Less than a week has passed since Maine regulated and launched sports wagering and the state’s Department of Public Safety published records on how both sportsbooks are doing.
The statewide handle exceeded $5.4 million in the five days since legalization, with DraftKings seeing the vast majority of wagers. After paying out $4 million in winning bets, operators reported a hold of 24%, although futures bets that won’t be paid out for months is likely a contributing factor.
Caesars Sportsbook is the only other operator in the state, but the public gravitated towards the Boston-based company instead. DraftKings enjoyed a handle of $4.7 million, which is roughly 88% of all bets made in Maine. They also kept more of the bets they took in (25% vs. 23% from Caesars).
Comparing Maine’s launch
How does that stack up? New York is the only other state that publishes a weekly report. In their first two days of sports betting, New York operators saw $171.3 million in handle versus the $2.1 million in Maine. Based on the 2022 census, that is $8.7 per person in New York versus $1.6 per person in Maine.
Where do the taxes go?
Maine taxes sportsbooks 10% of their adjusted gross revenue. Unlike some states where the vast majority of the funds go to one location, usually a general fund or education fund, Maine’s tax dollars are spread out:
- 1% goes to the state’s Gambling Control Unit.
- 1% goes to the Gambling Addiction Prevention and Treatment Fund.
- 0.55% goes to the State Harness Racing Commission.
- 0.55% goes into the Sire Stakes Fund, which is for Maine Standardbreds horses.
- 0.4% goes into the Agricultural Fair Promotion Fund.
- 6.5% goes to the state’s General Fund.
