Arizona sports betting handle sees 29% monthly drop to 2M in April but still among top 10 for the month

Arizona sports betting handle sees 29% monthly drop to $512M in April but still among top 10 for the month

Arizona reported $512.8 million in sports wagers in April. The total shows a 26% decrease from the record-breaking $692 million reported in March, but still marks the third-highest handle since launch. According to official data released this month, Arizona sportsbooks won $16.5 million in gross sports betting from April’s bets, while the state gained approximately $1.6 million in sports betting taxes.

Arizona Department of Gaming Director Ted Vogt stated: “Event wagering levels continue to look strong in Arizona, with over half a billion dollars wagered during April,” he said. “I am excited to see how the state closes out its first year of legal event wagering in the coming months.”

April represents typically a slow month for sports, as there are very few major sports betting events during the period. Some of the handle decline can be attributed to the close of the NCAA men’s basketball March Madness tournament, which was a huge contributor to that month’s handle.

Mobile sports betting generated $509.5 million in April while retail sports betting generated $3.3 million. About 99.3% of the total revenue from sports betting was generated by online wagering.

The Department of Gaming said sportsbooks made $29.2 million in gross profits after federal tax. Though promotional credits and deductions totaled more than $12.7 million, it was the lowest in the eight months of operation and 31.3% down from the $18.6 million awarded by operators in March.

The state collected more than $1.6 million in taxes for April, raising the total for the year to more than $6.1 million. The state levies an 8% tax on retail wagers and 10% on mobile app bets.

FanDuel Sportsbook at Phoenix Suns Footprint Center, Arizona

According to PlayAZ, most states across the country saw a dip in their sports betting handle from March to April. However, Arizona still managed to secure a spot in the top 10 sports betting markets for the month (as of July 5, 2022), something remarkable given that sports betting in the state isn’t even one year old, while the other states that made the list have had legal sports wagering in place for at least a couple of years.

Through the first eight months of sports betting, Arizona’s sportsbooks have produced $4 billion in online and retail wagers, $263.8 million in gross revenue, and $11.9 million in privilege fees for the state.

The top three April sportsbooks based on handle were DraftKings ($155.9 million), FanDuel ($149.8 million), and BetMGM ($100.6 million). They accounted for $406.4 million dollars, or 79% of the total sports betting revenue.