Arizona Shows Strong October 2023 Sports Betting Activity
LISTEN TO THIS ARTICLE:In October 2023, Arizona's sports betting landscape witnessed a significant surge in activity, with bettors in the state wagering nearly $650 million, according to data released by the Arizona Department of Gaming.
This robust figure of $648.2 million marked a substantial 4.8% increase compared to the same period in the previous year. Furthermore, it demonstrated a notable 6.2% uptick when contrasted with September figures.
Related: Arizona Grants bet365 Brand New Sports Betting License
The October 2023 handle represents the second-largest monthly sports betting turnover in the state's history, trailing only behind the $691 million in wagers accepted in March 2022. Arizona has consistently demonstrated strong growth in its sports betting industry, with October marking the seventh time this year that betting turnover surpassed the $600 million mark.
Mobile betting continued to dominate the Arizona sports betting landscape, accounting for almost 99% of the betting turnover. In contrast, retail betting contributed a relatively modest $5.4 million to the total handle.
Two prominent sports betting operators, DraftKings and FanDuel, emerged as the frontrunners in the mobile gaming sector, each reporting nearly identical mobile betting turnovers of around $220 million for the month of October. Additionally, FanDuel secured the top spot among retail bookmakers, generating revenue of $2.1 million during the same period.
Arizona's Lucky Bettors and Thriving Sports Betting Market
Despite the substantial betting activity, players in Arizona proved to be lucky in October, winning a total of $591.3 million. This resulted in adjusted gross event wagering receipts before accounting for free bets amounting to $55.6 million. While this figure was slightly lower than the $59.7 million generated in September, it remained indicative of the state's robust sports betting market.
Free bets and promotional credits played a significant role in October, totaling $22.6 million, with the majority of these incentives originating from online operators. After accounting for these free bets, the adjusted gross event wagering receipts reached $33.0 million for the month.
In terms of tax revenue generated for the state, approximately $3.29 million in privilege fees were collected in October, reflecting the economic benefits derived from the thriving sports betting industry in Arizona.
As the state continues to see consistent growth in sports betting activity, it is likely that these figures will continue to contribute positively to Arizona's economy, making sports betting a significant and enduring element of the state's entertainment landscape.
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