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Arizona Sports Betting Revenue Hits Record $77.4 Million

Arizona sports betting hit a record $77.4M in revenue in September 2024, up 28.8% year-on-year. The NFL's return drove a $732.1M handle, the state’s second-highest ever. Promotions totaled $39.7M as operators vied for market share.
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Branimir Ivanov | Senior News Contributor

Updated: Nov 28, 2024

Sports Betting Performs Across USa

Arizona’s sports betting market achieved a significant milestone in September 2024, with revenue reaching a record $77.4 million, according to the Arizona Department of Gaming. This marks a 28.8% increase from September 2023 and surpasses the previous revenue record of $70.9 million set in January 2024 during the NFL playoffs. The return of the NFL season contributed to robust activity, delivering the state its second-highest handle ever recorded at $732.1 million.

This total handle reflects a 19.9% year-on-year increase but fell short of March 2024’s record $759.8 million. Online betting dominated the landscape, generating $719.6 million of the handle, while retail operations accounted for $12.5 million. Major players like Caesars, Desert Diamond, DraftKings, and FanDuel operated these retail outlets. After paying out $655.7 million in winnings, operators reported a hold of 10.5% before subtracting promotional credits. Promotions, a key battleground for market share during the NFL season, totaled $39.7 million, reducing adjusted gross receipts to $37.7 million.

Arizona’s tax system further divided contributions based on the type of betting. Retail operators, taxed at 8%, contributed $35,807 from $447,593 in adjusted revenue. Online platforms, taxed at 10%, delivered $3.2 million from their adjusted $37.2 million.

Operator Breakdown: FanDuel, DraftKings, and Emerging Rivals

FanDuel maintained its position as the leading operator, with $231.5 million in handle and $27.4 million in gross revenue, reflecting an 11.8% hold. However, promotional credits totaling $10.7 million tempered its post-deduction figures.

DraftKings, while recording the highest handle at $263.9 million, posted $26.6 million in gross revenue, with a 10.1% hold. The operator issued $13.5 million in free bets, surpassing FanDuel in promotional spending. BetMGM held the third spot, with $86.6 million in handle and $9.0 million in gross revenue, reflecting a 10.4% hold. Promotions significantly reduced its adjusted revenue, as free bets totaled $4.0 million.

Among smaller operators, Fanatics continued its rise, handling $34.9 million in wagers and achieving a 10.9% hold, resulting in $3.8 million in revenue. After deducting $3.0 million in promotions, adjusted revenue fell to $805,721. Bet365, leveraging a strong hold of 11.9%, generated $3.4 million from $28.7 million in bets. ESPN Bet showed improvement, with a $16.4 million handle and over $1 million in adjusted revenue before deductions, up from $11.6 million in August.

The NFL’s return in September undeniably fueled Arizona’s betting surge. Operators ramped up promotional efforts to attract customers, as evidenced by the $39.7 million in credits issued statewide. This aggressive strategy reflects the heightened competition in the maturing Arizona market, where operators are vying to solidify their positions during key sporting seasons. FanDuel’s leadership underscores its ability to maintain profitability even with substantial promotional spending. However, DraftKings’ higher handle signals strong engagement, even as its lower hold slightly narrows its revenue gap with FanDuel. Emerging platforms like Fanatics and ESPN Bet are leveraging promotions to build market share, signaling a dynamic and competitive landscape.

 

Arizona’s sports betting revenue reached a record $77.4 million in September, driven by the return of the NFL season and strong engagement across both online and retail platforms.

 

Conclusion

September 2024 marked a record-breaking month for sports betting revenue in Arizona, driven by the NFL season’s return and strong engagement across online and retail channels. While the state fell short of its all-time handle record, the revenue figures highlight a healthy and competitive market. With the NFL in full swing and operators deploying aggressive promotions, the Arizona market is poised for continued growth, albeit with an ongoing tug-of-war between player incentives and operator profitability.

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