Sports betting in Arizona surpasses the $10 billion mark, making it the latest state to hit this significant milestone.
In the rapidly expanding world of sports betting, several U.S. states have broken the $10 billion barrier in total sports wagering handle since the PASPA era ended in 2018. Among these, Arizona has made a significant impact, despite not having precise data on its timeline to reach this milestone.
In April 2023 alone, Arizona's sports wagering handle reached nearly $9.2 billion nationwide. This marked a 4.5% increase compared to April 2022, and Arizona cleared half a billion dollars in handle for the 11th time. The state's major sportsbooks, including DraftKings and FanDuel, reported impressive figures. DraftKings accepted $148.7 million worth of wagers in April, generating $13.9 million in gross revenue. FanDuel accepted $212.9 million in bets and claimed $21.9 million in gross revenue during the same period.
The statewide hold was 9.2% in April, resulting in a total gross revenue of $3.7 billion in the first four months of 2023. This represents a 71.6% increase compared to the same period in 2022. After deductions and adjustments, $790.8 million of the gross revenue was taxed, generating a total of $173.2 million in taxes for the state.
Arizona's impressive growth has not gone unnoticed, as it has become the 10th state to reach the $10 billion threshold in sports wagering. However, when compared to states like New York and Illinois, which have seen handle figures of $24.21 billion and $14 billion respectively over the past year, Arizona's exact ranking in terms of time to reach $10 billion handle is not explicitly reported.
Despite the lack of specific data, it is clear that Arizona has been among the faster states to launch and grow sports betting post-PASPA. Early-adopter states that launched sports betting soon after PASPA's repeal have now hit their stride in handle volume. Arizona legalized and launched sports betting relatively quickly after PASPA, and given the massive market growth started immediately post-PASPA, Arizona is likely among the states to have reached significant handle milestones swiftly.
For a more accurate and detailed comparison of the timing of each state's growth in the sports betting market, a state-by-state historical handle data analysis from regulatory bodies or industry reports would be required.
- The sports betting industry in Arizona has significantly contributed to the national market, with its sports wagering handle reaching almost $9.2 billion in April 2023 alone.
- Leading sportsbooks such as DraftKings and FanDuel reported impressive figures in Arizona, with DraftKings accepting $148.7 million in wagers and generating $13.9 million in gross revenue.
- Arizona's impressive growth in the sports betting market has propelled it to become the 10th state to surpass the $10 billion handle threshold, yet it falls behind states like New York and Illinois in terms of handle volume.
- Given the rapid market growth post-PASPA and Arizona's prompt launch of sports betting, it can be inferred that the state is among those that have reached significant handle milestones quickly. A comprehensive analysis of historical handle data from regulatory bodies or industry reports is necessary for a more accurate and detailed comparison of each state's growth pace in the sports betting market.
