Maine is the latest state to launch its sports betting market in the United States. The good news is that it is off to a good start. Furthermore, the Maine sports betting handle throughout November is $37.6 million. It came from DraftKings and Caesars starting November 3, the day of the launch of sports betting in the state.
DraftKings took $30.5 million among the operators. On the other hand, Caesars, the only other licensee, took $7.05 million. No other sports betting websites operate in the legal gaming market in the state.
Many Sunday Night Football matchups took place on November 26, the most popular day for betting thus far. Also, DraftKings processed a little under $2 million that day.
The top two operators in terms of winnings handed out $32.7 million to players last month: DraftKings with $26.1 million and Caesars with $6.6 million. Operators enjoyed a string of fortunate athletic performances, leading to a solid hold rate of 12.2 percent in the first month of legal sports betting.
Maine Sports Betting Handle
Consequently, $4.6 million was brought in, with $4.25 million going to DraftKings and $383k to Caesars. According to bookie news reports, Maine earned $460,000 in the first month of legalized sports betting, thanks to the 10% tax rate.
Although the study did not provide a specific amount, operators are required by Maine law to compensate their tribal partners because of sports betting. According to bookie software solution experts, half of the money must go to the tribe operators, and the other half must go to the state as taxes, according to the legislation.
To enter the online sports betting industry, DraftKings teamed with the Passamaquoddy Tribe. On the other hand, Caesars partnered with the Wabanaki Nations.