Maine’s legal sportsbooks saw a 23% decline in revenue in February compared to the previous month, with operators generating a total of $5.3 million. Wagering volume also decreased by 17%, totaling $41.4 million. Despite the drop in activity, sportsbooks managed to maintain a favorable hold of 13%. DraftKings remained the top choice for Maine bettors, holding an 85% market share, with Caesars as its only competitor.
Oddfellahs, Maine’s only retail sportsbook, experienced the biggest hit in February due to a temporary closure while the state investigated its betting license. The owner had exploited a legal loophole to offer sports betting at a different location than listed on the license application, resulting in a 50% drop in handle and a loss for the sportsbook.
The decline in revenue and betting activity was attributed to the end of the football season, but March Madness is expected to boost numbers before the usual summer slowdown. Operators are optimistic that the upcoming sports events will help recover from the February downturn. Despite the challenges faced in February, sportsbooks in Maine are looking forward to a more profitable March.
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