November 13, 2022

Arizona Sports Betting Posts Record January With 563m Handle

Arizona Sports Betting Posts Record Januarywith $563M Handle

witnessed a record-setting sports betting deal with in January, turning into the fastest to cross $2 billion in total deal with. The Arizona Department of Gaming (ADG) released the numbers Friday after an extended wait.

According to the official figures, Arizona’s cellular and retail sportsbooks posted $563.7 million, up 12.9% from December’s $499.2 million – additionally a report then.

The state bettors wagered an average of $18.2 million each day over the 31 days of January. The every day average in December was $16.1 million.

The elevated betting volume led to $41.9 million in gross sports wagering income for the Arizona operators, representing a 5.2% enhance from $39.eight million in December.

The hold rate was 7.4% – a better fee in January compared to other larger markets within the nation.

But the state levied tax at $19.6 million in gross event wagering receipts as $20.9 million was dished out in promotional credits. As a result, the state generated $2 million in taxes.

Mobile bets accounted for ninety nine.1% – or $558.7 million – of the Arizona sportsbooks’ January deal with. Only $5 million was wagered via retail sportsbooks.

Arizona Fastest to Surpass $2 billion Handle

Arizona also required just the fifth month of betting to prime $2 billion within the all-time handle, becoming the 12th state to succeed in that milestone and the quickest to it.

Arizona grew to become the fourth state to hit its first January deal with of one-half billion dollars. The others are New York, Colorado, and Indiana.

The Copper State additionally became the eighth state to accept over $500 million in wagers over a single month.

It was also the ninth state in the post-PASPA period, with a minimal of one monthly handle of over $500 million. The other states are Colorado, Illinois, Indiana, Michigan, Nevada, New Jersey, New York, and Pennsylvania.

DraftKings, FanDuel, and BetMGM Top Arizona Operators

, and – the nation’s three largest operators – continue to dominate the Arizona sports betting market. The trio grabbed practically 80% of the entire market share in January.

The Boston-based DraftKings led in phrases of handle, accepting $173.1 million value of wagers – all on-line. The New York-based FanDuel took in $153.9 million, whereas BetMGM attracted $120 million price of bets – all online.

was the fourth-largest operator in Arizona sports betting with a $73.5 million deal with, and Barstool Sportsbook rounded out the top five with $21.four million.

reported practically $12.eight million in deal with for January.

Arizona Catapults January to a Record-Breaking Month for the US

Arizona’s sports activities betting concluded January because the record-breaking month for the US sports betting trade. More than $9.8 billion was handled by US sportsbooks through the first month of this yr. It is more than double what was wagered in the course of the month of Jan. 2021, which brought $4.4 billion.

The earlier national document came in Oct. 2021, when the combined to publish $7.fifty four billion in the general deal with.

New York’s 51% tax price on sports betting income has clearly swelled to a document national month-to-month state tax haul of $128.6 million, with the Empire State accounting for practically half that whole with practically $63.4 million.

The average win rate for January was around 6.6%, which brought about nearly $648 million in gross operator income.

How Have We Reached Here?

went reside in September and posted $291.2 million in handle. But every month since October, the Copper State has posted over $450 million in handle each month.

Only New York sports activities betting was quicker to its $500 million handle within the nation, outshining extra populous states like Illinois, Michigan, and Pennsylvania to reach the milestone.

Currently, 18 of Arizona’s 20 allotted sports activities betting licenses have been stuffed. Only the San Juan Southern Paiute Tribe and its partner Digital Gaming expect their app launch.

As March Madness concludes, C.J. Pierre, a number one analyst for PlayAZ, believes sportsbooks will begin to decelerate. But he added that the Copper State’s sportsbooks took complete advantage of the soccer season, believing that the industry can be on solid footing in the coming days.

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