Strong February Results from Arizona’s Sports Betting Market
Arizona’s sports betting with strong results in February, 2024. Image: Phoenix, Arizona, USA.
LISTEN TO THIS ARTICLE:Arizona’s sports betting handle was $637.5 million in February, an increase of 4.6% year-on-year, and gross revenue was up 55.9%.
The handle was significantly larger than the $609.3 million of February last year. However, it was 9.8% smaller than January this year, when $706.4 million was bet. Breaking down the handle, $631.2 million was bet online in February and $4.6 million was bet at retail sportsbooks. The remaining $1.6 million was bet with limited event wagering (LEW) operators.
In regards to revenue, the gross event wagering revenue for February was $53 million, which was higher than February 2023’s $34 million but 23.5% lower than January’s $69.3 million. Online betting generated $52.7 million of gross revenue, while retail wagering generated $290,523 and LEW operators $64,746.
February Adjusted Gross Revenue Hits $28m
February’s adjusted figures take into account free bets and promotions. Operators awarded $25.1 million in free bets and promotional credits in February, exclusively online. Retail sportsbooks and LEW operators did not run any of these promotions.
Taking the promotions into account, the adjusted gross revenue was $28 million, a 72.8% increase from the previous year, although it was 39.4% short of the $46.2 million recorded in January. This total includes $27.6 million from online betting, while the $290,523 from retail betting remained constant.
Players won $583.2 million during the month, which included $577.1 million from online bets, $4.4 million from retail, and $1.6 million with LEW operators.
Regarding taxes, Arizona collected $2.8 million from sports betting. The online betting market, which is taxed at 10%, contributed almost the entire amount, with only small contributions from the retail and LEW sectors.
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FanDuel Leads the Way
Looking at individual operators, FanDuel continues to dominate the online betting sector in Arizona. In February, FanDuel generated $19.7 million in gross revenue from $230.3 million in total wagers.
Not far behind were DraftKings and their partner Crown Gaming with $19.2 million in revenue from $206.2 million in bets and BetMGM made $5.9 million from $73.3 million in wagers.
In the retail betting market, DraftKings and Crown Gaming led with revenue of $147,482 from a handle of $1.7 million. FanDuel reported a higher handle of $1.8 million but incurred payouts exceeding this amount, resulting in no net revenue.
BetMGM was another operator to earn retail revenue, reporting $143,041 in February from $350,168 in bets. Betfred also provides retail betting services in Arizona.
In the LEW sector, Charley’s Sports reported the highest gross revenue, $24,220 from $142,248 in wagers.
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