Arizona Releases Sports Betting Revenue Report for January 2024
LISTEN TO THIS ARTICLE:In January, Arizona operators collected $706.4m in sports betting, up 19.5% compared to the same month last year. Additionally, the figure also increased by 1.2% compared to $706.4m gotten in December 2023. Online betting contributed $698.0m, while retail betting accounted for $6.3m. The remaining $2.01m was wagered at LEW operators.
All-Time High Sports Betting Revenue Record
In terms of revenue, the state-approved operators generated a total of $69.3m in January, setting a new sports betting revenue record for the second consecutive month.
The figure surged by 51.6% in comparison to the $45.7m earned in January 2023. It was also 4.8% ahead of the record $66.1m set in December. About $23.2m was allocated by sportsbooks to free bets and promotional credits in January, with a substantial amount of the total benefiting online bettors.
After these deductions, adjusted gross revenue for the month stood at $46.2m, a 59.3% rise year-on-year, but fell behind December’s $48.3m by 4.4%.
The state received $4.6m in gaming tax in January. Mobile betting contributed the highest percentage of the overall tax, while retail and LEW operators accounted for $18,164 and $11,696 respectively.
FanDuel Maintains Market Lead
Regarding individual operators, FanDuel continues its lead in the Arizona sports betting market in the month. The operator generated a revenue of $31.2m from a $228.2m handle.
DraftKings, in partnership with Crown Gaming, maintained the second spot with $22.5m in revenue from the largest online handle of $258.1m. BetMGM was third with $9.7m off $84.7m in total bets.
In the retail sector, DraftKings and Crown Gaming ranked first with gross revenue of $144,519 from $3.3m in bets. FanDuel followed in second with a revenue of $62,810 off a $1.8m handle. BetMGM again was in the third spot with $23,332 in revenue and $979,342 in bets. Turf Paradise led LEW operators in January, generating $48,958 in revenue from a handle of $1.1m.
More Finance News
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Arizona Releases Sports Betting Revenue Report for January 2024