. Arizona Sportsbooks Fall Just Short Of $500 Million Handle In February

Arizona Sportsbooks Fall Just Short Of $500 Million Handle In February

Written By Play AZ Editorial Team on May 3, 2022Last Updated on January 30, 2023

According to PlayInAZ analysts & nbsp, Super Bowl kept business brisk at sportsbooks, which generated nearly$ 3 billion in wagers over market & rsquo, in the first six months.

The Super Bowl helped Arizona sportsbooks make nearly$ 500 million in wagers in February, but that wasn’t enough to stop Arizona’s first month-over-month decline in sports betting.( LAS VEGAS ) & mdash According to play-in-az.com, which monitors the sports betting market in Arizona & rsquo, the modest downtick was typical among legal U.S. sports bookmakers during what was a brief month with just one football game.

According to Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayInAZ.net, Arizona is following a similar pattern to more developed markets, & rdquo. & ldquo, Despite the Super Bowl’s size, it cannot compete with a month like January, which featured five full weekends of football games. With a one-month exceptions in March due to the NCAA Tournament, U.S. sports betting has predictable seasonal ebbs and flows that typically follow the basketball season. & rdquo,

Bettors poured $491.7 million in wagers into Arizona’s online and retail sportsbooks in February, a 13% dip from the record $563.7 million in wagers sportsbooks collected in January, according to official data released Tuesday by the Arizona Department of Gaming. Bettors placed an average of $17.6 million in wagers per day over the 28 days of February, down from $18.2 million per day in January. Still, February’s handle marked the third-highest monthly volume since Arizona sports betting launched in September. 

Sportsbooks won $25.6 million in gross sports betting revenue from March’s bets, down39% from $41.9 million in January. With $17.6 million in promotional deductions, the state taxed $6.9 million in adjusted receipts. That yielded $670,686 in privilege fees for the state.

Arizona & rsquo, s sportsbooks have produced the following during the first six months of sports betting:

    $ 2.8 billion in retail and online bets
  • net profit of$ 228.6 million
  • Luxury fees for the express total$ 8.6 million.

The first six months have been quite extraordinary, & ldquo. Arizona would have gotten off to the fastest stop in American sports betting background if it weren’t for New York, according to C. J. Pierre, lead analyst for play-in-az.com. Users can take heart in knowing that the industry has taken a turn as the economy starts its annual fall, which usually starts in April. enormous step forward. & rdquo,

In February,$ 488.3 million, or 99.3 % of the state’s handle, came from online sportsbooks. Bet from wholesale casinos totaled$ 3.4 million. & nbsp,

With$ 142.4 million in online bets, FanDuel defeated rival DraftKings in February, accounting for the majority of the$ 149.8 million that month’s retail and online book sales. However, the gross revenue from that was only$ 2.5 million. DraftKings served as the condition andrsquo, s No. 2 with$ 131.7 million in bets, all of which were placed online. Those wagers generated a market-best$ 10.1 million in gross sales. & nbsp,

The state & rsquo’s leaders were most closely trailed by BetMGM($ 99.8 million in wagering, all online,$ 78.4 million ad revenue ) and Caesars($ 79.0 million ) in betting, including$ 77. 4 million an online wager of$ 2.5 million.

The Super Bowl was undoubtedly the biggest sportsbook bring in February, and bets on the event appeared to live up to expectations. Beyond the money made, the Super Bowl and the rsquo are significant to casinos. The industry also sees it as a great chance to attract new players because it usually generates substantially more promotional spending than any other sport of the year. & nbsp,

The Super Bowl is an essential component of operators’ long-term plans to increase their approach, according to Pierre. & ldquo, Even if the match was only marginally successful, it could result in a significant gain for casinos that use it to draw in new customers in the future. That strong gains additional significance when a business is still in its infancy and every operator is vying for an increased share. & rdquo,

Visit play-in-az.com / news for more details and analysis on regulated sports betting in Arizona.

Contact: Zack Hall, Catena Media, [email protected]

Julio Cortez, AP, in a photograph
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