In August, sports betting enthusiasts in Arizona placed bets worth over $358 million, marking a significant increase in the state's gambling activity. Arizona's operators also saw substantial revenue, totaling over $30 million during the same period.
Out of the total spending, Arizona residents bet $354.6 million on sports through online platforms, while an additional $3.4 million was wagered at retail locations throughout the state. As a result, player winnings amounted to $327.2 million, resulting in adjusted gross event wagering receipts of $30.9 million before accounting for free bets.
Compared to August 2022, the adjusted gross event wagering receipts were 10.7% lower, but they increased by 11.1% from July 2023 when the total spend was $323.2 million. Online sports betting significantly contributed to these figures, making up $20.8 million of the total, while retail betting added $600,727.
One notable aspect impacting these figures was the influence of free bets and promotional credits, which reached $9.5 million in August. Most of these incentives came from online betting, emphasizing their effectiveness in encouraging participation.
After accounting for free bets, the adjusted gross event wagering receipts dropped to $21.4 million. In terms of taxation, sports betting generated $2.1 million in August, with the majority coming from mobile bets, taxed at a rate of 10%. Retail wagers contributed the remaining $48,058, taxed at 8%.
Arizona's sports betting market continues to show growth and potential, making it a significant player in the expanding US sports betting landscape.
Image License: Unsplash.com, Free to use, Author: Gautier Salles