In particular, the Grand Canyon State’s state & rsquo, a regulatory body, published statistics produced by legal daily fantasy sports & nbsp.
After fantasy sports competitions began in August, Arizona received only under$ 1,600 in tax revenue in their first four weeks.
This trial length is extremely modest, it is crucial to remember. The review is based on money made from fantasy sports wager between August 28 and August 31.
Therefore, even though the number may seem little, it at least gives a hint as to how much money is generated by daily fantasy sports. Additionally, it can give us a glimpse of what the sports betting revenue report might look like when it & rsquo, which is released in the coming weeks, comes out.
Arizona’s daily fantasy sports impact
According to the ADG report, all fantasy sports contest operations combined to create $1,581.11 in tax revenue for Arizona.
The state’s data showed that DraftKings and FanDuel each collected around $75,000 in fees for Arizona fantasy sports during those four days. Below them, FFPC collected $25,000, and Yahoo Fantasy Sports reported about $600. Each operator offering DFS in the state must pay a 5% tax on their profits, which brings us to that total of over $1,580.
|Controller of DFS||Charges for entry into the state||Adjusted Income|
Let & rsquo, let’s put this into some context: Arizona made about$ 395 per day on fantasy sports over the course of the four days. It would amount to roughly$ 11, 850 over the course of 30 days if you used that number to measure. Over the course of a year, that & rsquo, is roughly$ 144, 175.
When fantasy sports betting became legal in Arizona, those estimates were based on income from a small four-day sample size. That, however, does not account for the anticipated rise in regular dream users.
FanDuel and DraftKings are expected to dominate AZ sports gambling.
Sports gambling, which went into effect on two weeks after dream sports, is anticipated to bring in significantly more money for Arizona. In later November, the ADG plans to release the industry’s initial profit figures. The story sports earnings report, however, gives us a preview of what might be available once the sports betting data are made public.
The popularity of DraftKings and FanDuel in the dream world on a daily basis ought to extend to sports betting. market. That, of course, and each brand’s quick rise in the regulated wagering landscape across the country. Both operators launched betting apps in Arizona on Sept. 9 — the day sports betting launched in the Grand Canyon State.
That said, you cannot overlook the prominence of BetMGM and Caesars. As both stand as respected and well-established sportsbooks, and their affiliation with world-renowned casino enterprises, each brand could challenge both FanDuel and DraftKings Sportsbook for early Arizona supremacy.
Where Arizona activities gambling revenue is spent
As of now, the current plan sends all daily fantasy and sports betting revenue in Arizona to the state’s general fund. Meaning, it will be up to lawmakers to battle it out over how to allocate the money.
PlayInAZ predicted that AZ sportsbooks & nbsp would generate over$ 3 billion in annual revenue, potentially bringing in over$ 10 million in yearly tax revenue.
To find out how authorized sports betting has fared, we must wait until late November. However, even with a small sample size, it is simple to predict that fantasy sports will only slightly contribute to the state & rsquo’s economic expansion.