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After a stellar December, Maine sports betting hasn’t been able to find solid ground the past two months.
The latest data from the Maine Gambling Control Unit shows that the four federally recognized tribes in Maine generated over $33.7 million in bets during February, down almost 11.6% compared to Maine sports betting figures in January 2024.
DraftKings and Caesars struggled with double-digit declines in February
The state’s four tribes are split into two groups:
- Passamaquody: DraftKings
- Penobscot, Maliseet, Micmac: Caesars
DraftKings, on behalf of the Passamaquody, dominates the market. This past month, the sportsbook took more than an 84.1% share of the handle (total amount bet), which amounted to $28.37 million.
Caesars, on behalf of the Penobscot, Maliseet and Micmac, pulled in nearly $5.4 million in February.
Both sportsbooks struggled month on month. DraftKings was down over 11.5%, while Caesars saw a decline of more than 18%.
The end of the NFL season hurt betting action
The decline in Maine sports betting revenue was typical across the more than 30 sports betting markets across the country.
The NFL betting season essentially ended in February with the Super Bowl, cutting short sportsbooks’ main activity generator. Books usually see a big spike in dollars wagered in September when the season starts, and numbers stay strong through the regular season.
The amount of money bet typically declines a bit in January because the regular season ends, and then it faces a substantial drop in February.
March Madness tends to remedy any February woes, but numbers drop again in April and plod along through the summer.
What we can expect in March and beyond for sports betting in Maine
Sports betting launched in Maine in November, so there isn’t any year-on-year data for the spring and summer.
That being said, the next few months of gambling data will be interesting. March typically provides a healthy revenue boost for sportsbooks because of the NCAA men’s and women’s basketball tournaments.
And while numbers typically decline through late spring and summer, Maine’s declines may not be as steep as expected. DraftKings (NASDAQ: DKNG) and Caesars (NASDAQ: CZR) are still acquiring new customers. March Madness should help those efforts.
As the sportsbooks mature and customers are retained over the next couple of months, the betting activity should be more steady than what would typically be expected.
However, all bets are off, so to speak, since Maine is a small market (just under 1.4 million people) and customer acquisition may move faster than usual. If DraftKings and Caesars saturate the market quicker than expected, then the summer betting totals may not benefit from new market growth.
