License: Pexels, Free to use, Author: Sarah Howell
Despite a decrease in consumer spending on sports betting in Arizona in March, the state reported an increase in revenue for the same period.
The total wagering handle for March reached $644.8m, which was a 6.7% decrease compared to the previous year's March figure of $691.0m. However, it represented a 5.8% increase from February 2023's handle of $609.3m.
Out of the total handle, $639.9m was generated through online betting, while $4.1m came from retail sportsbooks.
During the month, bettors won a total of $591.2m. The adjusted gross event wagering revenue before accounting for free bets amounted to $53.4m, marking a significant 43.6% increase compared to the previous year's figure of $37.2m. Additionally, it represented a 57.1% increase from the February 2023 revenue of $34.0m.
Online wagering contributed $53.0m to the total revenue, while retail betting accounted for the remaining $318,760.
Despite the decline in wagering handle, the rise in revenue indicates that Arizona's sports betting market remained profitable in March, driven by increased revenue per bet.