Arizona sports betting market finished its first fiscal year on a high note. According to the Arizona Department of Gaming report, sportsbook operators in the Copper State registered a monthly handle of approximately $560 million in September.
Arizona’s First Year of Sports Wagering Was a Success
Arizona has become an important jurisdiction for the sports betting industry bettors in California have crossed state lines to place wagers throughout the year. This will continue as both initiatives failed in 2022 and will make their return in 2024.
ADG Director Ted Vogt stated during a press release;
“September was clearly a strong month for Arizona sports betting, with the state seeing over $245 million more in wagers when compared to the same month of 2021,…“I am excited to see how the industry progresses through the winter months, which generally has the most popular sports for wagering in the United States.”
When looking at the year-over-year numbers, the handle for September 2022 noted an increase of 84.7 percent. Bookmakers in Cooper State have accepted nearly $6 billion in wagers for the year. The adjusted revenue figures have been solid, as well as the sportsbook operators generated just under $480 million during that span.
Due to the strong numbers, the state has collected $24 million in tax receipts. The state has certainly cemented itself as a top-10 market in the industry.
How Did the Sportsbooks Compare With Each Other?
DraftKings led the way in Arizona as the platform registered a mobile handle of $1.9 billion. DraftKings’ biggest rival handled $1.6 billion in online wagers. BetMGM rounded out the billion-dollar club by accepting $1.1 billion in bets.
DraftKings took control of the handling department, but FanDuel was the market leader in the revenue category. Thanks to a 9.3 percent hold, the bookmaker was able to generate $152.4 million. Just to put the win rate in perspective, the national average is 7.2 percent.
DraftKings came in second with $119.5 million in revenue but only had a hold rate of 6.3 percent. For $115.7 million, BetMGM held a 10.2 percent hold.
With wagers totaling $741.7 million, Caesars generated $51.4 million in revenue, far exceeding fifth place Barstool Sportsbook, which handled $208.2 million. Currently, the state has 18 mobile operators that conduct business in the state. TwinSpires and Fubo Sportsbook have shut down their sports betting units, as the losses were too insurmountable to recover.
Are the Tribes in Arizona Being Left in the Dust
As sports betting continues to grow in the state, six of the 20 federally recognized tribes that have applied for a license have been denied in the process. As of right now, the tribes that are pursuing gaming have extended details with smaller partners but have yet to receive a license.
The Commission has been more focused on improving the sports betting market in the next few months. State Farm Stadium in Glendale will be hosting the Super Bowl in just a few months.
