Sports earnings in Arizona's betting sector reached a new high of $70.9 million in January.
In a historic month for sports betting, Arizona broke its previous record for gross sports betting revenue, according to the Arizona Department of Gaming. The total revenue for January 2024 reached an impressive $70.9 million, marking a significant 49.4% increase compared to the same month last year.
Leading the pack was FanDuel, which topped $30 million in gross revenue for the first time in Arizona at $31.9 million. FanDuel's handle of $258.1 million accounted for nearly half the promotional outlay among mobile operators, with $11 million in bonuses and credits. The company also reported a 12.4% hold, marking the fifth time in the past eight months it was above 12%.
DraftKings followed closely behind, notching an all-time best for gross revenue at $23.1 million, surpassing the previous high of $22.5 million in October. DraftKings' handle was $228.2 million, the fourth consecutive month it surpassed $220 million. The company also achieved a 10.1% hold, its fourth foray into double figures in the past nine months.
BetMGM finished just $113,000 short of a $10 million revenue benchmark, posting an 11.7% win rate on $84.7 million handle. Caesars, another major player, posted a seven-figure revenue total of $3.5 million, surpassing $100 million in all-time gross revenue. Caesars had a 7% hold on $50.3 million handle, holding off ESPN BET for fourth in handle.
ESPN BET had a sub-1% hold, winning $472,000, with no taxable adjusted gross revenue for the third consecutive month. SuperBook was the only mobile sportsbook to post a monthly loss in gross revenue at $29,700 on $1 million handle.
Wagering via mobile sports betting apps accounted for 98.8% of all handle, totaling $698 million. The state was eligible to tax $46.2 million in adjusted gross revenue following promotional deductions, resulting in $23.2 million in tax revenue.
BetRivers had its best month in Arizona in terms of revenue, reaching $533,200 thanks to a 7.9% hold on $6.8 million worth of bets placed. Hard Rock Bet was a surprising sixth in handle at $7.1 million, coming within $140,000 of its all-time best set in September 2022.
In January 2024, the top three mobile sportsbooks - FanDuel, DraftKings, and BetMGM - combined for $64.8 million in gross winnings. However, no available data specifies which sports betting operators generated the highest tax revenues in Arizona for January 2024. The state received the second-highest total all-time tax revenue of $4.6 million.
The handle totaled $706.4 million, falling short of November's all-time high of $713.6 million. Despite this, the growth in revenue suggests a promising outlook for the sports betting industry in Arizona.
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