{"id":207765,"date":"2022-04-02T14:37:09","date_gmt":"2022-04-02T21:37:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=207765"},"modified":"2022-07-26T09:23:18","modified_gmt":"2022-07-26T14:23:18","slug":"sports-betting-in-arizona-is-quickly-proving-successful","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/","title":{"rendered":"DraftKings, FanDuel Off to Fast Starts in Arizona Sports Betting"},"content":{"rendered":"

Some familiar names are pacing the field in the rapidly growing regulated sports wagering market in Arizona.<\/p>\n

\"Arizona
Chris Paul (holding ball) and Devin Booker of the Phoenix Suns. Sports betting is on a tear in Arizona. (Image: Sporting News<\/em>)<\/figcaption><\/figure>\n

DraftKings (NASDAQ:DKNG) and FanDuel, which along with BetMGM, usually control the top three spots in the states in which they offer online sportsbooks, are leading the way in the southwestern state. Regulated sports wagering launched in Arizona last September<\/a>, and January 2022 data indicates the monthly handle there was $564 million. That makes the state the eighth to top the $500 million mark in monthly sports wagers placed.<\/p>\n

Only New York, which has more than double Arizona\u2019s population, was faster to a monthly handle of $500 million.<\/p>\n

To be precise, online sportsbooks in Arizona<\/a> accepted $563.7 million in bets in the first month of this year, trouncing the prior handle record of $499.2 million set just one month earlier.<\/p>\n

Arizona\u2019s quick ramp-up has been a function of great timing, local enthusiasm, and an attractive regulatory framework that has appealed to nationally known sportsbook operators,\u201d<\/strong> says PlayAz.com analyst Eric Ramsey.<\/p><\/blockquote>\n

January gross revenue jumped to $41.9 million, up 5.2% from $39.8 million in December 2021. That\u2019s good for a hold rate of 7.4%, which is impressive among the larger states where sports betting is permitted.<\/p>\n

Good News for DraftKings, FanDuel<\/h2>\n

With its shares down 30.65% year-to-date<\/a>, DraftKings can use all the good news it can get. Arizona is providing some.<\/p>\n

\n

The operator took in $173.1 million in bets in Arizona in January, up from $146 million in December, resulting in $11.9 million in gross revenue. That\u2019s a decent advantage for DraftKings over rival FanDuel, which had a January handle in Arizona of $153.9 million. BetMGM was third with $120 million. Caesars Sportsbook placed fourth.<\/p>\n<\/div>\n

\u201cMajor operators have had nearly four years of practice launching new markets, as legalization has marched across the US, and Arizona has been a beneficiary of that know-how,\u201d adds Ramsey.<\/p>\n

FanDuel is a unit of Flutter Entertainment (OTC:PDYPY), while BetMGM is a 50\/50 joint venture between MGM Resorts International (NYSE:MGM) and Entain Plc (OTC:GMVHY).<\/p>\n

Promo Spending High in Arizona<\/h2>\n

As is the case with essentially every other state where sports wagering is permitted, promotional spending by operator is high<\/a> in Arizona.<\/p>\n

Operators there doled out $20.9 million in promotional credits in January, meaning the state taxed just $19.6 million in gross even receipts, which created just $2 million in revenue for state coffers.<\/strong><\/p>\n

Still, it\u2019s clear Arizona\u2019s sports wagering market, which allows participation from commercial and tribal operators, is vibrant and rapidly expanding. Eighteen of 20 related licenses are accounted for, and there is one mobile app from a tribal gaming entity that\u2019s awaiting launch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some familiar names are pacing the field in the rapidly growing regulated sports wagering market in Arizona. DraftKings (NASDAQ:DKNG) and FanDuel, which along with BetMGM, usually control the top three spots in the states in which they offer online sportsbooks, are leading the way in the southwestern state. Regulated sports wagering launched in Arizona last […]<\/p>\n","protected":false},"author":46,"featured_media":207767,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[],"acf":[],"yoast_head":"\nSports Betting In Arizona Is Quickly Proving Successful<\/title>\n<meta name=\"description\" content=\"Arizona is home to one of the fastest-growing sports betting markets in the US.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sports Betting In Arizona Is Quickly Proving Successful\" \/>\n<meta property=\"og:description\" content=\"Arizona is home to one of the fastest-growing sports betting markets in the US.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-02T21:37:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-26T14:23:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Suns.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/\",\"url\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/\",\"name\":\"Sports Betting In Arizona Is Quickly Proving Successful\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Suns.jpg\",\"datePublished\":\"2022-04-02T21:37:09+00:00\",\"dateModified\":\"2022-07-26T14:23:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Arizona is home to one of the fastest-growing sports betting markets in the US.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Suns.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Suns.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Chris Paul (holding ball) and Devin Booker of the Phoenix Suns. Sports betting is on a tear in Arizona. (Image: Sporting News)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-in-arizona-is-quickly-proving-successful\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sports Betting\",\"item\":\"https:\/\/www.casino.org\/news\/sportsbetting\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"DraftKings, FanDuel Off to Fast Starts in Arizona Sports Betting\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. 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