Arizona Sports Betting Bounces In March
Arizona Sports Betting Bounces In March
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The Arizona Department of Gaming announcing an increase in betting handle and revenue during the month of March. This is because of the surge in interest surrounding the highly anticipated NCAA Division I Men’s Basketball Tournament, commonly known as March Madness.
The influx of college basketball games during the March Madness tournament provided bettors in Arizona with an abundance of opportunities to place wagers, driving a substantial increase in the overall betting handle. This surge in activity was not limited to the online giants, as sportsbooks across the state experienced a notable boost in their numbers as well.
Arizona’s Department of Gaming revealed that the state accepted $759.8 million in bets during March, a 19% monthly increase and over $100 million more than the previous year. This growth in handle can be attributed to the engagement of sports bettors during the March Madness festivities.
While the sports betting market in Arizona is not highly competitive, with only 16 mobile sportsbooks operating in the state, the two industry giants, FanDuel and DraftKings, have emerged as the clear leaders. In March, these two operators combined for a whopping 69% of the total betting handle, showcasing their dominance in the market.
The increased betting activity in Arizona during March resulted in a corresponding rise in revenue for the operators. The state’s sportsbooks held 7.8% of the money they took in, which is slightly lower than the 8.6% hold in February. However, the month-over-month growth in handle made up for this slight decline, with revenue climbing to $38 million, a significant increase from the previous month’s $28 million. Consequently, the tax bill for the state also rose to $3.7 million, providing a welcome boost to state coffers.
Among the operators with more than $5 million in combined handle, FanDuel and DraftKings emerged as the clear frontrunners, with $266.8 million and $257.5 million in handle, respectively. BetMGM and Caesars also saw substantial increases, with $94.6 million and $51.4 million in handle, respectively.
Despite the dominance of FanDuel and DraftKings, the sports betting market in Arizona still holds significant untapped potential. With 16 mobile sportsbooks currently operating in the state, there is room for increased competition and diversification, which could lead to further growth and innovation in the industry.
