Summer is approaching and casual sports bettors, seemingly, have fewer high-stakes games to wager on. But in Maine, May brought some good news and some bad news for the sportsbooks.
The Maine Gambling Control Unit announced that the Pine Tree State saw $39.8 million in bets last month, a roughly 4% increase. However, the state’s two operators are probably not too happy with the result.
Bettors improved their luck and sportsbooks reported a decrease in revenue for May. The hold percentage hit 8.6% which is less than the 9.2% they kept in April. In the end, adjusted revenue came in at $3.3 million, nearly $1 million less than the $4.1 million the previous month.
DraftKings dominates the market
Those looking to bet in the Pine Tree State don’t need to spend much time line shopping for the best odds. There are only two operators allowed in Maine, DraftKings and Caesars. It's no surprise that DraftKings is the most popular sportsbook in the state since it's a top operator across the U.S.
From the statewide handle of $39.8 million, DraftKings saw $33.1 million of it, which is 83%. On top of that, DraftKings held 9.2% of the bets taken in, compared to the 7.5% hold from Caesars.
The Maine sports betting tax bill to the state, from both operators, came in at $331,000. But Caesars only contributed roughly 13% of it ($42,000). That being said, Caesars did have one of the best months in Maine. The book's $427,000 in adjusted revenue is its second-highest reported behind January when sports betting launched.
