Arizona Puts Bow On Record-Setting January For Sports Wagering

Must read

[ad_1]

The Arizona Department of Gaming reported sports wagering handle totaling $591.2 million for the month of January on Monday, completing a record-setting month nationwide in handle, revenue, and state tax revenue generated.

Arizona is usually the last to report figures for a given month, which meant the Grand Canyon State was merely putting the finishing touches on a month unlike any other in the post-PASPA era that started in June 2018. The national handle for the opening month of 2023 was $11.5 billion, with the increase from December’s short-lived record of $10.6 billion largely attributed to Ohio‘s Jan. 1 launch.

Prior to any deductions being taken, Arizona sportsbook operators reported  $47.5 million in gross revenue, which was then reduced to $46.2 million when accounting for the federal excise tax and operator losses. After promotional credits and free bets were deducted, the state was eligible to tax $29 million in adjusted gross revenue, bringing $2.9 million into its coffers.

The nationwide gross operator revenue for January was $1.07 billion, the first monthly total in the post-PASPA era to surpass $1 billion. In terms of operator performance, the house picked up where it ended 2022 to start the new year. The national hold on gross revenue for January was 9.3% — slightly below December’s 9.5% win rate, but easily outpacing what now feels to be an outdated industry standard of 7% given the shift in the marketplace, with operators emphasizing parlay wagering.

State tax revenue totaled $190.2 million for January, with New York and Ohio accounting for more than half that haul. Seven other states collected $5 million or more in receipts to begin the new year, with tax revenue running $61 million ahead of January 2022.

FanDuel humming along as revenue boss

Arizona’s handle was up 3.3% compared to the $572.5 million in accepted wagers for December and 4.9% higher compared to the $563.7 million handle to open 2022.

With the hold on gross revenue down 1.7 percentage points from December, revenue slid 14.6% from the previous month. The year-over-year numbers were more positive, with gross revenue 17.2% higher this year and the win rate up eight-tenths of a percentage point.

Still the only mobile sportsbook to surpass $20 million in monthly gross revenue in Arizona, FanDuel cleared that benchmark for the fourth straight month, eclipsing $21 million thanks to a 10.8% hold on $195.5 million handle. It was the seventh consecutive month the online titan had a double-digit win rate. Its adjusted revenue of $14.8 million, however, was down 3.8% versus December as its promotional spend was $400,000 higher at $5.8 million.

BetMGM also continued to be a formidable house against the public, posting its seventh monthly double-digit hold in a row. Its 10.5% win rate resulted in $9.5 million in gross revenue, easily outdistancing DraftKings for second in that category. DraftKings generated $8.8 million in gross revenue, but was a clear No. 2 for handle at $171.4 million.

January also saw a reversal in terms of promotional spend between DraftKings and BetMGM. The latter, which is usually more aggressive in providing credits to bettors, had a 40.8% decline in spend from December to $3.8 million. Meanwhile, DraftKings’ total promotional offers surged 47% to $5 million, its most since a $7.3 million outlay last September.

Desert Diamond was an unexpected interloper for the No. 4 spot in mobile revenue, posting more than $2.8 million in gross revenue thanks to a 14.1% hold on a record monthly handle of just over $20 million. The book had $28 million handle for all of 2022 following its February launch, and January’s gross revenue exceeded its $2.5 million haul for all of last year.

It was enough to relegate Caesars Sports to fifth for revenue while nearly overtaking Barstool Sportsbook for fifth in handle, finishing within $380,000 of the PENN Entertainment sportsbook. Caesars was a comfortable fourth in handle with $59.2 million in accepted wagers. Barstool reported $1.2 million in gross revenue, its third straight month in seven figures.

Turf Paradise stumbles out of the retail blocks

Of the retail venues throughout the state, three finished in the red to kick off 2023. Turf Paradise took the largest hit of the trio, paying out $41,360 on top of its $450,000 handle. Caesars’ books at Chase Field and Ak-Chin Casino posted a combined loss of $36,493 from $921,000 wagered, while Midtown Tavern Sports Bar & Grill — which ranked third overall in retail handle among limited event operators at $97,000 — finished $3,552 in the red.

Retail gross revenue totaled $423,335 from $5.8 million handle, resulting in a 7.3% hold. FanDuel’s retail book at the Footprint Center had an 11.4% hold on close to $2.5 million handle, with the $281,502 in gross revenue its best month since September. Harold’s Restaurant in Cave Creek paced all limited event operators with $42,597 in gross revenue thanks to a 20.1% win rate.



[ad_2]

Source link

More articles

- Advertisement -spot_img

Latest article

kemampuan spesial putaran ajaib slot mahjong ways 1 langsung cuan maksimalteknik keramat slot mahjong ways 2 auto turun scatter berlimpahslot jackpot unlimited paling di cari memberslot sugar rush 1000 mudah jackpot besartrik menangkan jackpot pakai strategi inirahasia mengalahkan mesin slot onlinertp dan volatilitas slot pragmatic gates of olympus hari inicara kerja fitur free spin pada slot gates of olympusakun vip mesin slot kakek zeus mudah dapat x500 tiap spincara menang slot sensasional hanya modal receh khusus slot olympusslot unlimited scatter tanpa batas game slot olympus 1000 terbarulink slot gacor terbaru saat inislot demo x500 mesin slot gate of gatotkaca hokiakun pro server jepang jaminan sensa slot olympus x500slot pasti menang dijamin perkalian besar pasti muncul gacor bangetslot anti kalah prediksi admin indra kenzrahasia bocoran dari ahli slot starlight princessstrategi meraih kemenangan besar sweet bonanza x100mengenal simbol penting pada slot gates of olympusfitur multiplikator dari slot gates of olympus yang harus kamu taucara jitu melipat gandakan kemenangan bermain slot onlineslot mahjong ways 2 scatter hitam membararahasia mengalahkan kunci admin mesin slot olympuspanduan lengkap cara mudah jp slot mahjong waysslot maxwin pasti jackpotpola hoki slot super mahjong ways 2 jaminan maxwin sekali spintrik ledakan bom besar x100 sweet bonanzacara mudah munculkan fitur slot scatter hitam kemenangan maksimalcara jitu mengalahkan bandar judi online dengan main slot pragmatic playsistem kemenangan besar 100 juta main slot mahjong ways banjir wild terbanyakcara menjadi sultan dalam sekejap bermain slot mahjong ways2rahasia gacor link maxwin terbaru pgsoftmain slot online dengan pola hoki dijamin maxwinslot mahjong lagi bagi bagi jackpot tanpa batas hanya butuh modal recehkunci kemenangan slot mahjong waysrahasia jam gacor gampang jackpot slot mahjong pandakumpulan slot gacor terbaru 2024sistem spin ajaib slot mahjong ways 1 gampang kasi kemenangan instantcheat gacor slot onlineslot scatter hitam menggila langsung menang 100 jutaslot rave party fever menang maxwin dengan trik bocoran ampuhpola jitu main ikan gampang menang slot koi gate habanerodaftar slot paling jitu memberikan kemenangan kepada member barubocoran pola sakti slot gates of olympuscara mendapatkan perkalian tidak wajar slot mahjong waysbocoran terbaru ahli bermain slot onlinealasan mengapa slot pragmatic gates of olympus begitu populerbocoran pola slot gates of olympus yang pasti slot hokibermain slot pragmatic gates of olympus dengan modal minimtrik main slot jackpot modal recehbocoran akurat sekali spin slot mahjong ways superbanjir kemenangan konsisten slot mahjong tanpa ampun kasi jackpotcara terbaik memaksimalkan kemenangan bermain slot mahjong ways 2admin putri bagi bagi akun sakti khusus slot pragmatic playpenemuan jam hoki slot gacorcara bermain slot gacor dengan langkah ajaib dari admin stevenulasan mendalam starlight princess x1000 menurut para ahliperbandingan slot starlight princess dengan slot lainnya di tahun 2024keistimewaan akun vip di slot online server thailandstrategi terbaik untuk menang di slot starlight princess dari pragmatic playfakta bocoran pola scatter dari negeri para princessgrebek situs pola gacor zeus untuk turunkan scatterketimpa scatter x1000 membuat bandar mahjong ways gulung tikarkumpulan naga hitam memecahkan pola gacor di mahjong wayslari bersama kakek zeus mengejar maxwin x1000mandi jackpot bareng di situs gacor anti rungkad bonanzapeluang kemudahan mencuri pola kakek merah zeusspenjual rujak memberi pola buah untuk mendapatkan jackpot di bonanzaresiko jadi admin slot dapat memecahkan pola gacor mahjong ways2seorang pria muda di temukan sukses berkat pola gacor princessnya