Arizona’s Sports Betting Soars: January 2024 Breakdown

Arizona has emerged as a formidable player, as showcased by the latest report from the Arizona Department of Gaming (ADG). The figures released reveal a significant surge in sports betting activity during the month of January, solidifying the state's position as a key market in the industry. Stay with CasinoLandia to find out more about the diverse landscape that Arizona has to offer.

 

Key Points:

1. Impressive Growth: Arizona experienced a significant surge in sports betting activity during January 2024, with operators handling over $706.4 million in wagers. This marked the second-highest month in terms of dollars wagered since the launch of sports betting in the state, showcasing sustained growth and popularity in the industry.
2. Dominance of Online Sportsbooks: Online sports betting emerged as the dominant force, accounting for a staggering $698.0 million of the total wagers. Leading operators like FanDuel, DraftKings, and BetMGM solidified their positions, collectively responsible for 91.5% of the online sports betting revenue in Arizona during January.
3. Contributions to State Revenue: Alongside the surge in handle and revenue, Arizona's sports betting market contributed significantly to state revenue. With $4.6 million collected in privilege fees in January alone, and a total tax revenue of $24.4 million for the fiscal year 2024, the industry is proving to be a valuable asset to the state's economy.

According to the ADG report, Arizona operators handled a staggering $706.4 million in wagers during January 2024, marking a substantial increase from the previous month. Of this colossal total, online sportsbooks dominated the scene, accounting for a staggering $698.0 million, while retail locations collected a modest $6.3 million. If you are interested in the best sports betting sites in Arizona, make sure you check out our pages!

This surge in activity propelled January to the second-best month in terms of dollars wagered since the inception of sports betting in Arizona back in September 2021. Although November 2023 holds the title with nearly $713.6 million, January 2024's figures are not far behind, showcasing the sustained growth and popularity of sports betting in the state.

Accompanying the surge in wagers is a substantial increase in revenue. In January alone, Arizona's sportsbooks generated an impressive $69.3 million in adjusted gross revenue (AGR). Online sports betting was the primary driver of this revenue, contributing almost $69.0 million to the total, while brick-and-mortar locations added $230,662 to the pot.

 

As the latest figures from Arizona's Department of Gaming reveal, the surge in sports betting activity during January 2024 highlights the state's position as a powerhouse in the industry, with online dominance driving substantial growth and economic contributions.

 

Leading the charge in the online realm is FanDuel, once again solidifying its position as the top operator in Arizona. FanDuel generated a remarkable $31.3 million in AGR from $258.1 million in wagers. Following closely behind are DraftKings and BetMGM, with $22.5 million and $9.7 million in revenue, respectively. Collectively, these top three operators accounted for a staggering 91.5% of the online sports betting revenue in Arizona during January 2024.

 

The Role of Privilege Fees and Tax Revenue

The success of Arizona's sports betting market is not only evident in its robust handle and revenue figures but also in its contribution to state coffers. In January, the state collected $4.6 million in privilege fees, with nearly all of it coming from online sportsbooks. This revenue stream adds to the overall tax revenue generated by the industry, which has already reached $24.4 million for the first eight months of the fiscal year 2024.

Despite the already impressive performance of Arizona's sports betting market, there is still room for growth and expansion. With up to 20 wagering licenses allowed in the state, players can anticipate the arrival of new operators to fill the remaining slots. One such newcomer is Bet365, which launched in Arizona on February 5th through a partnership with the Ak-Chin Indian Community. Its performance in its inaugural month will be closely monitored and reported in the ADG's February update.

Arizona's prowess in the realm of sports betting is not limited to the state borders. The January 2024 figures solidify Arizona's position as a top player on the national stage, ranking sixth in the country for betting activity. With a handle of over $700 million, Arizona finds itself in the company of other major players such as New York, New Jersey, and Pennsylvania.

 

Conclusion

The latest report from the Arizona Department of Gaming paints a picture of a thriving sports betting market in the Grand Canyon State. With impressive handle and revenue figures, coupled with a diverse array of operators and a conducive regulatory environment, Arizona continues to solidify its position as a key player in the ever-expanding landscape of sports betting in the United States. As the industry continues to evolve and grow, all eyes will be on Arizona to see how it continues to shape the future of sports betting in the country.