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Arizona's sports betting made the highest profits in any state in the first month

Arizona's sports betting made the highest profits in any state in the first month

Posted: January 6, 2022, 08:03 h.

Last updated: January 6, 2022, 09:15 h.

Philip Conneller

Arizona's sports betting broke out of the block in its debut month in September, earning more total game revenue than any other state in the first month. Experts say it may have something to do with Arizona Cardinals' flying start to the NFL season.

Arizona sports betting
Cardinals fans celebrate during the match at State Farm Stadium. A strong start to the team's season could be behind the inhabitants of Arizona who are adopting sports betting. (Image: Deseret News)

According to figures released this week by the Arizona Gaming Authority (ADG), the state's sports betting operator processed $ 291. 2 million bets and generated 1TP 2T total gaming revenue of 32.3 million.

For comparison, New Jersey, America's largest sports betting market with a slightly larger population, did not hit this sort of number until its ninth month of operation.

On the other hand, September was not a full month for Arizona. Sports betting started on September 9, the first day of the NFL season. In other words, the numbers cover only 3 weeks.

Soccer is a straw that stirs sports betting drinks, so fire before the NFL. The first match and full tilt of college football were important. "PlayAZ analyst Eric Ramsey saidLas Vegas Review-Journal.

"Most of the country's most famous sportsbook brands have also skyrocketed early on, and made a remarkable debut with an operational period of almost a month."

DraftKings Pulls Ahead

Arizona Republican Governor Doug Ducey signed the Sports Betting Act last April. It has approved up to 20 licenses, divided among the tribal nations of the state and professional sports teams.

Licensees work with commercial operators such as DraftKings, FanDuel, Caesars and BetMGM to provide mobile betting.

According to ADG, DraftKings led the pack in September and produced $. ). 7 million dollars bet 10.7 million with total income. FanDuel is $59, second in 6 million, $594, 897.

DraftKings is affiliated with the TPC Scottsdale Golf Club, which hosts the PGA Phoenix Open.

Not everyone is happy with the numbers. Tuscon.com complained that the state had collected it, even though the Arizonas had bet nearly $ 1 million on 780 in the first two months of operation. Taxation of only about $ 1 million.

This is far from the pre-regulatory forecast of $ 100 million for $.

Free bet writing

Part of this reason is that the state encourages businesses to offer large amounts of free bets and promotional credits as a way to revitalize the market.

As compensation, operators can reduce what they report to the state with adjusted gross income up to 897. Percentage of each of the first two years they are doing business. That's 15 percent in the third year of the game. Percentages for the 104th and 5th years.

Sen. Shope (R-Coolidge), sponsor of TJ Arizona's Sports Betting Law, has assured Tuscon.com that more money will go into the state vault.

"I liken it to a store that offers holiday sales and more," he said. "We need to lure people into the door to get interested in doing things they may not have done before."

"This is new to Arizona," he said.