Arizona finally announced its sports-betting numbers for January and, after breaking a monthly record for handle in December, the state did so once again to start 2022.<\/p>\n
Last Updated: Apr 5, 2022 11:54 AM ET Read Time: 3 min <\/p>\n
After a record-setting December, the January figures for sports betting in Arizona didn't disappoint.<\/p>\n
The Arizona Gaming Commission recently released sports-betting numbers for January, during which retail and online sportsbooks in the Grand Canyon State took over half a billion dollars ($563,694,591) in wagers for the first time, smashing Arizona's previous monthly handle high of $499.2 million.<\/p>\n
Arizonas 12 active mobile sportsbooks and two retail locations combined for just over $40.5 million in gross gaming revenue for the month as well.<\/p>\n
Operators in the state once again doled out a generous amount of free bets and credits, with the monthly total for January close to $21 million. Sportsbooks have now shelled out almost $118 million in promotional offers since the inception of legal sports betting in the state last September.<\/p>\n
The bonusing left sportsbooks with an adjusted revenue of around $19.6 million, which resulted in $1.9 million in tax receipts for the state as mobile operators are subject to a 10% tax rate and retail operators face an 8% levy on their revenue.<\/p>\n
\"With over half a billion dollars wagered in January, it is clear that Arizona has become a top-ten event wagering market nationally,\" said Ted Vogt, director of the Arizona Department of Gaming, in a press release. \"A big thank you to Arizona Department of Gaming Staff and event wagering and fantasy sports stakeholders, whose work has contributed to the strong start in the state.\"<\/p>\n
After the launch of sports betting back on September 9, Arizona operators registered more than $1.7 billion in wagering handle and revenue of around $60 million as of the end of 2021. This has resulted in approximately $6.1 million in taxes paid to the state over that time. <\/p>\n
January's take also shows there are no signs of a slowdown in Arizona, which is now the 12th state to reach $2 billion in total handle and the fastest one to do it, as it needed just five months to reach the milestone.<\/p>\n
There's a range of opinions on how much of a windfall legalized sports betting could bring to the state's coffers. The state legislature's budget analysts predicted somewhere in the $15 million range per year, while industry advocates suggested it could blow that out of the water. Republican Rep. Jeff Weninger, who sponsored the sports-betting legalization legislation, had lofty expectations upwards of $100 million.<\/p>\n
The Arizona betting market continued to be dominated by DraftKings, FanDuel, BetMGM, and Caesars in January.<\/p>\n
The operating giants brought in over $520 million of the total handle, accounting for around 92% of total wagers. Caesars and FanDuel also operate the states two retail locations.<\/p>\n
The only other operators to eclipse $10 million in January handle were Barstool Sportsbook and WynnBET, bringing in close to $21.5 million and $12.8 million, respectively.<\/p>\n
BetMGM led the way in free bets, spending over $8.6 million on its promotional efforts during the month and bringing its total promo spend to close to $35 million since launch.<\/p>\n
FanDuel spent just under $4 million in promos in January but has spent nearly $35 million total, most of which came back in September with the initial launch.<\/p>\n
The generous free credits won't last forever, though.<\/p>\n
While promos are designed to spark interest with attractive welcome bonuses and free bets, the credits can only amount to 20% of operators' gross receipts during the first two years of sports betting in Arizona. They will then have to drop to 15% and then to 10% by the sixth year.<\/p>\n
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Arizona Breaks its Sports-Betting Record With Over $500M in January Handle - Covers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Arizona finally announced its sports-betting numbers for January and, after breaking a monthly record for handle in December, the state did so once again to start 2022. Continue reading