A thriving sports betting industry already exists in Arizona. However, the business may take the lead in the nation as a result of the culmination of high-profile sporting events.
Arizona hosts the Fiesta Bowl & mdash, a College Football Playoff semifinal game, in December of this year. The condition will then number both the Waste Management Phoenix Open and Super Bowl LVII in February. & nbsp, Arizona & rsquo’s professional teams like the Cardinals and Suns will still compete during that three-month period.
But industry experts believe those three major sporting events will be key in driving outside bettors into Arizona, helping to jolt the Arizona sports betting market to new heights. VP of FanDuel communications Chris Jones told the Tucson Sentinel.
It’s going to be a truly exciting sports season, in my opinion. There will likely be a lot going on inside the state, in my opinion, from the standpoint of sports. We must maintain our humility and remain committed to developing the company, making sure that we are expanding at a rhythm and pace that is reasonable and long-lasting. & rdquo,
From December to February of the fiscal year 2022, Arizona gamblers bet more than$ 1.5 billion on sports betting. Three significant sports events take place during that time period, which is the same as Fiscal Year 2023.
In December 2021, activities punters wagered andnbsp$ 499 million. That number increased by almost$ 80 to a little over$ 583 million in January of this calendar year. The amount remained high at$ 491.6 million the following month.
Arizona & rsquo’s sports betting market is predicted to reach$ 7 billion.
There hasn’t been a scarcity of bets since Arizona legalized sports betting in 2021, making it the 23rd position to do so.
The Arizona Department of Gaming reports that in the first year, gamblers in Arizona wagered more than$ 5 billion. There are numerous ways for gymnastics punters to place wagers while traveling.
The state boasts 25 sportsbooks with BetMGM and Betfred as the most recent launches. The Premium Consulting Group Inc. CEO Cory Lindover told the Phoenix News Times:
I can attest to Arizona being a significant sports betting state, & ldquo. Additionally, Arizona is already in the lead among many other states and is well-positioned to continue its strong move. & rdquo,
Expect to see growth in that$ 5 billion area. Not just a little bit, but to increase.
Victor Matheson, a professor of sports economics at the College of the Holy Cross, predicted that Arizona’s sports betting market would reach$ 7 billion the following year.
Growth projections are feasible thanks to Arizona & rsquo’s ability to embrace the industry.
For Arizona,$ 7 billion is an enormous sum. For any state, it & rsquo is a sizable sports betting number. However, it also serves as a testament to the state’s willingness to embrace the sector and keep the potential in the head.
FanDuel, one of the country’s leading online sportsbooks, owns a 7,400-square-foot brick-and-mortar retail sportsbook in Phoenix. It’s at the Footprint Center, where the Phoenix Suns and Mercury call home.
The FanDuel Retail Sportsbook at Footprint Center generated a little more than $14.4 million in wagers between September and December of 2021 Alone, according to the ADG.
FanDuel isn’t the only casino with ties to an Arizona professional sports team, according to reports. Just outside of State Farm Stadium, where the Arizona Cardinals play, BetMGM opened a betting.
Additionally, it is anticipated that DraftKings will start a location in TPC Scottsdale in 2023.
The Arizona Coyotes are another one of Arizona’s professional sports teams to boast a gambling connection, too. They’re sponsored by the Gila River Casino.
Arizona’s most recent Super Bowl was the state & rsquo, s & l quo with the greatest economic impact.
Arizona hosts its fourth Super Bowl in 2023.
The first one might stand out in the minds of NFL viewers. The tournament New England Patriots were defeated by the New York Giants in 2008. David Tyree & rsquo’s miraculous catch against his helmet was featured in the game.
2015 saw the arrival of the following Super Bowl. With little time left, the Patriots defeated the Seattle Seahawks owing to a goal-line intrusion.
However, 2015 & rsquo’s Super Bowl was notable for reasons other than just the field. The game was the most successful Super Bowl game in NFL history, with a$ 700 million economic impact on the Valley, according to research by Arizona State & rsquo, W. P. Carey School of Business.
“This is the largest economic impact of any event ever held in the state of Arizona,” a release stated.
Given that Arizona legalized sports betting more than five years ago, it’s not out of the problem to believe that the big game will surpass that 2015 mark in 2023.