In November, Arizona’s sports betting handle surged to impressive heights, reaching $705.7 million, marking a remarkable 10.1% increase compared to the previous month’s record of $648.2 million in October 2023.
This remarkable performance not only outshone the state’s previous record of $690.0 million in March 2022 but also represented a substantial 15.7% increase over the handle of $616.9 million recorded in November 2022.
The betting landscape in Arizona witnessed a dynamic split between online and retail sportsbooks, with a staggering $705.7 million wagered online and a more modest $6.1 million at retail locations.
Furthermore, limited event wagering operators contributed an additional $1.8 million to the overall betting activity in the state.
Despite the significant handle, licensees paid out $671.3 million in winnings to players during the month.
Additionally, free bets and promotional credits amounted to $20.5 million, resulting in an adjusted gross revenue of $20.3 million for November.
However, while the handle was record-breaking, revenue experienced a decline compared to previous months, with a 45.9% drop from $37.5 million in November 2022 and a 38.5% decrease from October’s $33.0 million.
Online betting revenue accounted for the lion’s share at $19.9 million, followed by retail revenue at $338,476, and limited event wagering revenue at $96,986.
In terms of taxes generated, November contributed $2.0 million, with the majority stemming from online wagering, while retail and limited event wagering operators made only minor contributions.
Delving into the performance of individual operators, DraftKings and its partner, Crown Gaming, emerged as frontrunners in the online market.
The partnership reaped $9.7 million in revenue from a total of $229.4 million in wagers. FanDuel, while processing a higher volume of bets at $249.3 million, posted $7.7 million in revenue, securing the second position.
Among retail operators, only four managed to achieve positive revenue.
FanDuel led the pack, earning $115,060 from a $1.9 million handle, followed closely by Caesars with $111,979 from $1.1 million.
BetMGM claimed the third spot with retail revenue of $84,577 generated from a $660,242 handle.
Limited event wagering operators saw TP Racing at the forefront, securing the top spot with $42,575 in revenue generated from $920,621 in wagers.
Overall, November showcased Arizona’s continued appetite for sports betting, with online platforms leading the way and a handful of retail and limited event wagering operators also making a mark in the thriving market.