The Arizona sports betting market exhibited strong performance in August, with a total handle of $358 million.
Handle Recovery:
In August, Arizona’s sports betting handle rebounded, reaching $358 million. This marked an 11.1% increase compared to the previous month, signifying a positive upturn in sports betting activity. Although it fell slightly short of the $361 million wagered in August 2022, the year-on-year figures still reflect a healthy sports betting landscape in the state.
Online vs. Retail Betting:
The breakdown of the handle shows that the majority of bets, approximately $354.6 million, were placed online, underlining the continued preference for mobile sports betting platforms. Retail sportsbooks, on the other hand, accounted for $3.4 million in wagers.
Player Winnings:
Players’ winnings for the month amounted to $327.2 million, which translated to adjusted gross event wagering receipts before free bets totaling $30.9 million. This figure was down by 10.7% when compared to the same period in 2022.
Free Bets and Promotional Credits:
The report also revealed that free bets and promotional credits for August reached $9.5 million, with the majority stemming from online betting. While this amount was slightly higher than the previous year’s $8.5 million, the figure demonstrates the significant role of promotional incentives in the sports betting industry.
Adjusted Gross Event Wagering Receipts:
After accounting for free bets and promotional credits, the adjusted gross event wagering receipts stood at $21.4 million, down 23% year-on-year and 20.2% compared to the previous month. Online sports betting contributed $20.8 million to this figure, while the retail segment added $600,727.
Sports Betting Tax:
Arizona collected $2.1 million in sports betting tax revenue, reinforcing the financial benefits derived from the growing sports betting market in the state.
The Arizona sports betting market experienced a resurgence in August, with a handle of $358 million. While slightly below the figures of the previous year, the positive month-on-month growth and continued popularity of online sports betting showcase the market’s resilience. The role of free bets and promotional credits remains significant, contributing to the overall vibrancy of Arizona’s sports betting industry. With consistent growth and tax revenue, the state’s sports betting landscape appears promising.