First Month of Sports Betting in Maine is Successful

Sportsbook
By Betmaker Team

The Gambling Control Unit of Maine said that in November, the first month of legal sports wagering, sportsbooks in the state brought in $37.6 million in bets as DraftKings and Caesars Sportsbook made an effort to establish themselves. For states that allow commercial sports betting, the Gambling Control Unit generates daily logs of wagering activity that are updated many times a week, providing an unparalleled degree of detail.

 

The two mobile betting applications had a successful first month of business, claiming a gross sports betting revenue of about $4.9 million through a 12.9 percent hold. More than $4.6 million in adjusted gross revenue qualified for the state's 10 percent tax rate, which brought in $464,152 for state coffers.

On November 3, Maine became the fifth state to begin in 2023, and that's when Caesars and DraftKings opened up there. Maine's first-month handle is comparable to that of Arkansas, which in September passed $40 million in handle for the first time with three mobile alternatives available, and reached an all-time record in October with wagers totaling $45 million accepted. Despite having a smaller population than Arkansas, Maine boasts more well-known mobile operators.

 

According to daily logs submitted by Maine's regulatory body, the NFL remains the main attraction for sports wagerers. But it was more obvious with DraftKings, where action on Sundays accounted for 23.2% of its $30.5 million in wagers. Sundays accounted for its top three daily handling totals, which exceeded $1.75 million. The remaining five days in the top five for handle were Thanksgiving Day and the Saturday of the four-day holiday weekend.

 

The results of bettors using DraftKings were quite inconsistent from Sunday to Sunday during those four weekends. The mobile giant experienced its greatest day of the month on November 5, bringing in almost $347,000 in gross income from a 21.9 percent win rate. Seven days later, DraftKings won less than $83,000, and the hold fell to 4.7 percent. With a 9.9 percent hold and nearly $177,000 in gross revenue, Nov. 19 could be considered average. However, Nov. 26, the public went wild, winning more than $400,000 on a handle of more than $1.9 million.

 

Business for Caesars picks up in the last week of November. One of Caesars' top five handle days occurred on a Sunday; the $514,560 in wagers received on November 26 ranked fourth overall. Additionally, it accounted for over two thirds of the total handle of around $765,000 that was generated on the remaining three Sundays of the month.

 

On Sundays, it performed similarly to DraftKings, although on a lesser scale. On November 5, when it claimed over $37,000 in income on $220,955 handle for a 16.9% win rate, it had its greatest Sunday. On November 12, Caesars came out ahead by $9,030 on $274,008 wagered, narrowly breaking even. The public won $101,565 on November 26 while the hold was down 19.7 percent. The next Sunday was a strong one with a 12.3 percent hold that produced more than $33,000.

 

In terms of business generation, Caesars may look to the last week of November as a hint of good things to come. Of the $7.1 million total, 46.9% was represented by the $3.3 million handling reported from Nov. 24–30. On the other side, although bettors were $109,131 up on the last day of the month, the mobile betting app posted its two largest daily numbers of the month during that week.