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Arizona Sportsbooks Claim Record $60.1 Million In September Revenue 366c5f

Aggressive promotional play sends handle over $600 million for sixth time in 25 months of betting 3h5s6l

Chris AltrudaChris Altruda
November 16, 2023
in Industry

Mary DiCicco/Getty Images 5j2a5m

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Arizona became the ninth state to sur $1 billion in all-time Arizona sports betting winnings for September prior to federal excise taxes being removed.

The Grand Canyon State also became the fastest to the milestone, reaching the benchmark in 25 months of sports wagering. Virginia are the only states to reach $1 billion in total operator revenue in less than 30 months.

State Number of Months Month Achieved
ARIZONA 25 September 2023
Illinois 27 July 2022
Virginia 29 May 2023
New York 31 June 2022
New Jersey 35 April 2021
Nevada 38 July 2021
Michigan 38 August 2023
Pennsylvania 41 March 2022
Indiana 44 April 2023

“It’s exciting to see the continued success of Arizona’s event wagering industry, exceeding $1 billion in gross operator revenue since its inception,” Arizona Department of Gaming Executive Deputy Director Jackie Johnson said in an email to Sports Handle. “As we recognize this achievement, we look forward to fostering continued growth, innovation, and responsible gaming practices that contribute to Arizona’s thriving entertainment economy.”

The return of the bonuses and promotional credits against their gross revenue meant sportsbooks aggressively sought business from new and existing bettors. The $27.1 million outlay in credits and free bets was the second-highest all-time in Arizona, trailing only the $31.2 million that came with the state’s launch in September 2021.

That contributed to a handle of $610.7 million, up 13.5% from the previous September as the Grand Canyon State topped $600 million for the fifth time in 12 months and sixth time overall. The collective 9.8% hold across the state resulted in the record gross revenue haul that also made Arizona the ninth state to have at least one monthly operator revenue total of $60 million or more.

The aggressive promotional spend, however, resulted in close to $32.6 million in adjusted gross revenue eligible for taxation. The 54.2% of operator gross revenue taxed was the lowest since the 45.7% of $35.4 million in winnings in February when Arizona hosted Super Bowl LVIII. The state collected $3.2 million in taxes for September, and the $24.7 million in receipts through the first three quarters of 2023 is more than $6.3 million ahead of last year’s pace.

DraftKings, FanDuel bust out the promos 274b3n

Running SEPTEMBER Top 10 #SportsBetting handles by state

1 New York $1.77B
2 New Jersey ~$1.3B
3 Nevada $811.2M
4 Penn. $726.3M
5 Ohio $691.7M
6 ARIZONA $610.7M
7 Virginia $520.3M
8 Colorado $512.8M
9 Mass. $512.2M
10 Michigan $475.8M#gamblingtwitter #sportsbettingtwitter

— Chris Altruda (@AlTruda73) November 16, 2023

FanDuel ed for more than 65% of the $605.2 million mobile handle for September, and both were more than willing to spend to maintain their market share.

DraftKings set its Arizona all-time highs in revenue and handle at $20.9 million and $218 million, respectively, while its $11.4 million outlay of promotional goodies ranked behind only the $12.5 million spent at launch. It also took back the top all-time handle spot from FanDuel at $3.82 billion, with the two juggernauts separated by less than $11.3 million.

FanDuel set a 2023 best for revenue at $22.7 million, crafting a 12.7% hold off $179.2 million worth of accepted wagers. Its promotional spend of $8.3 million was FanDuel’s all-time high in Arizona, 12.4% higher than the $7.4 million in promotional credits in September 2022.

compared to August to $89.9 million, which was also 11.8% higher compared to the previous September. BetMGM finished with a hold of 11% to claim $9.9 million in gross winnings, while it also eclipsed $2 billion in overall handle in Arizona.

Caesars rounded out the top four for handle at $56.2 million, up 21.8% year-over-year despite a modest 11.5% dip in promotional spend to $1.1 million. Its hold of close to 8% resulted in almost $4.5 million in gross revenue, pushing it over $25 million for the calendar year.

Desert Diamond continues to be the local skin gone big, rounding out the top five for handle with ease at $25.1 million — nearly double that of sixth-place PENN Entertainment, which ESPN BET. But the feast-or-famine nature of the Tuscon-based book resulted in another tough month, as it paid out $923,214 above that amount to bettors.

The local sportsbook’s three losing months in 2023 have seen the public come out nearly $2.4 million ahead on $63.4 million handle, and Desert Diamond posted sub-1% holds in February and August. It has a 2.3% overall hold on $171.5 million handle in 2023, claiming $3.9 million in gross revenue.

PENN, which was the only other mobile book with an eight-figure handle in September, had a 2023-best 8.5% hold to claim over $1.1 million in winnings. Its overall win rate for the year is 5.6%, resulting in $7.4 million in gross revenue from $131.7 million worth of bets.

Plenty of dollars in the desert 2bw6p

Running post-PASPA Top 10 #SportsBetting handle by state (thru Oct in CAPS)

1 New Jersey ~$41.5B
2 Nevada $35.15B
3 NEW YORK $31.67B
4 Illinois $25.35B
5 Penn $23.89B
6 Colorado ~$13.9B
7 INDIANA $13.82B
8 Arizona ~$12.3B
9 Michigan $11.97B
10 Virginia $11.88B#GamblingTwitter

— Chris Altruda (@AlTruda73) November 16, 2023

In looking at handle numbers against geographical peers Nevada and Colorado, Arizona has the biggest year-to-date percentage gain, as its $4.5 billion handle is 6.9% higher versus the first nine months of 2022. By comparison, Colorado’s year-to-date handle is up a modest 2.7% to almost $3.7 billion, while Nevada is down 4.8% to $5.7 billion.

Despite the sizable gap in handle compared to the Silver State, Arizona leads the trio in 2023 operator revenue at $390.5 million thanks to an 8.6% hold that is 3.1 percentage points higher than Nevada’s and 1.1 percentage points better than Colorado. That has helped the Grand Canyon State’s gross revenue climb 25.1% year-over-year compared to 16.4% in Colorado and 5.7% in Nevada.

Arizona has been able to tax 63.4% of its operator revenue this year compared to 68.9% in Colorado. Nevada does not allow for promotional deductions, which allows the state to tax its full revenue at 6.75%. Despite having the lowest percentage, Arizona still leads the trio in tax revenue for the calendar year, ahead of Nevada by $3.5 million and $5.8 million better than Colorado.

Arizona’s numbers pushed the nationwide monthly handle over $10 billion for just the fifth time since sports wagering became available on a state-by-state basis in 2018. September’s current overall handle of $10.48 billion is within striking distance of January’s all-time record of $11.49 billion, as Illinois has yet to report and Kentucky has yet to publish figures from its September retail launch.

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Chris Altruda

Chris Altruda 6a54t

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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