The state gaming, racing, and betting regulatory agency, Arizona Department of Gaming (ADG), reports that the sports betting handle in Arizona amounted to almost $706.4 million in January 2024. According to the report, the total amount wagered in the state in the subject month was around 19.5% higher on the year-on-year basis. The January 2024 figures, reportedly significantly driven by the NFL Super Bowl event held in February, brought around $4.6 million in tax revenues for the state.
$706.4 Million Handle Close to the Record:
The overall sports wagering handle reached in January 2024 represent another monthly figure exceeding $700 million in bets placed in Arizona. According to a source, the result follows the record $713.5 million handle hit in November 2023, and also continues the streak of exceptional single-month handle results. Therefore January 2024 represents the 10th single-month handle above $600 million since the 2021 launch of sports betting in the Grand Canyon State.
As indicated earlier, the sports betting operations have grown ever since to reach the amount of $12.9 billion for the 26 reported months by October 2023 inclusive. With $713.5 million handled in November 2023, $693.3 million reportedly hit in December 2023, and $706.4 million now reported for January 2024, it is estimated that the sports betting industry in Arizona handled more than $15billion for the reported 29 months since the 2021 launch to testify about the strength of these operations in Arizona.
$4.6m in Tax Revenues:
As the source reports, the strong betting handle in January generated around $4.6 million in tax revenues for the state and $69.3 million in gaming revenues for the operators. As reported, the largest portion of gaming revenues was generated by mobile operators accounting for around 99% of the total figure. Also, the gaming cake was dominantly shared by the leading sports books, such as FanDuel, DraftKings, and BetMGM, according to the source.
$69.3m in Operator Revenues:
FanDuel reportedly led the market in January 2024 to reach $31.2 million in mobile revenues. DraftKings followed with $22.5 million, BetMGM generated $9.2 million in mobile revenues with the remaining revenues distributed across other sports wagering operators. As reported by the source, these included the bet365 sports book for the first time in Arizona in January marking the British operator’s market debut.
Arizona Department of Gaming continues to monitor the sports betting figures in the market for the benefit of all sports wagering stakeholders. At the same time, the regulator is actively involved to help resolve any adverse effects of gaming. The ADG Division of Problem Gambling provides education, prevention and treatment programs for patrons to ensure safe gambling practices and environment in the jurisdiction.