Maine sports betting takes $37m in bets during first month

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US sports betting’s latest jurisdiction got underway in November, as Maine switched on legalized wagering. Following their launch into legalized wagering, DraftKings and Caesars took over $37m in bets during the first month of operations. 

Per the Maine Gambling Control Unit, operators handled $37.6m throughout November, with sports wagering beginning on Nov. 3. 

Broken down by operators, DraftKings dominated the market, handling over $30.5m, with Caesars – the second and only other licensee – taking $7.05m in bets. 

The most popular day of wagering so far was Nov. 26, which saw a host of Sunday Night Football fixtures take place drawing in bettors. DraftKings handled just under $2m on that day alone. 

Operators paid out $32.7m in winnings to their players last month, with DraftKings paying out $26.1m and Caesars handing out $6.6m. 

This meant that the first month of legal sports betting resulted in a strong hold rate of 12.2%, with the operators enjoying a set of favorable sporting results. 

This resulted in revenues of $4.6m, of which DraftKings took the lion’s share of $4.25m, while Caesars made $383k.

Consequently, with the Maine sports betting tax rate set at 10%, the state made $460k from the first month of legalized sports wagering. 

The report did not directly state how much that the operators will pay out to their tribal partners but a payment will be due, per the Maine sports betting legislation. 

The law stipulates that 50% of the revenue is to be given to tribal operators, while an additional 10% will be taken in taxes for the state. 

DraftKings has partnered with the Passamaquoddy Tribe to gain access to the online sports betting market, while Caesars is partnered with three of the Wabanaki Nations.