Arizona's Betting Surge: Record Wagers Amidst Revenue Decline
LISTEN TO THIS ARTICLE:November saw players in Arizona set a new spending record, wagering a $713.6 million and surpassing the previous record of $690.0 million set in March 2022 by 3.3%.
The spending in November 2023 was 15.7% more than the $616.9 million spent in November 2022 and was larger than the $648.2 million from October 2023 by 10.1%.
The majority of the money was bet online, with $705.7 million placed through digital channels, while retail sportsbooks saw a modest $6.1 million. An additional $1.8 million was wagered with limited event wagering operators in Arizona.
Despite the impressive handle, the month saw a downturn in revenue. Licensees awarded $671.3 million in winnings, and after accounting for free bets and promotional credits totaling $20.5 million, the adjusted gross revenue stood at $20.3 million. This represents a significant decrease of 45.9% from the $37.5 million recorded in November 2022 and 38.5% less than the $33.0 million in October.
The revenue generated from online betting amounted to $19.9 million, with retail revenue and limited event wagering trailing behind.
DraftKings and Crown Gaming at the Head of the Pack
The tax contribution from betting was $2.0 million in November, largely fueled by online wagering, with only minimal amounts coming from retail and limited event wagering operators.
Among the online market players, DraftKings and its partner Crown Gaming took the lead. Their operation saw $9.7 million in revenue from $229.4 million in wagers. FanDuel processed more bets overall, totaling $249.3 million, yet lagged slightly behind in revenue, securing the second spot with $7.7 million.
Bally Interactive also made its mark as the only other online operator to exceed $1.0 million in revenue, reaching $1.9 million from internet wagers totaling $91.7 million. In the retail segment, only four operators reported positive revenue, with FanDuel leading with $115,060 from a handle of $1.9 million.
A Competitive Retail Market
There was close competition in the retail market with Caesars closely tailing FanDuel, earning $111,979 from wagers amounting to $1.1 million. BetMGM secured the third position with retail revenue of $84,577 from a handle of $660,242. In regards to limited event wagering, TP Racing emerged as the frontrunner, accumulating $42,575 in revenue from bets totaling $920,621.
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