Handle for February was some way clear of the $609.3m bet in the same month last year. However, it was 9.8% behind the $706.4m wagered in Arizona in January of this year.
Of the total spent during the month, $631.2m was bet online and $4.6m at retail sportsbook facilities across Arizona. An additional $1.6m was spent betting with limited event wagering (LEW) operators.
Turning to revenue, gross event wagering revenue for the month amounted to $53.0m. This was up from $34.0m in February 2023 but 23.5% short of January’s $69.3m record.
Online betting accounted for $52.7m of gross revenue, retail wagering $290,523 and LEW operators just $64,746.
Adjusted gross revenue tops $28.0m in February
In terms of adjusted figures for the month, these are reported after accounting for free bets and promotions.
Operators handed out $25.1m worth of free bets and promotional credits during February, all of which were online. No such offers came from retail sportsbooks or LEW operators.
After deducting these, adjusted gross revenue reached $28.0m, up 72.8% from last year but 39.4% behind $46.2m in January. The total includes $27.6m from online wagering, while the $290,523 drawn from retail betting remains unchanged.
Players won $583.2m during the month, including $577.1m online, $4.4m from retail and $1.6m with LEW operators.
As for tax, Arizona collected $2.8m from sports betting. Online wagering, which is taxed at 10%, generated almost all of this, with only minimal contributions from the retail and LEW markets.
FanDuel remains out in front in Arizona
In terms of individual operators, FanDuel continues to lead both the online sector in Arizona. The operator posted $19.7m in gross revenue from $230.3m in total bets during February.
DraftKings and partner Crown Gaming placed second with revenue of $19.2m from $206.2m, then BetMGM on $5.9m from $73.3m.
As for the retail market, DraftKings and partner Crown Gaming led with $147,482 worth of revenue off a $1.7m handle. Incidentally, FanDuel had a higher handle – $1.8m – but paid out more than this in winnings, meaning it was unable to turn any revenue.
BetMGM was the only other operator to report any sort of retail revenue, posting $143,041 for February. This came off the back of $350,168 in bets. Betfred is the other operator that offers retail betting in Arizona.
Finally, in the LEW sector, Charley’s Sports was the most successful, reporting gross revenue of $24,220 from $142,248 in wagers.
Fanatics enters the fray
Operators in Arizona will soon face more competition with news this month that Fanatics is also launching in the state.
Fanatics is now live in Arizona through a partnership with the Tonto Apache tribe. This is initially via an online offering, although plans are in place to open a retail location inside the Mazatzal Hotel & Casino this summer. The resort is owned and operated by the Tonto Apache.
Fanatics will not feature in the state’s monthly statistics until the April figures are released. Arizona posts its monthly figures later than other regulated states.
Original article: https://igamingbusiness.com/sports-betting/arizona-sports-betting-handle-637m-in-february/
