Arizona’s Sports Betting Scene: July 2024 in Review
Arizona’s sports betting landscape continues to grow at a remarkable pace, with recent data highlighting significant increases in wager amounts. As reported by the Arizona Department of Gaming (ADG), bettors placed a staggering $410.1 million in wagers throughout July 2024. This represents an impressive 26.9% increase compared to the $323.2 million wagered in July of the previous year, underscoring the state’s robust betting market.
Nonetheless, while the year-on-year figures are encouraging, it is noteworthy that the July handle saw a 9.7% decline when juxtaposed with June’s total of $454.1 million. This decline can be attributed to the seasonality of sports betting activities, particularly as June notably included the excitement surrounding the NBA Finals.
Revenue Insights from July
The July report reveals that combined revenue from both mobile and retail sportsbooks reached approximately $41.5 million before deductions, yielding a 20.1% increase over the previous year’s $34.6 million. However, there was a 10.2% decrease compared to June’s revenue of $46.2 million. After factoring in deductions from promotional credits and free bets, the effective revenue settled at around $29.0 million, which marks an 8.1% increase year-over-year while dipping 8.3% from June.
The insights are critical for stakeholders as they highlight both the growth potential and seasonal fluctuations inherent in the sports betting sector.
Dominance of Online Sportsbooks
Online sports betting remains the dominant force in Arizona, capturing approximately 98.7% of the total handle, equating to about $404.8 million. The state’s key players, DraftKings and FanDuel, have again emerged as frontrunners, collectively accounting for more than half of the total betting handle. Here’s a breakdown of the leading operators for July:
| Operator | July Handle | July Revenue |
|---|---|---|
| DraftKings | $146.4 million | $16.1 million |
| FanDuel | $125.8 million | $13.8 million |
| BetMGM | $47.7 million | $4.1 million |
| Caesars | $25.0 million | $1.9 million |
| bet365 | $20.1 million | $1.9 million |
| Fanatics | $16.1 million | $1.4 million |
This table emphasizes the dominance of these significant operators within the Arizona market, with DraftKings leading the way in both handle and revenue.
Retail Sports Betting Performance
Retail sportsbooks contributed comparatively little to the overall total, with just $5.4 million in wagers made at brick-and-mortar locations. Notably, Caesars led the retail market with a handle of $1.9 million, followed closely by FanDuel at $1.8 million. DraftKings also maintained a presence with $1.5 million and BetMGM contributed $221,000.
When assessed through the lens of adjusted gross receipts (AGR), FanDuel claimed the top spot, generating a profit of $192,000, while Caesars accounted for a less impressive $25,110 profit after paying out significant winnings.
Looking Ahead: Projections and Future Trends
As the summer months draw to a close, Arizona’s sports betting data points to a need for keen observation. The state has been slower in reporting its figures relative to counterparts like Indiana and West Virginia, yet anticipated trends suggest that September—energized by the return of the NFL season—could catalyze revenue growth.
Thus far, the total handle for the 2024 calendar year has surged to almost $4.2 billion, with the fiscal year total (covering June and July) reported at $864.3 million. Since Arizona’s legalization of sports betting in April 2021, following the U.S. Supreme Court’s repeal of the Professional and Amateur Sports Protection Act, the state has amassed over $18.5 billion in total wagers, marking its rising stature in the national sports betting arena.
Conclusion: A Growing Market with True Potential
Arizona’s sports betting landscape showcases a growing market fueled by enthusiastic bettors, innovative technology, and a diverse array of sports betting operators. While monthly fluctuations are expected, the ongoing growth year-over-year suggests a solid foundation for continued success. Stakeholders and participants in the sports betting world will need to remain agile, responsive to changing trends, and ever cognizant of the seasonal nature of the sports calendar as they navigate the opportunities that lie ahead in this evolving frontier.
