Historically, sports betting markets in the US tend to record their worst numbers during the summer. After all, the most popular sports leagues for betting, such as the NBA and NFL, are in the offseason. But it looks like events like the Olympics are giving a much-needed boost to sportsbooks. Sports betting in Maine reflects exactly this scenario this July.
If you read the latest Bookie Interactive News, you will see how busy the sports calendar is for July. Aside from the Major League Baseball (MLB), you also have other events like the Olympics, and soccer leagues from Europe. Add in betting from tennis and golf tournaments, and you will see a lot of action. The state does not offer online casino gaming, so the data in the report is exclusively that of sports betting.
Sports Betting in Maine Outperforms Other Markets
According to the Maine Gambling Control Unit (MGCU), sportsbooks in the Pine Tree state have a total monthly betting handle of $42.7 million for July. This is the second-highest monthly handle that the state has seen since its launch back in November.
Given that this is the market’s first summer season with sports betting, their numbers are quite remarkable. You can also use software like that of Bwager to gather data on your sportsbook operation. This will help you track your sportsbook’s status every month. Aside from the handle, you can also check your hold rate and revenue numbers as well.
For Maine, the hold percentage was an astounding 15%, keeping $5.33 million. The state will collect 10% of this, earning a cool half a million in just one month. To give you an idea, the average hold percentage is usually at 8-10%. Recording 12% is usually a feat.
Sports Betting Market in Maine is Unique
Sports betting in Maine is quite unique as they only offer online sports betting. There are no retail or brick-and mortar sportsbooks or other retail venues for betting. Of course, the state could earn more by issuing licenses for retail betting.
But when you look at sports betting reports across the country, online sports betting tends to take the bulk of the market share. So even if the state were to allow it, the difference in handle and revenue will be minimal.
Even so, with an even busier August, expect the market to see even higher numbers. Your bookie pay per head software will help you manage the increase in betting activity. Aside from baseball and Olympic betting, football betting will resume. College football resumes in the last week of August. And of course, NFL betting starts as early as now. Even if the regular season won’t start until the first week of September.
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