Arizona Pushes the Monthly Handle Total to New Heights in November as the Number Surpassed $10 Billion
The Arizona Department of Gaming registered a handle of $626.9 million in November. The bump in the numbers trickled across the sports betting industry as history was made.
Arizona is a Prominent Contributor to the Industry
It topped the previous record of $9.84 billion set in January 2022, with a total of $10.016 billion in wagers accepted across 26 states and Washington, D.C. In all, $92.2 billion was wagered in 2022, a 59.6 percent increase over the $57.8 billion wagered in 2021.
The Copper State continues to be a competitive market in the industry because its November monthly total is placed sixth in the rankings. It only trailed a small list of states, which included New York, New Jersey, Illinois, Nevada, and Pennsylvania.
Arizona’s figures for the month of November saw a slight improvement of 0.3 percent from October’s $618.6 million. Although the numbers continue to generate solid results, the numbers continue to fall just short of the record-breaking handle that was established in March, with a total of $691 million.
Ted Vogt, director of the Arizona Department of Gaming stated, “It is exciting to see a second consecutive month of over $600 million wagered on sports by patrons within the state,…This milestone highlights Arizona’s strong sports betting market, which has already established itself as a top-ten market nationally.”
The Copper State is still one of the jurisdictions that allow bookmakers to use promotional deductions in any given month. The adjusted revenue hit $56 million for the month, which slightly surpassed September’s record of $55.2 million. With $38.8 million eligible for taxes, it resulted in $3.1 million in tax receipts.
What Sportsbooks Thrived in November?
The average hold rate for the month was 9.1 percent. The market did well against the public because the average win rate for the industry is listed at 7.2 percent. However, FanDuel and BetMGM took it to another level for the month.
FanDuel spent $5.5 million in promotional spending and ended with $19.1 million in adjusted revenue, and a win rate of 10 percent. In seven of the last eight months, FanDuel has posted a double-digit hold.
On the other hand, BetMGM followed with $4.6 million in promotional spending. The bookmaker extended its double-digit hold rate to five months while claiming $10.2 million in revenue.
In terms of handle, DraftKings continues to hold down the throw as the operator extended its $200 million handle win streak to three. In October, Caesars Sportsbook took $61.7 million in bets, and gross revenue jumped 34.7 percent to $5.3 million, thanks to an 8.5 percent hold.
Arizona Will Be Hosting the Super Bowl
The sports betting market will continue to reach new heights because new markets have joined the industry in 2023. Looking past that, Glendale, Arizona, will be hosting Super Bowl LVII in the coming weeks.
The Philadelphia Eagles will be taking on the Kansas City Chiefs. There are a lot of headlines going into this matchup, and the Super Bowl will push the average betting volume up once again.