Arizona Sports Betting Logs Second-Strongest Month
Posted on: June 16, 2023, 02:28h.
Last updated on: June 16, 2023, 05:36h.
Arizona is becoming one of the biggest sports betting markets in the US. The state gaming department this week released figures showing legalized sports betting had its second-strongest month in March.
More than $644.7 million was wagered, according to the Arizona Department of Gaming. That’s up 5.8% from the previous month. March of 2022 is so far the top month, topping $691 million.
The total Arizona sports betting handle for Q1 2023 hit $1.84 billion. The Grand Canyon State received $8.2 million in tax revenue during the first three months, more than 80% more than the $4.4 million for Q1 2022.
“I look forward to seeing how sports betting progresses in the state as we close out Fiscal Year 2023 in the coming months,” ADG Director Jackie Johnson added in a statement.
The latest numbers provide Arizona with the seventh-highest handle among legal sports betting states. New York ranked number one, with Illinois, New Jersey, Nevada, and Ohio, rounding out the top five.
Legalized sports betting launched in Arizona in September 2021.
Sports Betting Gaining Ground in US
Sports betting is currently the fastest-growing sector in commercial gaming, according to the American Gaming Association. The AGA says sports wagering accounted for about 20% of all gambling in the US in the first quarter of 2023, and Americans have wagered roughly $220 billion in the last few years.
While sports betting grew faster than the overall industry, the remaining 80% of the gaming market is also notching higher numbers. The combined earnings of slot machines, table games, and iGaming were more than four times greater than sports betting.
Total gross gaming revenue for the US commercial gaming industry hit $16.6 billion in the first quarter of 2023. That’s 15.5% more than the same quarter in the previous year.
Slot machines remain the most popular form of gambling at casinos. Nevada casinos have reduced the number of slot machines, which has actually led to more revenue, both overall and on a per-machine basis. Table games, including poker, blackjack, and roulette, made up about 15% of total US gaming revenue in Q1 2023
iGaming Gaining Ground
iGaming is now the second fast-growing sector of the gambling industry. iGaming, simply put, is any kind of online betting that wagers on the future outcome of a game or event. It comprised almost 9% of gross gaming revenue in the first quarter of 2023.
While iGaming generally includes options offered on a mobile betting app, mobile sports betting has evolved into its own category of online wagering, and iGaming now generally refers to online casino games and skill-based games.
Sports betting is one of many revenue sources, however, based on Arizona and other states reporting, odds are sports betting will likely continue its sustained growth.
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Source: casino.org
