There is plenty to dislike about February’s betting numbers. Action is dropping, bettors are winning more, and regulators are grilling Maine’s only retail option.
However, this may turn out to be a blip, with the upcoming NCAA tournaments and Oddfellahs’ betting, the state's in-person retail sportsbook, open for a full month.
The Maine Gambling Control Unit (MGCU) announced that the Pine Tree State's legal sportsbooks last month saw $41.4 million in wagers, a 17% drop from January’s $50 million.
But unlike January, when their drop in action did not mean a decline in revenue, this was not the case for February. Both handle and adjusted gross receipts were lower than the previous month.
On the revenue side, things were even worse. All three operators combined for $5.3 million which was a 23% monthly decrease.
However, thanks to the lack of competition, or some good lines, the operators' hold came in at an industry friendly 13%, even though its slightly lower than January.
Oddfellahs under the microscope
Oddfellahs, the state’s lone retail betting location, which is partnered with Caesars, hurt the most. But this did come after the state temporarily closed their betting operations.
The owner of the Oddfellahs Sports Bar applied for a track betting license, taking advantage of a vague part of Maine’s law that does not explicitly force a licensee to operate in the location of the application. Meaning the owner used his horse racing business in one town in order to bring sports betting to another.
While the state figures out what to do, Oddfellahs’ handle decreased by 50% and they paid out more than they took in.
| Operator | Betting Handle | Gross Revenue |
|---|---|---|
| Caesars Retail Sportsbooks | $222,000 | -$21,000 |
| DraftKings Mobile Sportsbook | $35.4 million | $4.8 million |
| Caesars Mobile Sportsbook | $5.8 million | $488,000 |
| Total | $41.4 million | $5.3 million |
DraftKings top dog
As you can see, DraftKings is the number one option for Maine bettors. The sportsbook took in 85% of the entire betting market, which is slightly lower than the 86% the previous month.
That means that Caesars, their only competitor, saw a small boost in their market share.
But with football season ending, handle fell to a five-month low. However, with march madness coming, things are expected to pick up before the summer doldrums bring sports betting down significantly.
