The Arizona Department of Gaming reported a monthly handle of $361 million for August. With the numbers being released, this concluded the fiscal year ending for the Copper State’s betting market as the operation began in September 2021.
Arizona is Certainly a Prominent Market in the Industry
As neighboring California awaits Election Day, Arizona has made huge waves in the industry. As the summer slowdown held the industry down, Arizona’s handle in August was higher by 24.3 percent from July’s $288.2 million.
Sportsbooks that operate in Arizona have accepted $5.4 billion for the whole year, which includes $3.7 billion generated in the last eight months of 2022. Putting all the numbers together, the Copper State ranks sixth in the year-to-date category.
In terms of year-to-date handle, the state ranks sixth nationally and is slightly behind neighboring Nevada for fourth place by approximately $1.5 billion. Bookmakers also generated solid revenue numbers as the results favored the house in August.
Mobile and retail operators registered gross revenue of 36.3 million for the month. This marked the highest total since the books found the most success in May, when the gross revenue hit a high of 55.2 million.
How Much Did the State Collect in August?
The state is certainly heading in the right direction as the market looks to close out the fourth quarter of 2022 strong. Sportsbooks have been using promotional credits, and other deductions in the state since markets like New York aren’t offered that luxury.
With that factored in, the state was able to levy $27.8 million in taxes. Arizona also has a very low tax rate compared to many other jurisdictions across the nation, as retail locations are slated for eight percent while online bookmakers are set for 10 percent.
In terms of tax receipts, the state was able to collect $2.8 million in taxes due to a hold rate of 10 percent. In August, markets across the country had a solid win rate of 10.3 percent, which is higher than the national average of 7.2 percent.
Is DraftKings Looking to Dethrone FanDuel as the Nation’s Most Popular Platform?
The Arizona sports betting market has certainly added more sportsbooks over the course of the year. In the span of a year, DraftKings and FanDuel have gained the most market share in the territory as DraftKings leads the way with 36 percent while FanDuel held the second position with 30 percent.
DraftKings registered a handle of $130 million and bested FanDuel for the first time since April, when the handle reached $155.9 million. DraftKings has been looking to close the gap in New York while DraftKings took the top spot in Michigan for the September monthly handle.
BetMGM was behind by a lot but achieved a new milestone in the state. Due to a win rate of 12.4 percent, the platform has surpassed the $1 billion market and gross revenue of $100 million.
Caesars comfortably held the fourth spot with a handle of 30.5 million, while WynnBet rounded out the top five. By $300,000, WynnBet had a higher handle than Barstool.
Hard Rock doubled its handle from July, while Betfred nearly did the same. With the California sports betting hopes in shambles, sportsbooks in Arizona will get more opportunities to extend partnerships with the Super Bowl taking place in Glendale.
