When a new state enters the sports betting market, there is always the potential for failure, but surprisingly Arizona exceeded expectations. Arizona is home to two retail sportsbooks and nine online sportsbook operators. Eight of the online operators have been accepting bets since September.
Sportsbooks that operate in the Copper State drew in $291.2 million in wagers in September. October was even better as the sportsbooks brought in $486.1 million in bets as the two figures were released on the same day bringing the total to $777 million.
Arizona sportsbooks reaped the benefits of starting the sports betting operation with the opening week of the NFL. The local professional sports teams did their part as the Arizona Cardinals clinched a playoff spot and the Phoenix Suns have the second-best record in the Western Conference and the NBA.
Six other states launched commercial sports betting in the first eleven months of 2021, and Arizona had the best sports betting handle in the first month when comparing the numbers of the other states that joined the industry. Arizona sportsbooks recorded gross revenue of $31.6 million, good for a 10.86 percent hold.
The hold win rate only trailed Louisiana, South Dakota, and Wyoming. Arizona’s gross revenue numbers were great, but one thing did not add up in that specific category. Sportsbooks offered a lot of promotions that gave consumers risk-free bets and deposit matches to gain the interest of bettors across the state to use their platforms.
Sportsbooks had to subtract a total of $31.2 million for handing out promotions. That only left the state with just $31,393 in taxes. However, the sports betting market has massive potential as it shattered the previous record first-month sports betting handle of $131.4 million that Tennessee set in November 2020.
Which Sportsbook Led the Market in Arizona
With the first two months of operators numbers in the history books, Arizona has already become a top 10 sports betting market in the industry. Daily Fantasy Sports launched two weeks before sports betting, but DraftKings Sportsbooks still took over the top position as it made up more than one-third of the handle.
DraftKings brought in 249.1 million in wagers, and FanDuel followed with $249.1 million making up 22.7 percent. BetMGM was secured third place with $151 million, just shy of 20 percent. Caesars was the last sportsbook to bring in $100 million as the total hit $111.4 million, which was good for 14.5 percent of the market share.
Barstool’s $39.3 million was slated for 5.1 percent of the market, and Wynn’s $38.2 million fell just short of the five percent mark. TwinSpires, Unibet, and Rush Street Interactive combined for a total that was less than one percent of the market share. It’s important to note that BetRivers, which is backed by Rush, contributed to October’s total of $681,571 with just five days of betting.
Arizona’s great sports betting handle in October brought the national handle for the month to a combined total of over $7.5 million. With the addition of Arizona, the national sports betting handle will continue to soar as Phoenix is a city on the rise.