Maine's sports betting market shows resilience with a 1.5% increase in December handle despite a national trend of decline. While DraftKings continues to dominate the market, Caesars demonstrates promising growth.
Maine's sports betting market saw a modest 1.5% increase in December, with sportsbooks accepting $52.7 million in wagers, despite a trend of declines in several other states. This growth, coupled with $417,000 in tax revenue generated from bets, highlights Maine's resilience in the competitive sports betting landscape. The state's market is dominated by two primary operators: Caesars and DraftKings.
While DraftKings has consistently been the preferred choice for bettors since the launch of legal wagering, Caesars has shown signs of progress. DraftKings' handle remained flat month-over-month, lacking growth since September. Conversely, Caesars experienced three consecutive months of increased handle, a positive trajectory for the operator.Looking at the full year 2024, DraftKings significantly outperformed Caesars in both handle and adjusted gross receipts. DraftKings handled nearly six times the amount wagered compared to Caesars, with its adjusted gross receipts being eight times higher. However, Caesars finished the year on a positive note with its mobile sportsbook reporting $77.2 million in wagers and $6.1 million in gross revenue, maintaining a 7.9% hold. DraftKings, on the other hand, processed $445.7 million in bets and after adjustments, held $49 million, reflecting a more favorable 11% industry share. The market has seen a pattern of fluctuations since summer, with October being particularly challenging due to a decrease in revenue, despite the NFL season typically being a period of growth. December also witnessed a decline in revenue from $8 million in November to just under $4 million last month. Operators are hopeful that the playoff football season in January will reverse this trend and bring renewed growth to the market.
MAINE SPORTS BETTING DRAFTKINGS CAESARS DECEMBER HANDLE TAX REVENUE
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