Late last week, the Arizona Department of Gaming released the November sports betting figures for the state. For the second month in a row, the state was able to surpass the $600 million mark in bets placed. The total came in at $616.9 million, with several operators reaching new heights regarding wagers.
Arizona Sportsbooks Reach $600m+ Again
The figure from November for wagering in Arizona marks the second time the state has hit the big $600 million mark two months running. In October, the state brought in $618.6 million. The amount was a little less in November, but still, an accomplishment since the sportsbooks saw over $600 million in wagers again.
Arizona Department of Gaming director Ted Vogt stated that it is exciting to see the state hit more than $600 million in bets placed for a consecutive month. The milestone highlights the strong sports betting market in Arizona, which has already established a place in the top-ten market within the US.
Before deductions, promotions, and losses were totaled, the Arizona sportsbooks gained an overall gross revenue total of $56 million. This new monthly record in the state surpassed the September 2022 total of $55.2 million.
Taxes were paid on $38.8 million after revenues were adjusted. The tax payments for November came in at $3.9 million. For 2022 through November, the state gained over $25 million in tax earnings.
Individual Sportsbook Breakdown
When it comes to individual operators in Arizona, BetMGM and FanDuel reign supreme, FanDuel hit the $25 million mark after seeing a win rate of 13%. For November, the brand brought in just over $19 million in adjusted earnings. This was the fifth month running that FanDuel saw a double-digit hold.
BetMGM did well in November, earning just over $10 million in revenues. The brand had over $93 million in wagers for the month. BetMGM spent over $4 million on promotions, so the state was only able to tax around $5.4 million.
DraftKings saw the most bets placed in November in Arizona, hitting $200 million in wagers. The hold was low, though, at below 6%, which led to $11.9 million in earnings, a small increase from October. Caesars came in fourth place with its betting handle of $61.7 million. Gross revenues increased considerably from the previous month, with $5.3 million earned. This was a boost of over 34%.
A higher hold helped the brand to see the jump. The sportsbook operator was able to earn over $4 million after adjustments. Barstool Sports took the fifth spot, seeing over $20 million in wagers. The gross revenue total reached $1.2 million.
In-Person Wagering Still an Issue
Arizona sportsbooks are doing quite well with online services, but retail earnings are taking a hit. It seems players are far more interested in posting bets with a mobile device than visiting a physical venue.
Caesars saw a huge loss with its retail services, paying out over $109 million from just over $1 million in bets placed. The monthly loss was the worst for the brand since May 2022. FanDuel also took a hit, seeing a loss in both October and November within its retail sector. November resulted in $45,000 in payouts from the over $2.9 million handle.
The retail operators are hopeful that the earnings rate will increase, though it seems players are more apt to bet online than travel to place a sports bet.
Arizona Hits Top Five
Arizona is currently in the top six in the United States regarding the November sports betting handle. The state’s $617.9 million helped it beat out Colorado in 7th place, and they were not too far behind Pennsylvania with its $789.2 million.
Fourth place went to Nevada with $927.9 million, while Illinois brought in $1.03 billion. New Jersey generated $1.1 billion, and New York took the top spot with $1.56 billion in wagers. The nationwide sports betting handle has reached an eleven-figure mark which is astounding considering the overall industry is still relatively young.
Players have taken to betting quite quickly once it started to become legal in states across the US. As more states become invested as well, we expect the handle and overall earnings only to continue to skyrocket.