Football is in full swing, but Maine bettors appear disinterested as the handle was relatively similar to September’s, but sportsbooks’ revenue was nearly half the previous month’s profits.
October Chills Maine Sportsbooks
October is a month replete with a hotbed of sports betting action. The NFL and college football seasons are well underway while the NBA and NHL begin their respective campaigns. Therefore, it was surprising to discover that Maine’s $52.2 million handle in October was only 2% higher than September’s $51 million.
However, due to a much lower hold (win rate) in which the public proved to be much sharper in October than they were in September, Maine’s sportsbooks’ revenues fell from $6.5 million to $3.8 million. Naturally, that meant the state’s cut of the profits also tumbled significantly. The monthly tax receipts went from $660,000 in September to $380,000 in October, despite the handle climbing by $1.2 million.
DraftKings and Caesars Sportsbook are the only two licensed sportsbooks in the Pine Tree State, but the former dominates the market. In October, DraftKings was responsible for 87% of the state’s handle. However, if there was a silver lining for the Las Vegas-based Caesars, it was that the company’s mobile handle was $6.5 million, a five-month high, while DraftKings reported a $1 million month-over-month decrease.
Retail Sports Betting Arrives
Mobile sports betting dwarfs retail wagering in every US market, and it is not even close. Digital wagering can be done anywhere within the state as long as a customer has access to a mobile device. There is no need to travel, find a parking space, and battle the crowds. Betting a game can all be done in the palm of one’s hand.
Nevertheless, there is a certain allure to a retail sportsbook, but it took more than 10 months after mobile sports betting launched in Maine before the arrival of a Caesars brick-and-mortar location nestled inside Oddfellahs, a Portland bar located at 55 Market Street.
“I think this adds a certain new dimension to coming into the Old Port. I hope it attracts sports enthusiasts who want to fully participate in supporting their team,” said Mayor Mark Dion. “It stimulates participation in the Old Port district. They’re going to come in here, they make their wager, they’ll consume beverages, they’ll go on to other restaurants, and have a full evening.
“For many people, gambling is a fun experience. They’re not going in there to make a wage,” he added.
Oddfellahs’ owner, Michael Cianchette, said he received approval for the license in August before going live with his retail sportsbook a month later.
“This is a great opportunity to bring people into that (betting) ecosystem and hopefully encourage more responsible gaming from a social aspect rather than necessarily doing it from their homes and couches,” Cianchette said. “It offers a sports bar in Portland, which is always a great venue for people to go and enjoy the camaraderie that comes with watching a game.
“But on the gaming side, it offers the ability to… be able to throw a couple of dollars down on a game without going through the whole process of setting up online accounts,” he added.
