Maine sports betting revenue hits $37 million

Sports Betting

Maine is nearing the completion of its first month, and revenue numbers are in line with predictions set leading up to its launch.

Through Nov. 29, covering 27 days, the state reported an income of $480,193.01 through the mobile sports betting market, coming from DraftKings and Caesars Sportsbook. Averaging out to just under $17,785 per day, that extends to over $6.49 million over 365 days; Gambling Control Unit Executive Director Milt Champion estimated in 2022 that sports wagering in Maine could earn the state between $3.8 million and $6 million per year.

While estimating yearly profits based on one month is tricky – fall months with football are busier than spring and summer months – the early returns are encouraging.

“I think you’re seeing a pretty good strong start. … It shows that Mainers wanted this and are enjoying it,” said Steven Silver, the chair of the Gambling Control Board. “I think we’re right on target with projections, and $400,000-plus in under a month to the state is really great.”

Through Nov. 29, Maine’s sports betting handle – the total amount wagered – was over $37 million, and the adjusted gross receipts (the amount left over after payouts, voided wagers, and federal tax) was over $4.8 million. The state gets 10% of the overall revenue through tax.

“We saw exactly what we expected to see, and why Maine wanted to launch now,” said John Holden, a professor at Oklahoma State University who has written extensively on the regulation of sports gambling. “This is sort of peak betting time. You have college football on Saturday and pro football on Sunday, and those are really the big days. … It sounds like, assuming things keep pace, (hitting the projections is) probably reasonable.”