Maine Sports Betting Sees Record Receipts Despite Decrease in January Handle

Maine's sports betting sector achieved record earnings in January, with adjusted gross receipts soaring to $5.5 million, marking a significant milestone despite a decline in player spending. The state witnessed a total handle of $38.1 million during the month, a 13.4% decrease compared to December's $44.0 million but still 1.3% higher than November's inaugural month of legal betting.

The January adjusted gross receipts showed a remarkable 25.0% increase from December, totaling $5.5 million and surpassing the opening month's $4.6 million by 19.6%. These receipts encompass voided and canceled bets, player winnings, and a 0.25% federal excise tax, contributing significantly to the state's tax revenue.

In Maine's sports betting landscape, DraftKings stands as a frontrunner, operating through a partnership with the Passamaquoddy tribe. The collaboration yielded $4.7 million in adjusted gross receipts from a $32.1 million betting handle in January, demonstrating substantial market dominance.

Meanwhile, Caesars, the only other licensed operator in Maine, reported adjusted gross receipts of $743,762 from a $6.1 million monthly betting handle. The company is partnered with three Wabanaki nations, including the Houlton Band of Maliseet Indians, Mi’kmaq Nation, and Penobscot Nation.

Recent discussions among Maine lawmakers have revolved around proposals to grant tribes exclusive rights for iGaming, mirroring the framework established for sports betting. While the sports betting bill permits retail and online wagering, online operations are restricted to approved tribes, fostering a regulated and inclusive gaming environment.