Sportsbook operators in Arizona set the ultimate touches on a historic thirty day period in phrases of the pummeling of bettors throughout the United States, as the state’s Division of Gaming reported Wednesday a Might keep just shy of 11% that resulted in $49.5 million in gross income.
To say the collective American home ran roughshod in excess of prospects in Might is an understatement. Twenty-six of the 29 states that conducted business sporting activities betting posted double-digit win premiums in May well, with only Nevada (5.7%) and South Dakota (4.3%) failing to get to the sector typical of 7%. Though Arizona’s hold for May well rated second in 21 months of wagering in the Grand Canyon Point out, it ranked 21st nationally for the month.
The total national keep of 11.26% for Could ranks third in 60 months of wagering in the write-up-PASPA era, trailing only the 11.71% registered in each September 2018 and September 2022 (figures that are divided by considerably less than a few a person-thousandths of a proportion level). Manage for Might totaled additional than $8.1 billion nationwide — almost 10 moments the $817.3 million wagered in September 2018 and topping the $7.9 billion guess in September 2022.
In an additional indicator of just how much sporting activities wagering has expanded in the U.S., whole operator gross earnings for Could was $916.6 million — nearly $100 million far more than the September 2018 tackle, when only 5 states were are living.
Arizona’s figures incorporate to an unprecedented 12-thirty day period span of results for operators, who have fashioned a nationwide maintain of virtually 9.4% from $101.8 billion wagered from July 1, 2022, through June 30 (with only June earnings studies from Arizona and Illinois nonetheless to be introduced).
Remaining May perhaps #SportsBetting deal with figures by state:
1 New York $1.36B
2 Illinois $821.72M
3 New Jersey $778.85M
4 Nevada $527.44M
5 Pennsylvania $495.59M
6 Massachusetts $454.97M
7 ARIZONA $451.72M <-NEW
8 Ohio $447.48M
9 Virginia $403.72M
10 Colorado $385.24M#GamblingTwitter— Chris Altruda (@AlTruda73) August 2, 2023
Another blistering May for desert sportsbooks
The near-11% hold for May trails only the near-12% win rate operators enjoyed 12 months prior. That led to year-over-year revenue numbers being down vs. May 2022, with gross revenue 10.3% lower and adjusted gross revenue (AGR) down 18.2%. Handle was off only 2.1% compared to May 2022, with $451.7 million worth of wagers accepted.
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Still, year-to-date numbers in Arizona across the board are higher compared to the first five months of last year. Gross revenue is up nearly 26% to $235 million, while AGR has surged 46% to $150.5 million. Promotional spend totaled $14.7 million in May, up 7.9% from April, but the $79.5 million outlay in credits among all operators in the calendar year is down 4.8% versus the same period in 2022.
The increased AGR has resulted in nearly $15 million worth of tax receipts in 2023, with state coffers getting close to $3.4 million for May. The state has collected $4.7 million more in tax revenue from sports wagering than the first five months of 2022 and is closing in on $50 million in total receipts since launching in September 2021.
Bettors in the state have made more than $2.8 billion worth of wagers this year, an increase of 4.1% compared to 2022. Arizona ranks seventh nationally in handle this year, a position it will bolster when it adds June’s wagering totals.
FanDuel tops $20 million in revenue again
FanDuel paced all mobile operators in gross revenue in Arizona, landing at $21.2 million thanks to a hold of nearly 13.1% It was the third consecutive month and fourth time this year the mobile juggernaut cleared $21 million and the eighth time it topped $20 million overall in Arizona — remaining the only mobile operator to clear the benchmark. FanDuel also surpassed $1 billion in handle in and $100 million in gross revenue in the state for the year, though its overall win rate is for 2023 is 9.7%, nearly one-third of a percentage point lower than 2022.
Rival DraftKings set a company record in gross revenue in the state for the second time in three months with more than $15.2 million, bettering the previous standard from March by about $150,000. Its 11.7% hold for May was its third in double digits in Arizona and trails only the 12.8% fashioned in the first month of operations.
BetMGM had a year-best 11% win rate as it claimed $7.4 million in gross revenue from $66.8 million in accepted bets. It was the third straight month with a double-digit hold for BetMGM, which was also a clear-cut third in promotional spend at $3.3 million.
FanDuel ($5 million), DraftKings ($4.8 million), BetMGM, and Caesars Sportsbook ($911,000) accounted for more than 95% of the promotional outlay among operators in May, with all other mobile books combining to offer $667,000 in credits.
Caesars reported $3.6 million in gross revenue with an 8% hold on $45.5 million handle, good for fourth in both categories. Barstool Sportsbook again held off local operator Desert Diamond for the No. 5 handle spot, clearing $12 million in accepted wagers to Desert Diamond’s $10.2 million. The Glendale-based book, however, absorbed its second loss in the last three months, as bettors came out $177,000 ahead.
The other mobile book specific to Arizona, Sahara Bets, had a robust 27% hold on $308,000 handle, setting an all-time monthly best since launch with $83,000 in gross revenue. It had claimed just over $93,000 in winnings all of 2022.
BetRivers paid state taxes on adjusted gross revenue for the first time in 2023, remitting $14,000 after its AGR totaled $140,000. BetRivers had an all-time high of $389,000 in gross revenue in May.
BetMGM takes its first loss on the retail side
Though brick-and-mortar operators had a strong 13.8% hold on $3.9 million handle overall, it would have been higher had BetMGM not finished in the red. The public came out nearly $28,000 ahead on $611,000 wagered for its first monthly win since BetMGM launched in-person betting last September.
Caesars, which took monthly losses in January and April this year, set an all-time high for monthly retail revenue in Arizona with $191,000 thanks to a 21.7% hold. FanDuel had its best month of the year with $377,000 from $2.4 million handle, a 15.6% win rate.
