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Arizona Sports Betting Revenue and Handle Surge

In August 2024, Arizona's sports betting market recorded significant growth, with total handle reaching $496.6 million—a 38.4% increase year-on-year. Online platforms led the charge, while FanDuel reclaimed the top spot in revenue. This surge underscores changing player preferences and the sector's potential for continued expansion.
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Arizona Flag

Branimir Ivanov | Senior News Contributor

Updated: Nov 1, 2024

Sports Betting on the rise in AZ

Arizona's sports betting landscape experienced a significant uptick in August, marked by a year-on-year increase in both revenue and total handle. The state reported a total handle of $496.6 million, reflecting a robust 38.4% rise compared to August 2023, and surpassing July’s figures by 21.1%.

Player spending reached its highest monthly total since May, with the breakdown of this handle showing that online betting accounted for a substantial $473.8 million, while retail sportsbooks contributed $22.8 million. This trend underscores the continuing preference for online platforms among Arizona bettors, which has become a defining characteristic of the state’s gambling market.

Category Amount Year-on-Year Change
Total Handle $496.6 million +38.4%
Online Handle $473.8 million N/A
Retail Handle $22.8 million N/A
Adjusted Gross Revenue $37.3 million +17.7%
Net Adjusted Gross Revenue $22.4 million +4.7%
Total Tax Revenue $2.2 million N/A
FanDuel AGR $9.8 million N/A
DraftKings AGR $8.5 million N/A

Adjusted gross revenue (AGR) for August stood at $37.3 million, a 17.7% increase from the previous year. However, this figure represents a decline of 12.2% from July's revenue, suggesting that while the year-on-year growth is promising, operators face challenges with month-to-month fluctuations. After factoring in $14.9 million in free bets and promotional credits, the net AGR was reported at $22.4 million—an increase of 4.7% year-on-year but down 22.8% from the previous month.

The hold rates present a mixed picture. Arizona’s overall percentage after free bet deductions was 4.51%, while the pre-deduction hold reached 7.53%. These figures provide insight into the profitability of the bets placed within the state, indicating a competitive environment where operators must balance promotions and player engagement to maintain their margins.

In a noteworthy shift in market dynamics, Flutter Entertainment’s FanDuel reclaimed the top position in Arizona's sports betting sector from rival DraftKings. FanDuel reported an AGR of $9.8 million from a handle of $162 million, resulting in a 6.0% hold. DraftKings, while still a strong contender, trailed with $8.5 million in revenue off a handle of $175.8 million, reflecting a lower hold of 4.84%. Other operators, such as Caesars and BetMGM, contributed to the competitive landscape, with Caesars generating $1.2 million from $28.7 million in handle and BetMGM reporting $1.1 million from $57.3 million in bets.

The increase in sports betting activity has also translated into tax revenues for the state, with total taxes collected amounting to $2.2 million in August. Online betting, taxed at 10%, was the primary contributor, while retail betting generated a more modest $16,809 under the 8% tax rate. This tax revenue is crucial for state programs, highlighting the broader economic impact of the growing sports betting industry.

 

The Future

As Arizona’s sports betting market continues to thrive, the sustained rise in player spending bodes well for its future. The competitive environment is expected to foster further innovation and promotional strategies among operators, especially as they seek to capture and retain the increasingly lucrative online betting audience. With FanDuel leading the charge, and DraftKings closely behind, the state is well-positioned to sustain this momentum as it heads into the final months of the year. The evolving landscape of sports betting in Arizona will be a space to watch, not only for industry stakeholders but also for policymakers and the public who benefit from the generated tax revenue and enhanced gaming options.

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