The Department of Gaming recently reported the March Arizona betting handle, showing the betting industry cut it close to $691 million for the month. This was a new milestone for the state since the betting service first began.
The state does not break down the betting numbers based on sports categories, but we know that March Madness played a vital role in the number of bets placed in March. The NCAA Men’s Basketball Tournament numbers were quite high, coming in at over 40% higher than the February totals. March was such a good month; it marked the second time in the past three months that the state accepted over $500 million in wagers.
Arizona Betting Handle Plus Gross Revenue and Promotional Spending
Arizona was the last state to provide its March sports betting totals in the United States, with the month generating over $9 billion in bets this year. It was a huge month for the industry as a whole, reaching its second-highest monthly total since the Professional and Amateur Sports Protection Act was struck down by the United States Supreme Court in 2018.
For Arizona, the gross gaming revenue totals came in at over 52% more than February, with $37.2 million in earnings. The win rate was up to 5.4%, the second month running for the state to be below 6%.
When it comes to promotional spending, the state saw heavy numbers from operators. Credits and deductions via operators totaled over $18 million. In total, the state was able to tax around $18.7 million, minus the credits, and this left operators with $1.9 million in revenues. A total of 8% came from retail betting and 10% from mobile wagers.
The state did so well via its handle for March, that it landed the number six spot in the nation. New York came in first with $1.64 billion followed closely by New Jersey with $1.12 billion. Illinois, Nevada, and Pennsylvania came in at the third, fourth, and fifth positions.
Individual Operator Details
The top-performing operators in Arizona when it comes to sports betting are DraftKings, BetMGM, FanDuel, and Caesars. DraftKings saw over $230 million bets, which was a 74.9% increase from February.
FanDuel also did well, generating $12.9 million in earnings after taking in over $184 million in bets. BetMGM earned just over $10 million for the month with over $6 million in promotional spending. Caesars spent far less on promotional spending, so it earned $4.8 million for the month, falling in econ behind FanDuel with $8.5 million in revenues.
When it comes to promotional spending, BetMGM takes the top spot. The brand has spent over $49 million since it started offering services in the state and over $23 million in the first quarter of this year. DraftKings is close with $40 million in spending, but the brand slowed down this year after a big boom in promotions upon launch.
Other Operator Totals
Other brands also offer services in the state but have yet to reach the higher numbers as the other big-name brands. Barstool was the only other provider to land eight figures in March, bringing in $19.1 million in bets. WynnBet brought in close to $10 million.
For revenues, TwinSpires was able to earn just over $98,000 from almost $1.1 million in Arizona betting handle. BetRivers generated even less with $14,236 after paying taxes to the state. Betfred is a new brand in Arizona, one that saw $3.5 million in bets placed.
It will be interesting to see how the state fares in the coming months as sports start to dwindle down. The summer months can be slow for wagering, so it would not be unusual to see the state experience a slowdown in bets placed and revenues earned.
