In a significant turn of events, Arizona has outpaced Nevada in sports betting handle for the first time since legalization. The Arizona Department of Gaming’s recent report for April revealed a staggering $656.3 million in total handle, surpassing Nevada by $87.2 million.
Growth and momentum in Arizona:
Arizona’s sports betting industry has shown remarkable growth, marking a 22.5% increase compared to the previous April and maintaining strong numbers despite a 13.6% decrease from March’s record-setting month. The state has now joined the ranks of those surpassing $17 billion in all-time handle, overtaking Indiana in the process.
Operators in Arizona reported gross revenue of $64.9 million, with a notable 9.9% hold, reflecting a 32.1% increase from April 2023. The state collected $4.3 million in taxes from adjusted gross sports betting revenue of $43.4 million, showcasing a robust financial contribution to Arizona’s coffers.
The dominance of mobile sports betting apps has been a crucial factor in Arizona’s ascendance. Unlike Nevada, which requires in-person registration, Arizona allows remote registration, leading to a staggering 99% of the state’s handle originating from mobile platforms. This strategy has enabled Arizona to capitalize on the widespread accessibility of sports betting apps.
Top performers in Arizona’s market:
Leading the charge are industry giants FanDuel and DraftKings, which continue to dominate both in revenue and handle. FanDuel reported gross winnings of nearly $27 million from a $230.3 million handle, maintaining an 11.7% hold. Meanwhile, DraftKings secured $19.5 million in revenue with a solid 9.3% hold, surpassing $400 million in all-time revenue since its inception in Arizona.
Behind the top two, BetMGM showcased strong performance with an 11.2% win rate, generating $8.5 million in revenue from $76.4 million in handle. Bet365 and ESPN BET also made significant contributions, with Bet365 reporting close to $2 million in revenue and ESPN BET maintaining a commendable 8.8% win rate despite a decline in handle.
Challenges and setbacks:
According to industry sources, not all operators fared equally well in April. Some, like Betfred, Golden Nugget, and Unibet, experienced losses. Betfred faced the largest deficit among them, paying out $50,400 more than its $3.8 million handle. Unibet, which exited the market in early June, incurred a loss of $4,600, while Golden Nugget lost $11,600 from $153,700 in wagers.
The disparity between retail and mobile performance was stark. While mobile operators boasted a collective 9.8% hold on $634.3 million in handle, retail venues struggled with a mere 1.3% win rate, generating just $81,800 from $6.4 million in bets.
Arizona’s achievement in surpassing Nevada in sports betting handle marks a significant milestone for the state’s burgeoning industry. With mobile apps driving growth and revenue, coupled with strategic market positioning of top operators, Arizona continues to cement its place as a powerhouse in the world of sports betting.
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