Arizona Sports Betting Revenue Reaches New Record, Despite Year-On-Year Decline
Arizona sports betting hit a new record in November with players spending $713.6 million, marking a 3.3% increase from the previous record set in March 2022. Online wagers made up the bulk of the spending at $705.7 million, with only $6.1 million coming from retail sportsbooks and $1.8 million from limited event wagering operators.
Despite the increase in handle, the revenue for the month was down compared to the same period last year. Licensees paid out $671.3 million in winnings to players, leaving an adjusted gross revenue of $20.3 million. This revenue was 45.9% lower than in November 2022 and 38.5% lower than in October.
In terms of individual operators, DraftKings and its partner, Crown Gaming, led in the online market, with revenue reaching $9.7 million. FanDuel processed the most bets at $249.3 million, but only posted $7.7 million in revenue, putting them in second place. Bally Interactive was the only other online operator to generate more than $1 million in revenue.
Only four retail operators reported positive revenue, with FanDuel taking the lead at $115,060. Caesars and BetMGM followed closely behind. Limited event wagering operators also saw TP Racing claim the top spot with $42,575 in revenue.
Despite the decline in revenue compared to previous years, the record-breaking handle in November suggests a growing interest in sports betting in Arizona. With online wagering dominating the market, it will be interesting to see how operators adapt to the changing landscape in the coming months.