Maine sports bettors enjoyed a solid march, as did the University of Connecticut and University of South Carolina basketball teams.
Revenue statistics from the Public Safety Bureau's Gambling Control Division show that sports betting activity increased dramatically in March in the wake of the NCAA basketball tournament.
The state's two sportsbooks, DraftKings and Caesars, saw their total handle, or amount wagered by bettors, increase from about $33.7 million in February to $47.6 million in March. The 41% increase marked Maine's busiest month since sports betting legally began in the state in November.
While the handle went up, the main takeaway went down. The record-setting handle generated nearly $2.7 million in adjusted gross revenue and $270,606.66 in revenue for the state. Maine collected $425,602.12 in February and $546,149.15 in January.
“The Miners finally found a way to win,” said Stephen Silver, chairman of the state Gaming Control Board. “If it weren't for March, Maine would be one of the worst states in the nation to win in sports betting. But maybe we've turned the corner.”
During the first four months of legalized sports betting in Maine, holds (the percentage of total wagers that sportsbooks keep in their adjusted gross revenue) were 12.2%. The American Gaming Association's national occupancy rate in 2023 was 9.1%.
However, in March, Maine's ownership rate had fallen to 5.7%.
When asked if the Miners had a higher losing percentage than the rest of the country, Silver said, “Oh, yeah, it's a big deal.” “Maine's hold rate in January was 14.3 (percent) and in February it was 12.6. These are percentage points well above average.
“In March, if it was exactly 10 o'clock, (total revenue) would have been $4.7 million. It was a very good month for sports bettors.”
In Maine, the state keeps 10% of adjusted gross income as taxes. Over a five-month period, the state kept more than $2.1 million.
Silver said the strong performance of the NCAA Basketball Tournament favorites, especially the University men's and South Carolina women's teams, made it easier for bettors to hit the mark. Bettors also took advantage of strong play from superstar Caitlin Clark and the Iowa State women's basketball team.
“I don't know if that means Maines is better, (or) if March Madness brings more predictable opportunities,” he said. “If he had the money at UConn, and I think they did, they covered every game in the tournament. That could make a difference. … In general, the favorites Winning is not good for sportsbooks.”
This season, the UW men and South Carolina women won national championships.
March's handle was higher than December's roughly $44.5 million, the highest ever, and also surpassed January, which was the year of the NFL playoffs, and February, which was the year of the Super Bowl.
John Holden, an Oklahoma State University professor who has written extensively on the regulation of sports gambling, says this is not unusual.
“March Madness is probably the biggest gambling event of the year,” he said. “Sure, the Super Bowl is bigger as an individual event, but nothing compares to March Madness. It's a huge gamble. Maybe the gambling around March Madness that made gambling legal today I think that's one of the reasons we did it. It became so accepted. We had the president do the March Madness bracket.”
Holden added that the increased attention was likely due to the increased attention given to the women's tournament inspired by Clarke.
“This is a really exciting time for women's basketball,” he said. “One of the things to watch going forward is whether this also impacts the WNBA.”
Holden said the difference between the handle amount and the revenue numbers — nearly $14 million more wagered and more than $150,000 less returned to the state — is probably not a concern for the state. Sports betting market.
“It's like if you're an investor and you buy a stock and one day it goes down, you think, 'Oh no,'” he said. “But anyone who's ever invested in a company knows that sometimes these things go up and sometimes they go down. If you look at the same day, things will change dramatically. Gambling, too. It's the same.”
Silver said the state remains in line with revenue projections. Before sports betting took off in Maine, Milt Champion, executive director of the Gaming Control Board, estimated the state's annual revenue would be between $3.8 million and $6 million.
“If you look at it over five full months, we're still paying an average of over $400,000 a month in taxes,” Silver said. “We're still in the range of $5 (million) to $6 (million) a year. I certainly think it can happen.”
However, that number is likely to decline in the coming months. Sports gambling always takes longer in the summer because high-profile sports like soccer and basketball are out of season.
“It's been down in recent months,” Holden said. “This is not a big numbers month. If expectations are set realistically, people expect it. Baseball's regular season in July usually doesn't get a lot of attention. …around the All-Star break The next few weeks are usually a pretty quiet time for sportsbooks.
Holden added that the upcoming Summer Olympics in Paris is also unlikely to be a big draw for bettors.
“Not really,” he said. “There are several factors. One, I don't think the books are going to make big bets; they're looking at a lot of small bets. And two, the interest in betting on the Olympics. But I wouldn't say it's that high. There's probably more interest in betting on baseball than betting on the Olympics. …There aren't a lot of race walking experts.”
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