While the state was down 15.7% from April, it was only a 2.1% loss from one year ago, when Arizona online sportsbooks accepted $461.4 million in wagers.
The May figures raised the year-to-date betting handle to $3.2 billion, which is seventh in the nation through June 2023.
Online Betting is Big in Arizona
Arizona sports bettors love their betting apps, and FanDuel was their main app of choice during May, accepting $162.3 million in bets. That generated $15.7 in taxable revenue, and the NYC bookmaker and DFS giant paid Arizona $1.5 million in taxes. Rounding out the top five bookmakers in the state of Arizona are;
- DraftKings $130.4
- BetMGM $66.8 million
- Caesars $45.5 million
- Barstool $12 million
Caesars became the fourth sportsbook to handle $1 billion in Grand Canyon State wagers, joining DraftKings, FanDuel, and BetMGM.
FanDuel was the only Arizona bookmaker to report using promotional bonuses or free bets.
BetFred and Desert Diamond Mobile were the only Grand Canyon State sportsbooks reporting a loss during May.
Retail Sportsbooks See May Spike in Betting Handle
Arizona retail sportsbooks saw a slight rise from April, accepting $3.9 million in wagers. That was slightly up from the $3.6 million wagered at brick-and-mortar betting shops during April.
FanDuel partnered with the Phoenix Suns, and they dominated the three retail shops, handling $2.4 million in wagers at its Footprint Center location. Caesars and BetMGM finished second and third in the state, with each sportsbook handling less than $1 million in wagers.
Hold Rate on the Rise
Arizona sportsbook operators might have handled fewer bets but also reported higher hold rates. The 7.44% hold, or win rate, was the highest win rate over the past eight months and the third highest since the state legalized sports betting in 2021.
Grand Canyon State Big Winners
As usual, the state is always the big winner in legalized sports betting. The 17 sportsbooks generated $3.3 million in tax revenue during May – Arizona sports betting has now earned the state $49.2 million in additional tax revenuesince September 2021.