The Arizona Department of Gaming has released new financial results for sports betting handle this week, showing a 10% fall from April ($512.8 million) to May ($416.45 million).
The state’s online wagering took almost all (99%) payments made during that time to their brick-and-mortar counterparts which recorded $461 million in total bets placed over the month.
AZ Sports Betting Handle Declines
This is the second consecutive month that the sports betting handle declined as the months which are covered by the reports are part of the season where bettors experience a lack of sports events to bet on.
This happened after the state reported a sports betting handle high of $691 million in May.
Tax Revenue Hits Record High
Despite overall wagering decreasing as the number of events on various sporting schedules slowed down over time, the revenue from Arizona sports betting has reached a new high for May with tax payments reaching almost $55 million resulting in a hold of about 12%
This has been a major development in terms of tax as the April reports show only $29 million with a $5.7 million win rate. The last time that the hold rate breached the 10% mark is last March 2021 with an 11% hold.
Operators at AZ tracks saw a $13.8 million deduction in free bets and other promotions that were given to bettors, which led them to generate 41.4M dollars of adjusted revenue for May. Arizona’s 8% tax rate on retail sports betting receipts as well as 10% rate on mobile wagering, the tax to be received by the state totaled $4.1 million – another all-time high.
Top Sportsbooks In AZ
Among the 18 operators in AZ, Fanduel claims the top spot with a total of $148.7 million online sports betting handle while DraftKings comes next with $141.1 million.
BetMGM and Caesars followed with $84.2 million and %47.5 million, respectively. This makes the top four leading sportsbooks account for more than 90% of the total online sports betting handled in AZ.