The Arizona Department of Gaming reported $62.4 million in gross sports betting revenue for the month of May as operators hammered the public with an 11% hold.

That revenue figure, before any deductions are counted, is the fourth-highest total in 33 months of wagering in the Grand Canyon State. The 11% win rate ranks second overall, trailing only the near-12% hold attained in May 2022.

The $568.5 million in handle was an increase of 25.9% from May 2023, and marked the second consecutive month Arizona posted a higher wagering amount than Nevada. The combination of expansive mobile reach — Arizona’s mobile handle accounted for just over 99% of all wagering — larger population, and Las Vegas not hosting any significant sporting events that would generate notable retail handle all factor into an outcome that will likely repeat itself until the start of the NFL season.

Revenue was up 26.3% from last year. Handle was down 13.4% from April’s $656.3 million, but gross revenue declined only 3.8% as May’s hold was 1.1 percentage points higher.

After $17.2 million of promotional bonuses and credits were deducted, along with the federal excise tax, the state was eligible to levy taxes on $43.2 million in adjusted gross revenue. That resulted in an inflow of $4.3 million into state tax coffers for the month.

1 New York $1.98B
2 Illinois $1.02B
3 New Jersey $838.9M
4 Ohio $612.7M
5 Penn. $591.9M
6 Mass. $587.3M
7 ARIZONA $568.5M
8 North Carolina $525.5M
9 Nevada $514.4M
10 Virginia $505.6M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) July 24, 2024

FanDuel paced all mobile sportsbooks in May with $27.3 million in revenue, fashioning a 14.2% hold from $192.7 million in handle as it topped $20 million in winnings for the sixth consecutive month. The win rate was its second-highest conducting business in Arizona, trailing only the 16.1% attained in May 2022.

FanDuel also continues to aggressively run promotional offers. Its $5.8 million outlay for May accounted for just over one-third of the total spend by the state’s 17 sports betting apps. It has dished out $36.7 million worth of credits to bettors in the first five months of the year, a 32.3% increase from the same span in 2023.

Eternal rival DraftKings also had a notable spend for May promotions with $5.1 million, the ninth consecutive month its outlay was at least $5 million. It posted a year-best 10.5% hold to reap $19.8 million in gross revenue from $188.3 million worth of wagers. May’s winnings were enough to push DraftKings over $100 million in gross winnings for the calendar year.

BetMGM remained on a comfortable island for the No. 3 spot for both handle and revenue, narrowly missing a 10% win rate in claiming $6.3 million of its $63.6 million in handle. It was also a big spender when it came to promotions ($4.1 million), lifting its all-time total in Arizona above $125 million.

The recent launches of bet365 and Fanatics Sportsbook have created a stratification of sorts in which there are seven popular mobile options for Arizona bettors. For the moment, Caesars continues to be the best among a group of four that also includes ESPN BET. Caesars had a 6.9% win rate to collect $2.4 million in revenue from $35.3 million worth of bets placed.

Bet365 rounded out the top five for May’s numbers with $1.9 million in revenue from $25.5 million in handle, good for a 7.6% hold, but Fanatics showed some pull in its first full month of operations in Arizona. It generated $16.7 million in handle and notched an 8.3% win rate to claim $1.4 million in gross winnings.

Fanatics did not have any AGR as its promo spend was at least $1.3 million, but it has an 8.8% hold in its first two months of action and is nipping at ESPN BET’s heels.

The PENN Entertainment-owned mobile book also had an 8.8% hold in collecting $1.6 million in winnings from $18.2 million in bets placed. After a rough January in which it had a sub-1% win rate, ESPN BET has bounced back with a 7.8% mark spanning the past four months to pick up $7.2 million in revenue.

Las Vegas-based SuperBook, which surprisingly shuttered its mobile operations in eight states outside Nevada last week, had a 4% hold against $909,100 in handle to claim $36,100 in winnings.

Betway, whose parent company Super Group recently announced it was leaving the U.S. sports betting market to concentrate on its internet casino platforms in New Jersey and Pennsylvania, had its best monthly totals in revenue and handle since launching in February 2022. Betway reported $235,100 in gross revenue from $2.9 million in handle, good for an 8.2% hold.