Handle tops $700 million for second time

Arizona sportsbooks break revenue record in January at $70.9 million

Reading time 1:14 min

Arizona's sports betting market continues its upward trajectory, with operators reporting a record-breaking revenue of $70.9 million in January, marking the second consecutive month of historic highs.

The Arizona Department of Gaming revealed that gross sports betting revenue soared by 4.8% from December's record of $67.7 million, and surged by an impressive 49.4% compared to January 2023. After accounting for federal excise tax and promotional deductions, adjusted gross revenue reached $46.2 million.

Total handle for January stood at $706.4 million, falling slightly short of November's peak but still marking the second time it surpassed $700 million in Arizona's 29 months of legalized sports betting. Wagering via sports betting apps dominated, accounting for 98.8% of all handle, with a total of $698 million.

The state collected $4.6 million in tax revenue, the second-highest amount on record, reflecting the sustained growth of the sports betting market in Arizona. Operators achieved a statewide hold of just over 10%, reaching double figures for the first time since July and marking the eighth time overall.

FanDuel, DraftKings, and BetMGM emerged as the top performers among mobile sportsbooks, collectively generating $64.8 million in gross revenue. FanDuel led the pack with a record-breaking $31.9 million, becoming the first operator in Arizona to surpass $30 million in monthly revenue.

DraftKings also hit an all-time high with $23.1 million in gross revenue, while BetMGM fell just shy of $10 million. Caesars, posting $3.5 million in winnings, joined the exclusive club of mobile operators with seven-figure monthly revenue totals.

Despite the overall success, some operators experienced declines in revenue. ESPN BET, for instance, reported a sub-1% hold, winning $472,000, while SuperBook posted its second consecutive monthly loss.

BetRivers and Hard Rock Bet demonstrated notable growth, achieving some of their best revenue figures to date. BetRivers reported $533,200 in revenue, while Hard Rock Bet surprised with $528,000, signaling a promising start to the year for Arizona's sports betting market.

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