Maine sports betting revenue dips despite handle recovery in May

Adjusted gross receipts from sports betting in May amounted to $3.3m (£2.6m/€3.0m). This is less than the $4.1m posted in Maine during April. 

Maine calculates adjusted gross receipts by subtracting voided and cancelled bets, federal excise tax and player winnings from handle.

On the subject of player spending, total handle for May amounted to $39.9m. In contrast to the revenue decline, total wagers were up 4.2% month-on-month from $38.3m in April.

Consumers won a total of $36.3m from sports betting during May while Maine collected some $331,279 in tax.

DraftKings the clear leader in Maine

At present, Maine is home to just two approved online sports betting operators in the form of DraftKings and Caesars. The former has led the market by some distance since it opened in November last year.

For May, DraftKings posted $2.9m in adjusted gross receipts from $33.1m in bets. DraftKings is partnered with the Passamaquoddy tribe in Maine.

As for Caesars, adjusted gross receipts in May amounted to $427,718. The operator, which works with three Wabanaki nations – the Houlton band of Maliseet Indians, Mi’kmaq nation and Penobscot nation – took $6.8m in wagers.

In terms of year-to-date, total adjusted gross receipts for the five months to the end of May hit $19.9m. Of this $17.8m is attributed to DraftKings, with the other $2.1m from Caesars.

This comes with players spending a total of $197.7m during the period. DraftKings processed $164.2m in bets, with Caesars’ handle for the year-to-date at $33.5m.