In December 2022, Arizona’s sports betting market reported a handle of $572.5 million, marking a 7.3% decrease compared to the previous month’s $617 million, according to data from the Arizona Department of Gaming. Despite the decline, December’s performance was still noteworthy, ranking as the fourth-highest monthly total in the state’s 16 months of legal sports wagering. Furthermore, it marked the fourth consecutive month with more than half a billion dollars in wagers, underlining the industry’s resilience. Additionally, Arizona’s overall sports betting handle for the calendar year exceeded an impressive $6 billion.
Handle Decrease:
December’s handle of $572.5 million represented a 7.3% decrease from November’s figure of $617 million. While this decline may raise eyebrows, it is essential to note that such fluctuations are not uncommon in the sports betting industry. The month-to-month variations are influenced by a myriad of factors, including sporting events schedules and other external variables.
Consistency in Wagering:
One noteworthy aspect of Arizona’s sports betting market is its consistency in generating substantial wagering activity. For four consecutive months, the state recorded more than $500 million in bets, showcasing the sustained interest of bettors and the robustness of the market.
Gross Revenue and Tax Receipts:
Despite the drop in the handle, Arizona’s sports betting market generated over $54.4 million in gross revenue after accounting for operator losses and federal excise taxes. This resulted in an impressive 9.5% hold for operators. The financial success of the industry is further evident in the $28.9 million in tax receipts collected during its first full year of operation. Operators recorded $473.1 million in revenue before accounting for losses and federal excise tax.
Leadership Changes:
In other Arizona gaming news, Casino Arizona and Talking Stick Resort, enterprises of the Salt River Pima-Maricopa Indian Community, announced the appointment of John Dinius as their new President and CEO. Dinius brings over two decades of gaming experience to the position, having previously served as the CEO of Table Mountain Casino Resort in Fresno, where he oversaw the successful launch of a multimillion-dollar casino resort. He takes over from Dennis Leong, who held the role for an impressive 13 years and retired at the end of 2022.
Arizona’s sports betting market, while experiencing a slight downturn in December, remains a powerhouse in the industry. Its consistency in generating substantial wagering activity and impressive tax receipts underscore its significance in the state’s economy. Moreover, the appointment of John Dinius as the new CEO for Casino Arizona and Talking Stick Resort signals exciting developments in the region’s gaming landscape, further enhancing its position in the market.