The Arizona Department of Gaming reported a monthly all-time high of $70.9 million in gross sports betting revenue before any deductions were applied for January, the second consecutive month in which operators in the Grand Canyon State had a record haul.

The revenue figure was 4.8% higher than the short-lived record of $67.7 million established in December and an increase of 49.4% compared to January 2023. Gross revenue after the federal excise tax was $69.3 million, and the state was eligible to tax $46.2 million in adjusted gross revenue following promotional deductions. That totaled $23.2 million.

Handle totaled $706.4 million, coming up short of November’s all-time high of $713.6 million, but also marking the second time it crossed $700 million in 29 months of betting in Arizona. It also represented an increase of 19.5% from the opening month of last year and a 1.9% jump from the $693.3 million to close out 2023. Wagering via sports betting apps totaled $698 million, accounting for 98.8% of all handle.

The state received $4.6 million in tax revenue, the second-highest total all-time and the third time monthly receipts surpassed $4 million. The statewide hold for operators was a shade over 10%, the first time it reached double figures since July and eighth time overall.

Bulk of revenue comes from top 3 mobile books

It was a good month for the big three mobile sportsbooks as FanDuel, DraftKings, and BetMGM combined for $64.8 million in gross winnings. FanDuel added to its lengthy list of firsts in Arizona, topping $30 million in gross revenue for the first time at $31.9 million.

The online leviathan, still the only operator to clear $250 million in monthly handle, did that for the second time with a record $258.1 million worth of action. It also accounted for nearly half the promotional outlay among mobile operators, offering $11 million in bonuses and credits. FanDuel’s 12.4% hold marked the fifth time in the past eight months it was above 12%.

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Eternal rival DraftKings also notched an all-time best for gross revenue at $23.1 million, topping the previous high of $22.5 million in October. The $228.2 million worth of accepted bets was the fourth consecutive month handle surpassed $220 million, while its 10.1% hold was its fourth foray into double figures in the past nine months.

BetMGM flirted with its first $10 million revenue month since December 2022, finishing $113,000 short of the benchmark. It posted an 11.7% win rate on $84.7 million handle, the 15th time in 18 months the hold cleared 10%.

Caesars was the only other mobile operator among the 16 in the state to post a seven-figure revenue total, winning $3.5 million thanks to a 7% hold on $50.3 million handle. Caesars also surpassed $100 million in all-time gross revenue.

It also held off ESPN BET for fourth in handle, though the PENN Entertainment-operated sportsbook lurked just $744,000 behind. The $49.5 million handle represented 7.1% of the mobile market share, in line with its first-year target goal of 7%.

For the third straight month, however, revenue dipped. January’s decline, though, was far sharper as ESPN BET had a sub-1% hold in winning $472,000. It was the third consecutive month ESPN BET had no taxable adjusted gross revenue, with its promotional spend at minimum $348,000.

BetRivers had its best month in Arizona in terms of revenue, reaching $533,200 thanks to a 7.9% hold on $6.8 million worth of bets placed. Its only previous occasion above one-half million came last September at $522,800.

Hard Rock Bet was a surprising sixth in handle at $7.1 million, coming within $140,000 of its all-time best set in September 2022. The $528,000 in gross winnings was its first above one-half million since reaching $502,000 in December 2022.

SuperBook was the only mobile sportsbook to post a monthly loss in gross revenue as the public finished $29,700 to the good on $1 million handle. It was the second straight losing month for SuperBook, which finished $25,900 in the red to close out 2023.





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