Arizona, Nevada Announce Sports Betting Numbers
With more than 30 different states with legal sports betting in 2022, it’s not very often that there are weeks without a sports betting report of some kind. This week it was both Arizona and Nevada that announced sports betting totals, but they were from two separate months.
The Arizona Department of Gaming continues to be slow to put together reports and it just recently announced the numbers from June. The Nevada report also came in a bit late as this state just recently reported on the July sports betting totals.
Both states are going through some tough times in this industry, but this has been the case with other markets throughout the United States. Football is coming though, and both states should start to see a significant boost in both handle and revenue.
Arizona Finally Reports on June
Arizona is state that got off to a fast start with sports betting, but things have been trending in the wrong direction for the last several months. The total sports betting handle for the month of June was just $319 million, and that was a drop of over 31% from May.
Other markets throughout the country saw a significant dip from May to June, but the 31% drop in Arizona was much larger than the average decline throughout the rest of the country. Even though both online and retail betting is legal in Arizona, over 99% of the wagers were placed online.
Not only was the total amount of betting down, but sportsbooks had a hold rate of just 4% for the month of June. Bettors were able to cash in, and it limited the total revenue in the state of Arizona just a little over $12 million.
FanDuel Sportsbook continues to be the clear leader in Arizona as it had 32% of the market share in the month of June.
Nevada Continues to Slide
The sports betting numbers in Nevada have continued to trend in the wrong direction as this state is no longer the leader in this industry. Total sports betting handle for the month of July was just $419.4 million, which was the lowest monthly total in 2022.
Not only is Nevada trending in the wrong direction in 2022, but the year-over-year totals have also started to slip. There was only a $10 million increase from the July 2021 handle totals, and that number has some industry experts concerned in the state.
Nevada sportsbooks were also hit hard by basketball bettors in July as the hold rate was just 3.9%. The total sports betting revenue fell all the way down to $16.2 million after it was up over $33 million a year ago.
The in-person registration requirement in Nevada continues to limit new online sports bettors that visit the state. Nevada will likely fall all the way down to fourth place on the monthly handle list after the report comes from Illinois.
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