Arizona sports betting hits record $759 million monthly handle boosted by March Madness

Arizona’s sports betting industry set a new record in March with more than $759 million wagered at sportsbooks and on mobile apps within the state.

According to a report from the Arizona Department of Gaming, this marks the highest monthly handle in the state’s legalized sports betting history. The amount wagered in March represents a 17.8% increase compared to the same month in 2023. The only other month where sports bets exceeded $700 million was November 2023, Phoenix Business Journal reported.

The NCAA men’s and women’s basketball tournaments, particularly the Men’s Tournament known as March Madness, were significant revenue drivers for the month. The University of Arizona and Grand Canyon University men's basketball teams participated in the 2024 NCAA Tournament, and the Final Four were held at State Farm Stadium in Glendale.

Sportsbooks in Arizona paid out more than $700 million in winning bets in March. The state collected nearly $3.8 million in taxes from sportsbooks during the month, the fourth-highest monthly tax revenue since sports betting was legalized in Arizona in September 2021. The record for monthly tax revenue remains $4.8 million, set in December 2023.

The first quarter of 2024 has outpaced 2023 by 14% in total sports handle and 36% in tax revenue, the report said. Additionally, in March, the state awarded a new event wagering operating license to Fanatics.

FanDuel led Arizona's sports betting market in March, posting $24.4 million in gross revenue from a state-record $265.1 million in wagers, with a 9.2% hold. This surpassed its previous handle record of $258.1 million set in January.

DraftKings followed closely with $255.3 million in wagers, achieving $18.8 million in revenue with a 7.4% win rate. BetMGM ranked third, generating $7.6 million in revenue from a $94 million handle, with an 8.1% hold.

Caesars reported $3.1 million in revenue from $50.7 million in wagers, while Hard Rock Bet set a monthly handle record of nearly $9.1 million but had a 1.2% hold, resulting in $112,500 in revenue.

The statewide mobile hold was 7.8%, with operators earning $58.5 million in gross revenue from $752.4 million in handle. Promotional credits and bonuses totaled $19.5 million, up 20.3% from March 2023 but down 22.1% from February.