state's debut in the legal betting arena.
A Promising Launch in November
Maine officially launched its regulated sports betting market on November 3, 2023, paving the way for an exciting new era of sports wagering. With December now in the books, it's clear that Mainers have embraced the opportunity to place their bets legally.
Adjusted Gross Receipts and Taxes
While bettors won $39.9 million in December, the state still saw substantial revenue, with adjusted gross receipts amounting to $4.4 million. This amount, although slightly lower than November's $4.6 million, underscores the financial potential of Maine's sports betting market.
The state also collected $437,884 in taxes from legal betting activities. DraftKings and Caesars, the two licensed operators, paid a 10% tax on their adjusted gross receipts.
DraftKings Leads the Way
Among the two licensed operators in Maine, DraftKings emerged as the frontrunner in December, posting $4.1 million in adjusted gross receipts from a handle of $35.4 million. Players took home $31.1 million in winnings, while DraftKings contributed $85,129 in federal excise tax and $410,969 in other taxes.
Caesars' Performance
Caesars reported $269,154 in adjusted gross receipts, generated from a handle of $9.1 million. Player winnings for December amounted to $8.8 million, with Caesars paying $22,349 in federal excise tax and an additional $26,915 in other taxes.
Tribal Partnerships
DraftKings operates in Maine through a partnership with the Passamaquoddy tribe, while Caesars collaborates with three Wabanaki nations: the Houlton band of Maliseet Indians, Mi’kmaq nation, and Penobscot nation. Maine's legislation permits both retail and online sports wagering, with tribes eligible to apply for licenses to operate online betting platforms.
