Maine is coming off its best month of revenue since sports betting was launched in November, and now the state is anticipating a boost from the biggest wagering event of the year.
Sunday will mark Maines first Super Bowl since sports betting went live on Nov. 3. When the San Francisco 49ers and Kansas City Chiefs meet for the NFL title, bettors within the state will be able to bet legally for the first time on Super Bowl point spreads, over-and-unders, and all the prop and in-game bets. Billions of dollars will be wagered nationally.
It wouldnt be shocking to see the Super Bowl carry February to potentially being the biggest month of the year, said John Holden, an Oklahoma State University professor whos written extensively on the regulation of sports gambling.
Maine heads into Super Sunday riding the momentum of three months that, according to state Gambling Control Board chair Steven Silver, have been a good start for sports betting. With November, December and January in the books, Maine has pulled in revenue of over $1.4 million. January was the biggest month of the three, with the state earning $546,149 in revenue.
Maine keeps 10% in tax from all wagers placed on sports betting, following payouts to bettors and federal tax.
Three months in, the initial marketing pushes have gotten the customers in and used to the app, Silver said. All in all, (January) was a good month for the books and the state, and it meets projections of that roughly $500,000 a month in tax revenue.
DraftKings, one of two mobile sports-betting providers in the state along with Caesars Sportsbook, has continued to dominate the action. Of all the money wagered in Maine over three months, 81.5% has been bet via DraftKings.
Maybe that will change by a few percentage points, but I think theyre always going to be the majority player in Maine, Silver said.
The amounts wagered during Maines first three months were similar to the same three months after New Hampshire launched sports betting in 2020. New Hampshire went from a $38.9 million handle (the total amount of money wagered) in November 2020 to $43.7 million in December and $49.4 million in January 2021. Maine went from $37.6 million in November to $44.5 million in December and $38.1 million in January.
But New Hampshire, now four years into sports betting, saw its handle pass $67 million in both in November and December 2024.
The primary reason for growth is tied to the expansion of betting opportunities, said Daniel Maloney, the director of sports betting for the New Hampshire Lottery. Simply put, players have more options for betting now. For example, same-game parlay bets and live betting during games are betting opportunities that were not available at launch. There really is something for everyone now.
In Maine, December was the lowest month in terms of state revenue at $437,884, which came despite the handle increasing nearly $7 million from November to December.
That happens, Silver said. The bettors win. There are some weekends or some days where the (sports books lose). Effectively, the sports books in the state are gambling. You have to go back and look at how did the home teams do in the playoffs, did the favorites win, things like that. When you have a bunch like that happening, you can get lopsided results.
Silver said a similar dynamic could be at play Sunday.
The question is, where is the money? Is it on the Chiefs or on the 49ers? he said. Because if its not balanced, you might see a loss on Super Bowl Sunday for the (sports books). Thats a real possibility.
Betting on the Super Bowl is expected to increase significantly from just last year. According to the American Gaming Association, 67.8 million Americans are expected to bet on the game this year, an increase of 35% from 2023, and the total amount bet is expected to rise from $16 billion to $23.1 billion. Legal sports betting is now available to bettors in 29 states and Washington, D.C., with Vermont being the latest to go live, on Jan. 11.
Were seeing an increased interest as legalized sports betting has grown, said Cait DeBaun, the AGAs vice president of strategic communications and responsibility. Theres a lot of excitement about that. The growth of the market is really driven by the migration of Americans from the illegal marketplace to the legal marketplace.
The practice of betting on the Super Bowl has changed. While bets originally were limited to winners and losers and covering spreads, innovations in mobile betting have led to the popularity of bets within the game, independent of the games outcome.
The increased use of technology through mobile betting has really allowed for a dynamic experience for customers, DeBaun said. Now with the online options, theres a lot more prop bets involved. Whos going to score the first touchdown? How many yards might Travis Kelce rack up? It makes the game more engaging for a lot of people that choose to bet.
Holden, the Oklahoma State professor, said prop bets have become embraced by the betting industry in recent years.
As weve seen sports betting expand, some regulators now allow wagering on the color of Gatorade. At one time, that was only something that you would find offshore, Holden said. In Nevada, the fear was always that someone could get that information perhaps too easily. Were seeing a lot more in-game props being offered. Back when it was really just Nevada, we didnt see a ton of the in-game offerings that you now see have become standard across games. In the Super Bowl, you can basically bet on any in-game event.
Holden, however, said that the most popular bets remain the traditional ones.
When youre looking at the total amount of money, youre still seeing spread and moneyline bets as king here, he said.
Spread bets are bets in which, after a favorite is picked to beat an underdog, a bettor wagers on either the favorite to win by that many points or more, or the underdog to lose by fewer points or win. Moneyline bets indicate how much the bettor has to place on either team to win another amount. If a team is favored at -150, a bettor would have to bet $150 to win $100, for a $250 total payout.
Mobile betting remains the only sports betting option in Maine. None of the retail locations have opened yet for sports wagering.
Everyone was so anxious and excited to get going, and now its sort of hit a wall, Silver said. Theres no regulatory reason why theyre not open yet. Its up to the owners.
The online market is far more lucrative than in-person betting. Bets placed on mobile apps accounted for 87% of all sports bets placed nationwide in 2021, according to the American Gaming Association.
Don Barberino, owner of Favorites off-track betting locations in Waterville and Sanford, said hes hoping to launch sports betting within the next six months.
Retail is only about 10% of the (total sports-wagering) business. For many of the large companies that provide sports wagering services, its difficult for them to come in and just have retail only, he said. What they project as potential revenue is not what they hope for. So we havent moved along as quickly as wed hoped there.
Invalid username/password.
Please check your email to confirm and complete your registration.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.
Previous
Next
Read the original:
With three months in the books, Maine sports betting readies for Super Bowl - Press Herald
- 38 states rake in millions in sports betting while Oklahoma still waits for legalization - KOKI FOX 23 TULSA - March 29th, 2024 [March 29th, 2024]
- Sports Betting Scandals Are Piling Up. What It Means for Gambling Stocks. - Barron's - March 29th, 2024 [March 29th, 2024]
- Sports betting: How gambling can impact the integrity of the game - WRAL News - March 29th, 2024 [March 29th, 2024]
- A new coalition wants to address the risks of youth sports betting in Massachusetts - Boston Herald - March 29th, 2024 [March 29th, 2024]
- A Better East Texas: Professional sports betting scandals - KLTV - March 29th, 2024 [March 29th, 2024]
- Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - goskagit.com - March 29th, 2024 [March 29th, 2024]
- Sports betting bill will help MN veterans, charities - ECM Publishers - March 29th, 2024 [March 29th, 2024]
- Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - Bowling Green Daily News - March 29th, 2024 [March 29th, 2024]
- NCAA set to push states with legalized sports betting to ban prop bets for all college sporting events - Yahoo Sports - March 29th, 2024 [March 29th, 2024]
- Sports betting addiction on the rise - Toledo - WTVG - March 29th, 2024 [March 29th, 2024]
- Pritzker eyes bigger piece of Illinois sports betting action after 4 booming years - WVIK - March 29th, 2024 [March 29th, 2024]
- All Eyes on Georgia Sports Betting During Final Legislative Day - Sports Betting Dime - March 29th, 2024 [March 29th, 2024]
- Best North Carolina sports betting promos for UNC vs. Alabama in Sweet 16: Claim thousands in NC sportsbook ... - Sporting News - March 29th, 2024 [March 29th, 2024]
- South Carolina Sports Betting 2024: Best SC Sportsbooks - The Hudson Reporter - March 29th, 2024 [March 29th, 2024]
- A Better East Texas: Professional sports betting scandals - KTRE - March 29th, 2024 [March 29th, 2024]
- Sports betting hits ground running | wltx.com - WLTX.com - March 29th, 2024 [March 29th, 2024]
- North Carolina reports nearly $200m in handle in first week of legalized sports gambling - EGR Global - March 29th, 2024 [March 29th, 2024]
- I got over 100 messages telling me I suck: UNC basketball star concerned with hate messages after sports betting takes off - WGHP FOX8 Greensboro - March 29th, 2024 [March 29th, 2024]
- Fanatics replaces PointsBet in Kansas - Sports betting - iGB - iGaming Business - March 29th, 2024 [March 29th, 2024]
- Sports betting addiction on the rise - Wichita - KWCH - March 29th, 2024 [March 29th, 2024]
- 'March Madness' Sports Betting Is Big Business - Investopedia - March 29th, 2024 [March 29th, 2024]
- Get $250 in bonus bets for UNC vs. Alabama with this NC sports betting bonus before tonight's 9:39 p.m. ET tip-off - syracuse.com - March 29th, 2024 [March 29th, 2024]
- IGA executive director confident of California sports betting with tribal help - iGaming Business - March 29th, 2024 [March 29th, 2024]
- Georgia Sports Betting Legislation Fails Once Again - Winners and Whiners - March 29th, 2024 [March 29th, 2024]
- Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - The Caledonian-Record - March 29th, 2024 [March 29th, 2024]
- Sports Betting Scandals: Ohtani Fallout and NCAA Prop Betting Ban - SportsGrid - March 29th, 2024 [March 29th, 2024]
- Sports gambling has gotten out of control - The Philadelphia Inquirer - March 29th, 2024 [March 29th, 2024]
- Best Sports Betting Apps in the US in March 2024 - Gaming Today - March 29th, 2024 [March 29th, 2024]
- Survey finds majority of Canadians want immediate nationwide sports betting ad ban - EGR Global - March 29th, 2024 [March 29th, 2024]
- Authorizing sports betting in Georgia may lack needed votes from lawmakers - goskagit.com - March 29th, 2024 [March 29th, 2024]
- Sports Betting is coming to NC in one month - WWAY NewsChannel 3 - February 13th, 2024 [February 13th, 2024]
- $3.5 million wagered across Maine in first Super Bowl since launch of online sports betting - Maine Public - February 13th, 2024 [February 13th, 2024]
- Sports Betting Bill Clears Another Missouri House Committee - Covers - February 13th, 2024 [February 13th, 2024]
- I-TEAM: Sports Betting/Online Gambling Addictions growing on CT college campuses - Eyewitness News 3 - February 13th, 2024 [February 13th, 2024]
- Ohio gamblers place more than $7.6B in bets in first year - Dayton Daily News - February 13th, 2024 [February 13th, 2024]
- Sports betting in Minnesota: What are the odds it becomes legal? - KARE11.com - February 13th, 2024 [February 13th, 2024]
- North Carolina Issues First Batch of Sports Betting Licenses to Suppliers - Covers - February 13th, 2024 [February 13th, 2024]
- Will Kentucky cover the spread vs. Ole Miss? Betting Trends, Record ATS - WYMT - February 13th, 2024 [February 13th, 2024]
- NFL Playoffs Fuel Record-Breaking Contributions From Maryland's Sports Betting - Bay Net - February 13th, 2024 [February 13th, 2024]
- Will Louisville cover the spread vs. Boston College? Betting Trends, Record ATS - WYMT - February 13th, 2024 [February 13th, 2024]
- BetMGM and X Sign Exclusive Sports Betting Partnership - PR Newswire - February 13th, 2024 [February 13th, 2024]
- Gambling disorders on the rise nationwide after legalization of sports betting - Q2 News - February 13th, 2024 [February 13th, 2024]
- Why US sports betting could become a $45 billion business - Goldman Sachs - February 13th, 2024 [February 13th, 2024]
- Will Colorado State cover the spread vs. San Diego State? Betting Trends, Record ATS - Wyoming News Now - February 13th, 2024 [February 13th, 2024]
- Will Michigan cover the spread vs. Illinois? Betting Trends, Record ATS - WLUC - February 13th, 2024 [February 13th, 2024]
- Are the Suns favored vs. the Kings on February 13? Game odds, spread, over/under - WYMT - February 13th, 2024 [February 13th, 2024]
- Sports betting is coming to X as Musk's site partners with BetMGM - Washington Times - February 13th, 2024 [February 13th, 2024]
- Hard Rock Bet Promo Code: Sign Up And Claim $100 In Bonuses - RotoWire - February 13th, 2024 [February 13th, 2024]
- Will North Carolina cover the spread vs. Syracuse? Betting Trends, Record ATS - KNOP - February 13th, 2024 [February 13th, 2024]
- State Rep. Blackshear: 'Nave' to think sports betting isn't already taking place in Alabama - Yellowhammer News - February 13th, 2024 [February 13th, 2024]
- Will Creighton cover the spread vs. Georgetown? Betting Trends, Record ATS - WYMT - February 13th, 2024 [February 13th, 2024]
- Did You Bet on the Super Bowl? Don't Forget About Taxes - Kiplinger's Personal Finance - February 13th, 2024 [February 13th, 2024]
- Super Bowl sports betting expected to exceed a whopping $23 billion but there's a catch - TheStreet - February 13th, 2024 [February 13th, 2024]
- Will Buffalo cover the spread vs. Northern Illinois? Betting Trends, Record ATS - WWNY - February 13th, 2024 [February 13th, 2024]
- Opinion | The ultimate Vegas wedding: The Super Bowl and sports betting - The Washington Post - February 13th, 2024 [February 13th, 2024]
- Will Dayton cover the spread vs. Duquesne? Betting Trends, Record ATS - FOX19 - February 13th, 2024 [February 13th, 2024]
- Are the Thunder favored vs. the Magic on February 13? Game odds, spread, over/under - KOLN - February 13th, 2024 [February 13th, 2024]
- Will Ohio State cover the spread vs. Wisconsin? Betting Trends, Record ATS - FOX19 - February 13th, 2024 [February 13th, 2024]
- Sports betting and Swifties converge on the Super Bowl - Axios - February 13th, 2024 [February 13th, 2024]
- The Lawyer Who Took on Big Tobacco Is Now Fighting an Online Sports Betting Giant - VICE - December 12th, 2023 [December 12th, 2023]
- First two months of sports betting in Kentucky generates millions in tax revenue - WKYT - December 12th, 2023 [December 12th, 2023]
- Maryland sports betting hits a record high, bringing in over $3M in November - Fox Baltimore - December 12th, 2023 [December 12th, 2023]
- Gov. Beshear: Over $656 million wagered since launch of sports betting - LEX 18 News - Lexington, KY - December 12th, 2023 [December 12th, 2023]
- Monday Night Football, NFL Betting Picks & Props: New York Giants vs. Green Bay Packers, Week 14 - RotoWire - December 12th, 2023 [December 12th, 2023]
- Seminoles expand casino, sports-betting options as litigation continues - Florida Phoenix - December 12th, 2023 [December 12th, 2023]
- ESPN BET Massachusetts Promo Code TELEGRAM $250 In Bonus Bets With Any Wager on MNF, Pats! - Worcester Telegram - December 12th, 2023 [December 12th, 2023]
- New York Sports Betting Handle Tops $2.1bn In November - SBC Americas - December 12th, 2023 [December 12th, 2023]
- Maryland Sets State Sports Betting Record in November - Sports Betting Dime - December 12th, 2023 [December 12th, 2023]
- Get ESPN App To Bet Monday Night Football With $250 Sign-Up Bonus - Sports Betting Dime - December 12th, 2023 [December 12th, 2023]
- Vermont is Getting Close to Launching Sports Betting - Covers - December 12th, 2023 [December 12th, 2023]
- FanDuel Promo Code offers $150 if your team wins on 'MNF' or any game - New York Post - December 12th, 2023 [December 12th, 2023]
- Kentucky Governor confirms early sports betting tax revenue exceeding expectations - EGR Global - December 12th, 2023 [December 12th, 2023]
- How ESPN Bet is taking on sports betting giants with launch campaign - Campaign US - December 12th, 2023 [December 12th, 2023]
- Saints-Panthers, NFC South race a tossup: Watch Bayou Bets | Sports Betting - NOLA.com - December 12th, 2023 [December 12th, 2023]
- NFL Betting: Coach of the Year Update - NBC Sports - December 12th, 2023 [December 12th, 2023]
- Heres what to know as the Seminole Tribe launches sports betting, table games in Tampa - FOX 13 Tampa - December 12th, 2023 [December 12th, 2023]
- Maryland Sets New State Record with $550M Handle in November - Covers - December 12th, 2023 [December 12th, 2023]
- Will Seton Hall cover the spread vs. Monmouth? Betting Trends, Record ATS - WAFB - December 12th, 2023 [December 12th, 2023]
- Hard Rock Casino launches new table games, sports betting in Florida - Bay News 9 - December 12th, 2023 [December 12th, 2023]
- Sports Betting and its Effect on Sports Integrity and Fair Play - Baltic Times - December 12th, 2023 [December 12th, 2023]