FanDuel, DraftKings, and BetMGM have become consistent market leaders within the online sports betting stratosphere.
Since sports wagering regulation began in Arizona last September, the triple threat is leading the pack in the southwestern state. Figures from January 2022 show a monthly handle of around $550 million, making Arizona the 8th state to reach the half a billion mark in monthly sports bets.
New York – a state with x2 the population of Arizona – is the only competing location that reached a monthly handle of $500 million before Arizona.
To be exact, online bookmakers in Arizona took $563 million in wagers in January 2022, surpassing the state’s previous record of $499 million in December 2021. Bettors spent $18 million per day during the 31 days in January, increasing from $16 million per day in December.
Analyst of PlayAZ.com, Eric Ramsey, commented: “With an extra week of regular-season games and an expanded NFL playoff played over five weekends in January, the NFL schedule was kind to Arizona sportsbooks.”
“Arizona’s 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,”.
“Major operators have had nearly four years of practice launching new markets, and legislation has across the US, and Arizona has been a beneficiary of that know-how.”
Arizona’s revenue witnessed a 5% raise ($41 million) from December’s $39 million handle in 2021. Compared to bigger states, this hold of 7% is significantly notable when considering the lengthier period other states have permitted sports wagering.
Due to the increase in betting volume, Arizona state was able to tax $19 from betting receipts resulting in $2 million in taxes.
“Sportsbooks will begin to slow down after March Madness, a natural result of the seasonality of sports betting,” the Lead Analyst for PlayAZ said. “But the state’s sportsbooks took full advantage of the football season. That has the industry on solid footing for the year ahead.”
FanDuel and DraftKings Celebrate
DraftKings hasn’t received the greatest news throughout the previous twelve months, as the well-established sports betting empire saw its shares drop 30%. However, Arizona is helping the situation.
DK took $173 million in wagers from Arizona sports bettors in January 2022, a $146 million increase from December 2021 – producing $11.9 million in gross revenue. This was a win versus their rivals FanDuel, who saw a $153 million handle in January. BetMGM is playing catchup with the two, but a $120 million handle from January is nothing to be ashamed of.