Is there such a thing as an Olympics bump?
The summer usually brings yearly low handles and revenue for sports betting states, but judging by the Pine Tree State's inaugural July figures, Maine sports betting participants may not be familiar with this trend just yet.
The Maine Gambling Control Unit (MGCU) announced that the state’s operators took in $42.7 million in bets last month, the second-highest handle since Maine launched sports betting in November.
Not only did handle grow month-to-month, but revenue absolutely exploded. After removing canceled wagers, Maine’s sportsbooks paid out $35.7 million, meaning they kept roughly 15% of the action. For reference, states are usually happy to see a hold above 8%.
The tax bill to the state came in at just over $600,000 and a roughly 76% monthly increase.
How the sportsbooks stack up
While handle and revenue came in strong last month, not everything is even in the Pine Tree State.
DraftKings and Caesars, the only two legal sportsbooks in Maine, both saw new highs in adjusted
revenue, combining for $6 million. In comparison, June saw $3.4 million in adjusted revenue
while January (the highest reported revenue before last month) came in at $5.4 million.
DraftKings not only maintained its dominance in the market but continued to grow. Its $36.8 million handle was the second-highest in 2024, while revenue reached a new high.
Meanwhile, Caesars did report its second-highest revenue of the year in July but its $5.9 million handle was the second-lowest in 2024, just beating out February.
