Arizona’s Sports Betting Handle Hits $777 million in the First Two Months of Operation
There was initial doubt about the sports betting market’s success as the Arizona Department of Gaming missed the November 29th release date with no indication of when the numbers will be out. The department did drop the October sports betting report as its target release date was December 27th before closing 2021.
The doubt of the sports betting reports can be set aside as Arizona has surprisingly exceeded expectations. The department dropped the figures for the first two months of operation in the state.
Arizona’s sports betting market is home to nine online mobile providers and two retail locations. Eight of the nine mobile sportsbook operators have been accepting wagers since September.
The retail and online sportsbooks operators combined to accept more than $777 million in wagers for the first two months of launch.
Six other states launched commercial sports betting in the first eleven months of 2021, and Arizona had the best first month of sports betting. In September, the sportsbooks that operate in the state brought in $291.2 million. Maryland launched around that time but accepted the first bet in December.
For September, Arizona’s sports betting handle also had the highest gross revenue among the six states as the sportsbooks generated approximately $31.6 million.
The gross win rate was one of the states to hit double figures at 10.86 percent trailing Louisiana, South Dakota, and Wyoming.
Arizona’s sports betting handle could be attributed to the professional sports teams’ success in their respective leagues. The Arizona Cardinals have clinched a playoff spot, and the Phoenix Suns have the second-best record in the league and the Western Conference.The Arizona Cardinals’ success contributed to Arizona’s sports betting numbers.
Which Sportsbooks Secured the Most Market Share in Arizona?
The meteoric rise in Arizona has undoubtedly made the state a top 10 sports betting market in the sports betting industry. Arizona’s sports betting handle that topped $486 million was ranked seventh among the 24 states that accepted wagers for the month.
September’s launch was perfect timing for the state as many leagues were getting ready to start their seasons with the MLB getting ready for playoff baseball. Sportsbooks in the state used their marketing strategies to offer risk-free bets and other promotions like deposit match bonuses.
October saw an increase in taxes as Rush Street Interactive entered as a mobile sportsbook and the ninth operator in the state. The gross revenue hit $36.3 million for the month, an increase of 14.8 percent from September.
DraftKings and FanDuel took most of the sports betting market share in the state. DraftKings accounted for approximately one-third of the market, accepting $249.1 million in wagers. FanDuel was just behind, bringing in $173.9 million, which made up 22.7 percent.
BetMGM was third with $151 million and just fell short of 20 percent. Barstool brought in $39.3 million, which represented 5.1 percent.
WynnBETrounded out the top five with 38.2 million, just shy of five percent.
With the November sports betting handle numbers yet to be released by the Arizona Department of Gaming, Arizona will be the fastest state to hit the $1 billion handle mark.