Arizona becomes quickest state to reach $1bn in wagering
The state’s online and retail sportsbooks brought in nearly $50m in gross gaming revenue in November.
US.- Arizona’s sportsbooks generated $51.4m in gross gaming revenue (GGR) in November, making Arizona the quickest state to reach $1bn in accumulative wagering after launch. Sports betting was legalised in the state by governor Doug Ducey last April, making Arizona one of 26 US states that have regulated. Revenue was up from $37.5m in October.
After $18.4m in promotional credits, the state taxed $31.9m in gross event wagering receipts, producing $3.2m in privilege fees for the state.
Arizona’s sportsbooks brought in nearly $300m in wagers during the debut month of September, setting a record for the busiest sports betting first month. The handle for November was $470m, down 4.0 per cent when compared to October, with 94 per cent of that generated online. According to the Arizona Department of Gaming, the average betting volume remained at $15.6m in wagers per day.
C.J. Pierre, lead analyst for PlayAZ.com, said: “Arizona’s sportsbooks were able to ride a historic wave of winning in November that easily produced record revenue for operators in the U.S. All of it has helped the state’s sportsbooks get off to an unprecedented debut.”
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayAZ.com, added: “Local bettors have responded enthusiastically, obviously, giving the state’s sportsbooks an impressive start. And operators have clearly placed a lot of emphasis on the state, considering the promotional spend so far.
“Tax revenue will likely lag some while operators are so aggressive, but that should continue to come around as the market settles.”
DraftKings reported $148.7m in wagers, which represent $12.5m in gross revenue. FanDuel was responsible for $118m in online wagers as well as $113.3m in online bets.
