In November, the Arizona Department of Gaming recorded $626.9 million in a handle in November, leading to a surge in the sports betting industry and marking a significant milestone. In terms of reporting its handle, the Copper State is a bit behind the rest of the sports betting industry.
Arizona’s Numbers Help Create the First $10 Billion Monthly Handle
The latest record of $10.016 billion in accepted bets across 26 states and Washington D.C. surpasses the previous one of $9.84 billion set in January 2022. The total amount wagered in 2022 reached $92.2 billion, marking a significant increase of 59.6 percent from the $57.8 billion wagered in 2021.
Arizona’s strong results helped create the first $10 billion handle in the industry’s history. The 2022 overall handle isn’t finalized yet as three states have yet to report their results; however, November may be a good indication of how the 2022 year will conclude.
Arizona, being the final state to release its monthly report, ranked sixth nationally in terms of handle for November, lagging behind New York, New Jersey, Illinois, Nevada, and Pennsylvania. November is the first time the Copper State reported $600 million in back-to-back months.
The overall gross revenue for the month was $56 million. Using promotional credit deductions, the state was able to levy taxes on $38.8 million in adjusted revenue. The gross revenue for the month also topped the previous that was set in September (55.2 million).
The adjusted revenue resulted in $3.9 million in tax receipts. Through the first 11 months of the year, the state has generated $25.2 million in tax revenue. November’s total has raised the overall amount of wagering to $31.1 million in 15 months of operation.
FanDuel and BetMGM Continues to Own the Public
The average hold rate for the month was 9.1%, outperforming the industry’s average win rate of 7.2 percent. Notably, FanDuel and BetMGM elevated the market performance during the month, and continue to take advantage of the public’s struggles.
Overall, FanDuel had a hold rate of 10 percent or higher for the fifth consecutive month. BetMGM also continued a similar trend by posting a 10.9 percent win rate for the month (5th straight month).
FanDuel spent the most on promotional spending, as the total reached $5.5 million. BetMGM followed with $4.6 million in that category. By barely extending its streak with a $200 million handle, DraftKings held the top spot in the handling department despite a hold rate of six percent.
Caesars Sportsbook took the fourth spot in handle, accepting $61.7 million in bets. Gross revenue increased by 34.7 percent from October to $5.3 million, due to an 8.5 percent hold rate. The company posted $4 million in adjusted revenue, only the second time since its launch, with the highest being $5.1 million in September.
The brick-and-mortar side of the business continues to struggle for the company. Caesars experienced the greater loss of the two companies, incurring payouts of $109,000 on top of the over $1 million in accepted bets. This was its worst monthly loss, surpassing the $89,000 payouts over bets taken in May.
Arizona Will Host the Super Bowl Again
The Philadelphia Eagles will face off against the Kansas City Chiefs in Super Bowl LVII. There are quite a few headlines as the coaches will face off against their former teams, and the Kelce brothers will be competing against each other.
The Eagles completely revamped their team from their last Super Bowl win, while the Chiefs have continued their success without Tyreek Hill.