Maine Sports Betting Sees Sharp Decline in August Following Summer Surge
After a strong performance in July, Maine’s sports betting market total betting handle dropped by nearly 17%, from $42.7 million in July to $35.6 million in August.
Dip in Handle and Revenue
The revenue figures experienced an even steeper decline. Gross revenue fell by over 40%, plummeting from $6 million in July to $3.5 million in August.
A key factor behind this drop was the normalization of the hold rate, which decreased from an unusually high 15% in July to a more typical 9.8% in August.
DraftKings Maintains Market Dominance
Despite the overall decline, DraftKings continued to lead Maine’s sports betting market, commanding 84% of the total handle in August. While DraftKings saw a reduction in wagers, its dominant position in the state remains unchallenged.
Caesars, the other legal operator in Maine, experienced a smaller drop in handle, with its $5.5 million figure representing just a 6.7% decrease compared to the previous month.
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