Despite seeing $47.6 million wagered in its legal sports betting market, Maine's revenue for March dipped.
Since launching Caesars Sportsbook and DraftKings Sportsbook in November 2023, which remain the only two licensed online sportsbook operators in Maine, the Pine Tree State has seen a steady decline in tax revenue, dropping to a total of $270,613 for last month.
Analyzing Maine’s March 2024 sports betting numbers
Roughly $150,000 worth of voided and canceled bets were logged in Maine. Combine this number with player winnings and the federal excise tax from the total betting handle, resulting in just under $2.7 million in adjusted gross receipts.
Sports bettors won $44.6 million in March, while Maine collected $270,613 in state tax revenue between DraftKings Sportsbook and Caesars Sportsbook.
Maine’s total state tax revenue also shrunk from $425,000 accrued in February 2024 to $270.613. Tax revenue allocated to the state’s General Fund goes to several programs, including gambling addiction prevention and treatment services, the Harness Racing Commission, and agricultural fairs.
DraftKings Sportsbook remains the most popular online sportsbook operator in the Pine Tree State, garnering $39 million of the $47.6 million wagered by sports bettors in March 2024. Caesars Sportsbook was responsible for the other $8.6 million in wagers placed last month.
Latest Maine betting news
Retail sports betting, made legal through the signing of LD 585 by Gov. Janet Mills, which also legalized online sports betting in Maine, went into effect on July 31, 2022. However, as of today, Maine still has no retail sportsbook partnerships announced.
In the future, the state's legal sports betting marketplace plans to include in-person betting at casinos and off-track betting facilities.
This past week, Maine’s online casino bill was voted down in the House. The Senate can still pass this bill to legalize iGaming, or online casino gaming, which would subsequently go to Gov. Mills to sign off for final approval.
