Sports wagering operators in Arizona had their best month since launch in May, claiming more than $55 million in gross revenue according to figures released by the Arizona Department of Gaming.<\/p>\n
The revenue figure topped the previous standard of $50.2 million established in November. Operators also combined to set a new high for hold, with the big three of FanDuel, BetMGM, and DraftKings routing the public to help shape a statewide win rate just shy of 12%. It blew past the 10.9% set in September during the first month of wagering.<\/p>\n
While gross revenue spiked 88.6% higher compared to the $29.2 million claimed in April, handle dipped 10% to $461.5 million. Excluding the initial month of September, Mays handle in the Grand Canyon State was the lowest of any month to date.<\/p>\n
Operators offered $13.8 million in promotional credits in May, leaving $41.4 million in adjusted revenue eligible for taxation. The states share came to more than $4.1 million, the most in taxes for any month of wagering and just the second time in nine months they cleared $2 million. Arizona has generated nearly $10.3 million in taxes through the first five months of the year and $16.2 million since accepting its first wagers.<\/p>\n
Arizonas report also completed state-by-state reporting for the month of May, when nearly $6.7 billion was wagered spanning the 26 states and jurisdictions where commercial sports wagering was legal and operable. That was 10.8% lower than Aprils $7.5 billion, though a seasonal downturn is expected with the slower springtime sports schedule. It was 79.6% higher than the $3.7 billion handle from May 2021, when 20 states and jurisdictions were taking bets.<\/p>\n
FanDuel had its best month of mobile wagering since launching in Arizona, as its gross revenue totaled nearly $24 million thanks to an eye-popping 16.1% hold on $148.7 million handle. It was the second consecutive month its win rate cracked double digits, and FanDuel also became the first mobile operator to surpass $100 million in the state. FanDuels 13.1% hold on adjusted revenue was the highest among any operator in a month with at least $20 million handle.<\/p>\n
DraftKings and BetMGM, which have rounded out the top three in the state for handle every month since launch, joined FanDuel in having holds above 10%. It was the first time DraftKings posting a 10.1% mark did so since the initial launch in September, while BetMGMs 11.9% win rate was its first in double digits since November and third overall.<\/p>\n
The trio of operators also represented the bulk of the promotional credits claimed, combining to lavish $11.7 million worth of wagering goodies for bettors. BetMGMs spend continued to outpace the others, with Mays $5.1 million raising its 2022 outlay to nearly $33.5 million. Its $13.9 million in adjusted revenue represents just 29.3% of the $47.4 million it has generated in the first five months of the year.<\/p>\n
Caesars Sportsbook had a solid 7.3% win rate to claim close to $3.5 million in winnings from $47.5 million handle on the mobile side, but its brick-and-mortar venue was pummeled by the public. It paid out nearly $89,000 more than the $940,588 in wagers accepted. It was Caesars first monthly loss on the retail side, with Mays losses wiping out more than 50% of the revenue it claimed from January through April.<\/p>\n
Barstool surpassed $10 million in all-time gross revenue after winning more than $880,000 from $14.6 million wagered, while WynnBET cleared $50 million in handle for the year after accepting $8.9 million worth of wagers. Among the smaller mobile operators, SuperBook had a jump in handle from $1.9 million in April to over $2.4 million in May, but bettors upped their game and held the win rate at 5.5%, which meant a small dip in month-over-month revenue.<\/p>\n
After a slow start in terms of wins and losses for sportsbooks the current 6.7% nationwide win rate for 2022 is below the industry standard of 7% and dragged down in large part by handle heavyweights New Jersey and Nevada having year-to-date holds of 5.3% and 4.4%, respectively operators finally picked up the pace in May. Twelve states had win rates by operators above 10% in May compared to the 16 combined occasions nationwide in the first four months of 2022.<\/p>\n
Overall, it was the seventh time in 48 months the national hold on gross revenue eclipsed 9%, and the fourth time in the last 12 months. The adjusted revenue win rate of 8.1% for May ranks ninth since PASPA repeal and was more than two percentage points higher than April.<\/p>\n
The $608.5 million in gross revenue was the fourth-highest total recorded in the post-PASPA era, edging out the $603 million in March for second-best in 2022. But with lesser spend in promotional credits nationwide in May, the $538.9 million in adjusted revenue was a high-water mark for the year and trailed only the $614.3 million claimed last November all time.<\/p>\n
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Arizona Sportsbooks Have Big May, Top $55 Million In Revenue - Sports Handle<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Sports wagering operators in Arizona had their best month since launch in May, claiming more than $55 million in gross revenue according to figures released by the Arizona Department of Gaming. The revenue figure topped the previous standard of $50.2 million established in November. Operators also combined to set a new high for hold, with the big three of FanDuel, BetMGM, and DraftKings routing the public to help shape a statewide win rate just shy of 12% Continue reading