Sports bettors in Maine wagered $38.3 million across legal sports betting markets at Caesars Sportsbook and DraftKings Sportsbook in April.
Even with less money wagered compared to the $47.6 million recorded in March, Maine sports betting revenue increased in April. The Pine Tree State raked in a total of $414,356 in tax revenue during April, bouncing back from $270,613 logged during March.
Analyzing Maine’s April 2024 sports betting numbers
Roughly $174,000 of bets wagered during April 2024 in Maine were either voided or canceled. Pair this number with player winnings and the federal excise tax that comprises April’s betting handle results in $4.1 million in adjusted gross receipts.
Maine sports bettors won $33.9 million in April, with the Pine Tree State collecting $414,356 in state tax revenue. Players lost $9.5 million during April compared to the winnings earned at Caesars Sportsbook and DraftKings Sportsbook in March.
This had a positive impact on Maine’s total state tax revenue, increasing from $270,613 to $414,356 from March to April. April’s total tax revenue nearly reached February’s mark of $425,000, which will be distributed to the state’s General Fund, which is comprised of a couple of gambling control and gambling addiction prevention programs, as well as agricultural fairs and the Harness Racing Commission.
The rising popularity of college basketball, including women’s college basketball due to former Iowa guard, Caitlin Clark, could explain why revenue was up for sportsbook operators and state tax revenue in April. Based on the number of bets placed in the futures market for the 2024 March Madness tournaments, Clark’s Hawkeyes losing in the National Championship could explain why sports bettors lost more of their wagers during April. UConn’s second consecutive National Championship in the men’s tournament was the first time a defending champion has gone back-to-back since the Florida Gators in 2006-2007, which certainly cost bettors who invested in other teams.
In February, the Super Bowl had a similar effect on increasing sportsbook revenue and Maine’s tax revenue, before plunging in March. In April, the hold percentage for sportsbooks in Maine hit 9.26%.
Latest Maine betting news
The only recent Maine sports betting news came in mid-April when the state’s online casino bill was struck down by the state House of Representatives. LD 1777 aimed to grant the Wabanaki Nations tribe sole access to online casino operator licenses in Maine.
The House didn’t pass this legislation by three votes, but the Senate did approve it by six votes after a request for consideration was made. This included allowing tribal gaming operators to partner with online gambling operators to usher in iGaming and legal online casino games in Maine.
Afterward, the House still didn’t pass this amended legislation, falling short by five votes. The primary concern stemmed from commercial casinos being excluded from obtaining iGaming licenses, while the Wabanaki Nations would be eligible to proceed with getting approval for a license to offer online casino games. Maine legislators won’t reconvene on this matter until 2025 at the earliest.
