According to the Arizona Department of Gaming, sportsbook operators accepted $491.7 million in wagers for February. The monthly noted that it was the third-highest total since the market launched in September 2021.
Breaking Down Arizona’s Sports Betting Handle
The Cooper State was the 11th state that surpassed the $1 billion mark in 2022. As a whole, February wasn’t a great month for the industry, as many jurisdictions reported steep declines due to a lack of sporting events besides the Super Bowl.
The monthly handle for February signified a decrease of 12.8 percent from January’s record handle of $563.7 million. Still, mobile sports betting ruled the market as online wagering accounted for $488.3 million or 99.3 percent of the overall handle.
Although the overall handle for the Super Bowl was not released, the results of the overall wagers placed favored the bettors over the house. Sportsbook operators generated gross revenue of $24.4 million, which signified a hold percent of just five percent.
The gross revenue for the bookmakers decreased by 39 percent from January’s $41.9 million. This drop also showed that the revenue total was 53 percent below November 2021’s record of $51.4 million.
Sportsbook operators deducted $17.6 million, which left the adjusted gross revenue to just $6.9 million. The state was able to collect 670,686 in taxes.
ADG Director Ted Vogt stated in a press release;
“Event wagering levels continue to indicate a strong market in Arizona… While there was a small decline in wagering activity, the state maintained a strong national presence in a traditionally slower month of sports wagering.”
Taking a Look at the Sportsbook Operators Market Share
As six new bookmakers entered the Copper State market, 18 sportsbooks accepted wagers in February. For the first time since September, another sportsbook led Arizona in market share. FanDuel accepted $142.4 million, which was 29 percent of the mobile handle.
DraftKings accepted $131.6 million, or 27 percent. However, DraftKings had a hold percentage of 7.7 percent as the operator generated over $10.1 million in revenue.
BetMGM and Caesars rounded out the top four taking $99.8 million and $78.4 million. Their market share was 20 percent and 16 percent, respectively.
Every other bookmaker had a market share that was less than four percent. Betway, Desert Diamond Digital, and Bally Bet were the last to receive the green light from the ADG.
During the month, the ADG also published a list of 10 limited event wagering operators. Those licenses allow retailers to open sportsbooks in partnership with event wagering operators.
Where Does the Copper State Rank in the Industry
Still, the monthly handle ranked sixth out of all the states that reported their results as it was situated behind Pennsylvania ($597 million) and Colorado ($440.5 million). Arizona was 7th in terms of gross gaming revenue.
The Cooper State finished February ahead of Michigan ($423.7 million), Indiana ($409.1 million), and Virginia ($401.8 million). Still, the monthly handle was far behind other jurisdictions, which included New York ($1.5 billion), New Jersey ($985.5 million), Nevada ($780.7 million), Illinois ($679.3 million) and Pennsylvania ($597 million).