one-year anniversary of legal betting Thursday by releasing figures for July.
The $290.5 million wagered to start the second half of the year nudged Arizona ahead of Tennessee into the top 10 for all-time handle by state. The $5.07 billion wagered is approximately $8.2 million more than the Volunteer State, but the 11 months needed for Arizona to reach that mark were 10 fewer than Tennessee.
Arizona also became the fastest state to the $5 billion mark post-PASPA, edging neighboring state Nevada by one month. Among newer states to legalize beyond the original trio of Nevada, Delaware, Arizona was five months faster to the benchmark than Illinois.
Though handle dropped 8.9% compared to June’s $318.8 million, gross revenue in July surged 82.3% higher to just shy of $22 million as the 7.6% win rate was double the 3.8% from the previous month. Adjusted revenue increased more than four-fold to $15 million, a combination of the higher win rate and promotional credits dipping 24.2% compared to June, to $7 million.
The state collected $1.5 million in tax receipts, lifting the total for 2022 to $12.5 million.
So where is all that handle coming from? 1o1a3a
All-time Top 10 #SportsBetting handles post-PASPA by state (July in CAPS):
1 NEW JERSEY ~$29.1B
2 NEVADA $25.57B
3 PENNSYLVANIA $15.54B
4 Illinois $13.65B
5 NEW YORK $9.76B
6 INDIANA $8.55B
7 COLORADO $7.88B
8 MICHIGAN $6.8B
9 VIRGINIA $5.89B
10 ARIZONA $5.07B <–NEW— Chris Altruda (@AlTruda73) September 8, 2022
DraftKings leads the way at more than $1.5 billion, while FanDuel has made up ground as the top handle generator in the state the last three months to reach nearly $1.4 billion. BetMGM narrowly missed becoming the third member of the $1 billion handle club in Arizona — it is currently $356,000 shy of the mark after accepting $53.6 million in bets for July. Caesars’ $27 million handle was its lowest since launch and the book stands in fourth place with $665 million all-time.
DraftKings and FanDuel have ed for 59.1% of Arizona’s total mobile handle, and that percentage climbs to 92.6% when BetMGM and Caesars are added. All other mobile sportsbooks statewide have generated a combined $369.9 million handle, with Barstool Sportsbook ($186 million) and WynnBET ($134.3 million) the only ones to reach nine figures.
FanDuel continues to shine on the revenue side 691s5x
FanDuel paced all mobile operators in July with nearly $9.2 million in gross revenue, posting a 10.1% win rate on a state-leading $91 million handle. DraftKings, whose handle was $835,000 less, claimed $3.2 million in gross revenue on a win rate of 3.5%. That, however, was still markedly better than June, when it paid out $3.1 million more than the $92.8 million it accepted in bets.
BetMGM’s 10.4% hold was tops among major mobile sportsbooks as it claimed $5.6 million in gross revenue. Its promotional spend dipped notably in July to an all-time low of $1.6 million.
FanDuel’s retail sportsbook at the Footprint Center took its second consecutive monthly loss, though finishing $14,060 in the red was an improvement from June’s $130,565 paid out in excess of the $1.4 million in bets placed. It was the only brick-and-mortar book to take a loss in July, as all 10 racetracks and OTB sites posted a combined 20.3% win rate and collected $59,000 from $289,000 wagered.
