According to PlayInAZ analysts, Arizona is the eighth state to earn more than$ 500 million in wagering over a single month.
(LAS VEGAS) — Arizona easily became the eighth U.S. state to accept more than $500 million in bets over a single month, with a record $564 million in wagers in January. The fresh round of new highs made for a fitting conclusion to a football season that started with a record-breaking launch,according to play-in-az.com, which tracks Arizona’s sports betting market.
The plan was favorable to Arizona casinos, according to Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayInAZ.net, with an extra month of regular season games and an increased NFL playoffs over five vacation in January. The quick ramp-up at & ldquo, Arizona & rsquo has been a result of excellent timing, regional enthusiasm, and an alluring regulatory framework that has won over well-known sportsbook operators across the country. As legalization has spread throughout the United States, big operators have had almost four years of experience opening up new markets, and Arizona has benefited from this expertise. & rdquo,
According to official data made public by the Arizona Department of Gaming on Friday, Arizona & rsquo’s online and physical sportsbooks accepted$ 563.7 million in wagers in January, breaking the previous record of$ 499.2 million, which was tallied in December by 12.9 %. Over the course of the 31 days of January, bettors placed an average of$ 18.2 million wagers per day, an increase from$ 16.1 million in December.
The high betting volume led to $41.9 million in gross sports betting revenue for Arizona’s sportsbooks, up5.2% from $39.8 million in December. That made for a 7.4% hold, a relatively high rate in January among the nation’s largest markets. With $20.9 million in promotional credits, the state taxed $19.6 million in gross event wagering receipts. That produced $2.0 million in taxes for the state.
Arizona casinos opened with$ 291.2 million in betting in September, but since then, bookmakers have wagered at least$ 466 million each month. Only New York reached the$ 500 million mark more quickly than more populous states like Illinois, Michigan, and Pennsylvania. & nbsp,
“Sportsbooks will begin to slow down after March Madness, a natural result of the seasonality of sports betting,” said C.J. Pierre, lead analyst for play-in-az.com. “But the state’s sportsbooks took full advantage of the football year. As a result, the market is well-positioned for the upcoming year. & rdquo,
Online AZ sportsbooks took in 99.1% of the state’s January handle, or $558.7 million in wagers. Retail sportsbooks took in the state’s remaining $5.0 million in bets.
With$ 173.1 million in net wagers in January, DraftKings maintained its market dominance. That was an increase from December’s$ 146.0 million. Gross profit for the operator increased from$ 11.3 million in December to$ 11.9 million.
With$ 153.9 million in wagers, including$ 149.9 million online, FanDuel continued to trail its rival. The combined revenue of FanDuel & rsquo increased from$ 131.1 million in December to$ 12. 8 million, which is a market-best. The state & rsquo’s leaders were most closely followed by BetMGM($ 120,000,000 in wagering, all online,$ 11.0 million in gross revenue ) and Caesars($ 733.5 million, including$ 74. 4 million online and$ 3.9 million gross revenue ).
Only the San Juan Southern Paiute Tribe app and its partner Digital Gaming are currently awaiting launch; 18 of Arizona & rsquo’s 20 allotted gaming licenses have already been filled. & nbsp,
& ldquo, According to Pierre,” The early-to-market operators like DraftKings and FanDuel have spent five months now expanding their reach to new customers.” & ldquo, As Arizona & rsquo bettors grow more accustomed to less traditional products like live-game betting, their advantage will probably continue to rise even as the market as a whole continues to grow. & rdquo,
Visit play-in-az.com / news for more details and analysis on Arizona’s regulated sports betting.
Contact: Zack Hall, Catena Media, [email protected]a.com