The Maine Gambling Control Unit has disclosed information about the local sports betting market’s performance in March. While the month attracted a record-breaking volume of bets, operators’ hold percentage was quite low, resulting in a decline in tax revenue.
For context, Maine’s sportsbooks recorded approximately $48 million in bets. This figure represents a month-on-month increase of almost $14 million, reflecting the local fans’ excitement about March’s big events.
For context, the March figures were fueled by March Madness, which is considered to be one of the biggest sporting events for betting.
However, the Maine fans, who struggled to place winning bets in prior months, surprised the industry by placing a myriad of successful wagers. And, as it turns out, the fans were the biggest winners in March.
According to Steven Silver, chair of Maine’s Gambling Control Unit, sportsbooks’ hold rate declined to a single-digit figure (5%). As a result, the industry paid only $270,000 to the state in March, representing a decline of over $150,000 from February.
Silver noted that sports fans did not perform so well in earlier months and congratulated the fans for doing so well during March Madness. For context, sports betting in Maine was legalized last year.
March was an anomaly because, since launch in November, Mainers have not been good at winning.
Steven Silver, chair, Maine Gambling Control Unit
Why Was March Different?
According to experts, the results were significantly affected by the impressive performance of fan-favorite players. Analysts pointed out that March Madness tends to attract wagers from non-regular gamblers who usually wager on their favorite athletes.
Silver added that another factor was the fact that the players in Maine had more time to get used to the available apps. In the months since the legalization of betting, fans were able to better understand the sportsbooks and many moved from the high-risk-high-reward parlays to more reliable wagers.
Yet, Silver said that the sportsbooks’ suboptimal performance wasn’t the cause for industry concerns. According to him, the state’s operators are still on track to generate $5-6 million in tax revenue by the end of the year.
