Arizona is now the seventh-largest state in the US in terms of its sports betting handle. The Grand Canyon State recently released its figures from the first quarter of 2023 and it painted a hugely positive picture with a total sports betting handle of $1.84 billion in the first three months of the year. This was an increase of 5.6% compared to the same quarter last year.
The report also showed that there were $644.7 million in wagers accepted in March. This made it Arizona’s second most successful month since sports betting was officially launched back in September 2021. Only March 2022 had better figures with an overall sports betting handle of $691 million.
Not only was there an increase in the overall amount of wagers made, but the Grand Canyon State’s sportsbooks also enjoyed improved revenues too. This is because there was a 28% increase in the year-on-year revenues with sportsbooks recording $136.2 million in the first three months of 2023 compared to just $106.4 million in the same period last year.
It was little surprise to find that FanDuel and DraftKings enjoyed the lion’s share of these revenues. FanDuel recorded $21.9 million in revenues which was up 18% compared to 2022, while DraftKings saw the biggest percentage rise with its $15 million in revenues being a staggering 60% increase compared to the previous year.
Elsewhere, it was a successful period for both BetMGM and Caesars who took in $9.5 million and $4.9 million in revenues respectively, and enjoyed healthy gains compared to 2022.
The boost in sports betting handle also meant that Arizona enjoyed a healthy increase in the amount of tax revenues recorded. The Arizona Department of Gaming said its $8.2 million in tax revenues from January to March in 2023 was up almost 83% compared to the $4.4 million that it recorded in the same time last year.
The report shows that the legalization of sports betting in Arizona has proven to be a big success. With a total state population of just over seven million, the fourteenth most populous state has nonetheless managed to become the seventh-biggest state in terms of its sports betting handle.
Over $11.3 was recorded in sports betting wagers accepted in the US in March 2023, and Arizona was only beaten by Pennsylvania, Ohio, Nevada, New Jersey, Illinois and New York. What’s impressive is the fact that Arizona has eclipsed the sports betting handle recorded by other states like Massachusetts, Virginia and Colorado, although it’s worth noting that sports betting has only recently gone live in Massachusetts.
Arizona sports betting has only been live for just under two years now, and there are 17 legal sportsbooks currently operating in the Grand Canyon State. All of which means that there is now increased competition for the increasingly vibrant sports betting market in AZ.
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