Arizonas Sports Betting Handle Hits Record $760 Million In March
Arizona’s sports betting handle reached a record $760 million in March, with FanDuel setting a state record with $265 million worth of bets.
Handle tops $700 million for third time in last five months
byChris AltrudaMay 29, 2024inAnalysis, IndustryRunning all-time Top 10 #SportsBetting handle by state (thru April in CAPS)
1 NEW JERSEY $50.87B2 NEW YORK $43.42B3 Nevada $40.01B4 Illinois ~$33.9B5 PENN. $29.54B6 Colorado $17.5B7 INDIANA $16.62B8 Arizona $16.46B9 MICHIGAN $15.65B10 Virginia $15.56B#SportsBettingX
— Chris Altruda (@AlTruda73) May 28, 2024
In its first full month of action in Arizona, bet365 had just enough to edge ESPN BET to round out the top five in both gross revenue and handle. The England-based sports betting app collected more than $1.9 million in winnings from $29.3 million handle, crafting a 6.6% win rate. ESPN BET had a slightly lower hold at 6.4%, keeping $1.7 million of the nearly $27 million in wagers accepted.
Both mobile operators had substantial promotional spends relative to their gross winnings — bet365 claimed no adjusted gross revenue as its outlay was at least nearly $1.9 million. ESPN BET reported $210,900 in AGR after offering more than $1.4 million in bonuses and credits. ESPN BET’s month-over-month handle increased by 1.4%, while bet365 had a 19.7% bounce with 31 days of wagering versus 25 days the previous month following its Feb. 5 launch.
Sign Up For The Sports Handle Newsletter! FanDuel took the top spot in both categories, posting $24.4 million in gross revenue from a state-record $265.1 million worth of wagers and attaining a 9.2% hold. FanDuel bettered its previous record for handle established in January at $258.1 million while clearing $200 million for the sixth straight month. The digital leviathan also accounted for the highest promotional spend among the state’s 16 online books with $6.6 million, raising its year-to-date total to $24.4 million.
DraftKings was a closer second in handle than revenue as its $255.3 million worth of accepted bets easily topped the previous high of $230.2 million set in March 2022. It finished with a 7.4% win rate to claim $18.8 million in revenue, though DraftKings’ hold for the month was its lowest since landing at 6.7% last June.
BetMGM was a clear-cut No. 3 for both categories, fashioning an 8.1% hold in winning $7.6 million against $94 million in handle. Its revenue slipped 20.7% from March 2023 as the win rate was close to 2.9 percentage points lower.
Caesars was the only other mobile operator to surpass $2 million in revenue, keeping $3.1 million of the $50.7 million worth of wagers. Its winnings were 36.5% lower compared to the 2023-best $4.9 million claimed in March 2023.
Hard Rock Bet set an all-time high for monthly handle at close to $9.1 million, but a 1.2% hold resulted in only $112,500 in gross revenue. It was the third consecutive month Hard Rock had a record monthly handle, and its $24.2 million worth of bets in the first quarter of 2024 is up 75.7% compared to the same period last year.
Sahara Bets had its best month in terms of revenue, winning $111,400 while attaining an 8.6% hold on $1.3 million in handle. The Las Vegas-based sportsbook also surpassed $10 million in all-time handle since entering Arizona in January 2022.
The statewide mobile hold was just shy of 7.8% as operators claimed $58.5 million in gross revenue from $752.4 million in handle. The $19.5 million in promotional credits and bonuses was up 20.3% from last March but also down 22.1% from February.
Retail books have highest revenue haul since 2022
Arizona’s retail books combined for a 10.7% win rate, their best since an 11.6% hold last September. The $791,200 in revenue was its most since claiming $798,500 in February 2022.
DraftKings’ venue adjacent to TPC Scottsdale provided nearly one-third of those winnings as it attained a 12.1% hold in winning $262,900 from $2.2 million worth of accepted bets. It was the fourth time in six months since launch that the sportsbook had a 9% hold or better as all-time revenue surpassed $1 million.
FanDuel’s sportsbook at the Footprint Center had a strong bounce back from a rough February, collecting $298,800 in revenue with a robust 16.8% hold from $1.8 million in handle. Caesars’ retail book at Chase Field avoided a fourth consecutive losing month with $109,800 in winnings from $705,600 in handle, and the 15.6% hold was its best since a 21.7% win rate in May 2023.
Bettors who went to either of Gallagher’s two locations in Phoenix fared well in March, coming out $7,012 ahead on $64,300 worth of all bets placed. The Gallagher’s location on East Baseline Road lost $5,626 in March, wiping out its $5,576 in February winnings.
Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at email protected
May 29, 2024 May 27, 2024 May 29, 2024 May 29, 2024 May 10, 2024 April 29, 2024 April 16, 2024
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