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Arizona Sports Betting Market Joins February Lull – Legal Sports Report

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Four operators joined the Arizona sports betting fray in February, but the added options did not help dipping numbers.

Arizona sportsbooks took $491.7 million in bets during February, according to an Arizona Department of Gaming report released Thursday. That total is the third-highest since the AZ sports betting market launched in September 2021.

The monthly action is a 13% drop from the $563.7 million record handle set in January. The slumping handle is in line with more mature markets during the month of February.

“Event wagering levels continue to indicate a strong market in Arizona,” ADG Director Ted Vogt said in a release. “While there was a small decline in wagering activity, the state maintained a strong national presence in a traditionally slower month of sports wagering.”

Arizona sports betting revenue drops

It was the worst month for sports betting revenue since launch in Arizona, as sportsbooks held 5% to generate $24.4 million in gross gaming revenue. The previous low was $31.2 million in September 2021.

The revenue is a 39% drop from January’s $41.9 million and 53% below the record $51.4 million set in November 2021.

Arizona sportsbooks also took $17.6 million in promotional deductions, leaving adjusted revenue at $6.9 million. Arizona collected $670,686 in taxes.

Online Arizona sportsbooks rule

Online sports betting accounted for $488.3 million, or 99.3%, of the February action in Arizona. FanDuel Sportsbook took the top spot in Arizona, handling $142.4 million in online wagers.

It was the first month in the market that DraftKings did not top the list of AZ operators, taking $131.6 million in bets. DraftKings, however, held 7.7% to generate more than $10.1 million in revenue, while FanDuel just hit $1.6 million, a 1.1% hold.

BetMGM and Caesars Sportsbook were the nearest competitors to the top two, taking $99.8 million and $78.4 million in wagers, respectively.

Operator Handle Revenue Hold Promo Deduction Market Share
FanDuel $142.4 million $1.6 million 1.1% $1.3 million 29%
DraftKings $131.6 million $10.1 million 7.7% $5.4 million 27%
BetMGM $99.8 million $8.8 million 8.8% $7.9 million 20%
Caesars $78.4 million $2.4 million 3.1% $2.2 million 16%
Barstool $17.9 million $1.0 million 5.8% $266,451 4%
WynnBet $8.8 million $538,102 6.1% $234,322 2%
BetRivers $4.5 million $77,946 1.7% $66,520 1%
SuperBook $1.4 million $22,546 1.6% $19,545
TwinSpires $1.2 million $29,225 2.4% $26,199
Fubo Sportsbook $895,232 $77,064 8.6% $74,826
Unibet $810,459 $32,112 4.0% $30,085
Desert Diamond $105,556 $14,192 13.4% $13,928
Sahara Bets $63,495 (-$6,976)
Betfred $59,051 $10,747 18.2% $10,599
Hard Rock Digital $19,209 $573 3.0% $525
Betway $16,079 (-$2,719)
Golden Nugget $4,100 $719 17.5%
Bally Bet $70 (-$26)

Adding Arizona operators

By the end of February, all 18 online sportsbooks licensed in Arizona launched.

Betway, Desert Diamond Digital and Bally Bet were the last operators to receive the final go-ahead from the ADG.

The ADG also announced the list of 10 limited event wagering operators during the month. Those licenses can open retail sportsbooks in partnership with an event wagering operator.

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