Maine sports betting revenue down 23% in February

Maine’s legal sportsbooks saw their revenue decline in February, with the state's three licensed operators posting a 23% drop from the previous month.

According to the Maine Gambling Control Unit, as reported by Covers, operators generated a combined $5.3 million last month.

The downturn in revenue came alongside a dip in betting activity. Wagering volume in February totaled $41.4 million, a 17% decline from the $50 million posted in January.

Unlike the previous month, when lower betting activity did not translate to a hit in revenue, February’s numbers saw both handle and receipts drop in tandem, the report said.

Despite the decline, sportsbooks managed to maintain a healthy hold of 13%, slightly down from January but still considered favorable in the industry. 

Oddfellahs, Maine’s only retail sportsbook and a partner of Caesars, took the biggest hit in February. The decline in betting activity followed a temporary closure while the state investigated its betting license.

The owner of Oddfellahs Sports Bar had applied for a track betting license, exploiting a gray area in Maine law that doesn’t require licensees to operate at the location listed on the application. He used his horse racing business in one town to bring sports betting to another. While regulators sorted things out, Oddfellahs’ handle dropped 50%, and they paid out more than they took in.

Meanwhile, DraftKings remains the top choice for Maine bettors, commanding 85% of the market—down slightly from January’s 86%. That gave Caesars, its only competitor, a small bump in market share.

Football’s end drove handle to a five-month low, but March Madness is expected to lift numbers before the usual summer slowdown.