Arizona sets sports betting records in November

Arizona’s Sports Betting Market Hits New Heights: November 2024 Records Confirm Continued Growth

The Arizona sports betting landscape has achieved unprecedented success, with a record sports betting handle reported for the second consecutive month in November 2024. The state also celebrated a remarkable high in revenue, signaling robust growth in this expanding market.

In November, the total sports betting handle reached an impressive $897.6 million (£708.2 million/€856.6 million), surpassing the previous record of $759.8 million set in October by a significant 18.1%. This figure also represents a substantial 25.8% increase from the same month last year.

According to data released by the Arizona Department of Gaming, online betting accounted for the majority of this handle, totaling $890 million, while retail wagers contributed $7.6 million.

Consumer winnings across both online and retail betting platforms aggregated to $811.3 million. Consequently, adjusted gross event wagering receipts reached an all-time high of $84.1 million, eclipsing the previous record from September 2024 by 8.7% and nearly doubling November 2023’s totals.

Online betting generated $83.3 million of the total adjusted gross event wagering receipts. In stark contrast, retail sports betting brought in a modest $773,634.

Free bet offerings during November amounted to $26.6 million. After accounting for these promotions, adjusted gross event wagering receipts stood at $57.5 million, reflecting a staggering 183.3% year-over-year increase.

The adjusted gross event wagering receipts prior to free bet deductions indicated a handle percentage of 9.37%. Once free bets were considered, November’s handle proportion adjusted to 6.41%.

FanDuel Maintains Competitive Edge Over DraftKings

Flutter Entertainment’s FanDuel continues to assert its dominance in the Arizona market. In November, the platform reported adjusted gross event wagering receipts of $29.9 million, calculated before any free bet deductions, from a substantial handle of $288.6 million. This resulted in a noteworthy monthly hold of 10.36%.

DraftKings closely followed in second place with $25.7 million in receipts, derived from a higher handle of $293.4 million, yielding an 8.76% monthly hold.

BetMGM rounded out the top three operators with $12.7 million in adjusted gross event wagering receipts, supported by a handle of $111.6 million, corresponding to an 11.38% hold.

Caesars Entertainment reported a combined online and retail revenue of $4.0 million from a total handle of $52.5 million, resulting in a 7.62% hold for the month. Fanatics and Bet365 generated $3.8 million and $3.2 million respectively, both exclusively from online platforms, with holds of 9% and 8.16% on handles of $42.2 million and $39.2 million.

ESPN Bet contributed $2.3 million in online revenue from a handle of $28.4 million, achieving an 8.1% hold. Notably, Hard Rock Digital became the only other operator to exceed $1 million in revenue, reporting $1.4 million from $20.4 million in wagers and a 6.86% hold.

On the taxation front, Arizona collected $5.7 million in total revenue for November, primarily from online sports betting, which is taxed at a rate of 10%. In contrast, retail betting, which carries an 8% tax rate, generated just $57,358.

As the state of Arizona continues to foster a competitive sports betting environment, these record figures not only illuminate the rapid growth of the gambling industry but also highlight the pivotal role online platforms play in shaping the future of sports wagering in the region.