In March 2023, Arizona’s sports betting market demonstrated robust growth, setting new records in both total handle and adjusted revenue.
Record-Breaking Performance
Arizona’s sports betting handle soared to $759.8 million in March 2023, marking a substantial increase of 17.8% year-on-year and a noteworthy 19.2% rise from February. This achievement surpassed the previous record of $713.6 million set in November the previous year.
Breakdown of Wagering Channels
The majority of wagering activity in March 2023 occurred online, amounting to $752.4 million. Retail sportsbooks followed with $5.3 million, while limited event wagering (LEW) operators contributed $2.1 million to the total handle.
Revenue Insights
Gross event wagering, excluding the impact of free bets, reached $57.5 million. After deducting $19.5 million attributed to free bets, adjusted revenue stood at $38 million. This figure represented a 2.4% increase year-on-year and a substantial 35.7% surge from February. Of the adjusted revenue, online platforms dominated with $37.2 million, whereas retail sportsbooks contributed $690,469 and LEW operators added $117,277.
Taxation and Player Winnings
Arizona’s tax revenue from sports betting totaled $3.7 million for March 2023. Players accumulated winnings amounting to $700.5 million during the period.
Quarterly Performance Overview
For the first quarter of 2023, Arizona’s sports betting market continued its upward trajectory, recording a total handle of $2.1 billion—an increase of 14% compared to the same period last year. Gross revenue for the quarter reached $184.6 million, marking a significant 35.3% rise year-on-year.
Arizona’s sports betting market in March 2023 not only set new records in handle and revenue but also underscored the dominance of online platforms in driving growth. With robust quarterly performance figures, the state’s be