Arizona Overtakes Nevada in Monthly Sports Betting Handle, Reaching $656.3 Million with Mobile Dominance
In a significant turn of events, Arizona has outpaced Nevada in sports betting handle for the first time since legalization. The Arizona Department of Gaming’s recent report for April revealed a staggering $656.3 million in total handle, surpassing Nevada by $87.2 million.
Arizona’s sports betting industry has shown remarkable growth, marking a 22.5% increase compared to the previous April and maintaining strong numbers despite a 13.6% decrease from March’s record-setting month. The state has now joined the ranks of those surpassing $17 billion in all-time handle, overtaking Indiana in the process.
Operators in Arizona reported gross revenue of $64.9 million, with a notable 9.9% hold, reflecting a 32.1% increase from April 2023. The state collected $4.3 million in taxes from adjusted gross sports betting revenue of $43.4 million, showcasing a robust financial contribution to Arizona’s coffers.
The dominance of mobile sports betting apps has been a crucial factor in Arizona’s ascendance. Unlike Nevada, which requires in-person registration, Arizona allows remote registration, leading to a staggering 99% of the state’s handle originating from mobile platforms. This strategy has enabled Arizona to capitalize on the widespread accessibility of sports betting apps.
Leading the charge are industry giants FanDuel and DraftKings, which continue to dominate both in revenue and handle. FanDuel reported gross winnings of nearly $27 million from a $230.3 million handle, maintaining an 11.7% hold. Meanwhile, DraftKings secured $19.5 million in revenue with a solid 9.3% hold, surpassing $400 million in all-time revenue since its inception in Arizona.
Behind the top two, BetMGM showcased strong performance with an 11.2% win rate, generating $8.5 million in revenue from $76.4 million in handle. Bet365 and ESPN BET also made significant contributions, with Bet365 reporting close to $2 million in revenue and ESPN BET maintaining a commendable 8.8% win rate despite a decline in handle.
According to SportsHandle, not all operators fared equally well in April. Some, like Betfred, Golden Nugget, and Unibet, experienced losses.
The disparity between retail and mobile performance was stark. While mobile operators boasted a collective 9.8% hold on $634.3 million in handle, retail venues struggled with a mere 1.3% win rate, generating just $81,800 from $6.4 million in bets.
Arizona’s achievement in surpassing Nevada in sports betting handle marks a significant milestone for the state’s burgeoning industry. With mobile apps driving growth and revenue, coupled with strategic market positioning of top operators, Arizona continues to cement its place as a powerhouse in the world of sports betting.
Source: news.worldcasinodirectory.com
