Arizona is gearing up for an exciting boost in sports betting opportunities as the Arizona Department of Gaming (ADG) makes significant announcements regarding the allocation of licenses for 2024.
The ADG has revealed that one license will be exclusively reserved for Arizona tribes, emphasizing their commitment to supporting tribal interests.
In addition to this tribal license, the state will set aside at least one license specifically for sports franchises within Arizona.
Prospective license applicants need to mark their calendars for the application window, which will be open from February 16 to March 4.
After submitting their applications, candidates can anticipate a qualification determination being communicated to selected applicants in March.
In the event that there are more qualified applicants than available licenses, the ADG will conduct a thorough review of each application.
Subsequently, written notifications will be dispatched to those who are fortunate enough to secure an allocation.
This development follows a remarkable surge in Arizona’s sports betting activity during the latter part of 2023. In October 2023, an astonishing $650 million was wagered on sports, representing a 4.8% surge compared to the same month in the previous year.
Additionally, it marked a 6.2% increase from September 2023. The only month that surpassed October 2023 in terms of betting handle was March 2022, with a total of $691 million in wagers accepted.
Mobile betting took the lead in the total wagering landscape, contributing to almost 99% of betting turnover, while retail betting accounted for just $5.4 million.
Notably, DraftKings and FanDuel both generated similar amounts of mobile gaming turnover, each reporting around $220 million.
FanDuel stood out as the top-performing retail bookmaker, boasting revenue of $2.1 million.
Previously, Arizona had a maximum of 20 event wagering licenses available, with 10 reserved for tribes and another 10 for various sports-related entities.
An additional 10 limited event wagering licenses were earmarked for racetrack enclosures or other betting facilities.
In 2023, several operators secured licenses in Arizona, including Bet365, which gained approval in August but has yet to launch its sportsbook in the state.
The launch of ESPN Bet in Arizona in November also made headlines, with Arizona being one of the 17 states where the newly branded online sportsbook, operated by Penn Entertainment, went live.
ESPN Bet is the result of Penn’s $1.5 billion partnership with Disney-owned ESPN, the largest sports media brand in the United States.
These developments indicate a thriving sports betting market in Arizona, offering exciting opportunities for both operators and bettors alike.