In August, the Arizona Department of Gaming (ADG) reported an impressive surge in sports betting activity, with a total of $361 million in wagers placed across retail and online sportsbooks. The revenue generated from these wagers reached an impressive $36.3 million, representing a remarkable 10% hold percentage compared to the previous month’s 7.9%. As Arizona approaches the one-year mark since the legalization of sports betting in September 2021, the state’s sports betting industry shows promising growth and potential.
Record-Breaking Revenue:
August marked a milestone for Arizona’s sports betting industry, becoming the third-highest month for tax revenue collection. With a total adjusted revenue of $27.7 million after deducting free bets and promotions, sports betting operators contributed $2.76 million in taxes, adhering to the state’s tax rates of 8% on retail wagers and 10% on mobile bets. The steady increase in revenue since the launch of sports betting in September 2021 indicates a thriving market and a positive outlook for the industry.
ADG Director’s Optimism:
ADG Director Ted Vogt expressed his excitement over the remarkable wagering figures in August, considering it the final monthly report for Arizona’s first year of legal sports betting. The director’s optimism further highlights the positive impact of sports betting on the state’s economy and its potential to become a major revenue stream in the future.
New Retail Sportsbooks:
As the sports betting industry flourishes, Arizona has witnessed the launch of two new retail sportsbooks, signaling the growing interest in this form of entertainment. The Fort McDowell Yavapai Nation’s We-Ko-Pa Casino resort teamed up with Betfred Sports to introduce a state-of-the-art retail sportsbook. The new sportsbook boasts a Planar 4K direct view LED video wall capable of displaying up to 12 live games, as well as multiple wagering terminals and conveniently located betting kiosks. This investment in cutting-edge technology aims to enhance the overall betting experience for patrons.
Meanwhile, BetMGM has also contributed to the industry’s expansion by opening a new retail sportsbook at State Farm Stadium, home of the Arizona Cardinals. This unique venture represents the first sportsbook located within a National Football League (NFL) stadium. Operating on both event and non-event days, the retail sportsbook at State Farm Stadium caters to sports enthusiasts and casual bettors alike.
Arizona’s sports betting industry has achieved remarkable growth in just one year since its legalization in September 2021. The record-breaking revenue of $36.3 million in August, along with the opening of new retail sportsbooks, signals a promising future for the state’s sports betting market. As sports betting continues to gain popularity and acceptance across the nation, Arizona stands at the forefront, reaping the benefits of this thriving industry. With supportive regulations and a growing customer base, the outlook for Arizona’s sports betting sector remains positive, promising even more significant contributions to the state’s economy in the years to come.