In a significant shift within the sports betting landscape, Meruelo Gaming has announced that SaharaBets, its sports betting platform, will cease operations in the US. This decision follows the sale of the company’s partner, the NHL’s Arizona Coyotes. The move impacts bettors and the broader Arizona sports betting market.
SaharaBets Ends US Operations: Key Details and Impact
Meruelo Gaming, the parent company of SaharaBets, has declared that the platform will no longer accept wagers from US residents. This announcement was made on the company’s website and social media channels. Bettors are urged to withdraw their funds before August 8. During the next 30 days, the platform will continue to process and settle existing bets.
The decision to withdraw from the US market follows the recent sale of the NHL’s Arizona Coyotes, a key partner of SaharaBets since the platform’s launch in Arizona in 2022. This partnership was instrumental in establishing SaharaBets as a player in the sports betting industry.
The Arizona Sports Betting Landscape
Arizona’s sports betting market has been growing rapidly. Recent statistics reveal that the state’s sports betting handle reached $656.3 million in April. This figure represents a 14% increase from March’s handle of $759.8 million and a 22.5% rise compared to April 2023.
The Arizona Department of Gaming (ADG) reported that the state collected $4.3 million in privilege fees for April. This data highlights the significant economic impact and the growing popularity of sports betting in the state.
Upcoming Regulatory Changes and Opportunities
The Arizona Department of Gaming has announced that it will be accepting event wagering applications from July 8 to July 19. This period will include issuing at least one sports betting license reserved specifically for Arizona tribes and another reserved for Arizona sports teams.
These upcoming changes could provide new opportunities for market entrants and stakeholders in the Arizona sports betting ecosystem. The issuance of these licenses may also influence the competitive landscape and the potential for future growth in the market.
The cessation of SaharaBets’ operations in the US marks a significant development in the sports betting industry. While the departure of SaharaBets may impact some bettors, the broader Arizona sports betting market continues to thrive. With increasing handle figures, regulatory changes, and a growing interest in sports betting, Arizona remains a key player in the industry’s expansion.
As the market adapts to these changes, stakeholders should stay informed about regulatory updates and industry trends to navigate the evolving landscape effectively. The future of sports betting in Arizona and beyond will be shaped by these dynamic factors, presenting both challenges and opportunities for market participants.