Friday, March 24, 2023
HomeLatest NewsADG Releases Arizona Sports Betting Report For October 2022 -

ADG Releases Arizona Sports Betting Report For October 2022 –

Sports Betting Arizona

Arizona had one of its biggest sports betting months since its launch in October 2022. The Arizona Department of Gaming released the official revenue numbers, revealing $618.6 million was wagered. This only trails March 2021, which had $691 million in betting handle. The strong betting handle shows an overall steady increase in the Arizona betting market.

Arizona Report Shows Strong Numbers

October’s betting handle is a 15% increase month over month from September’s $538 million. The total is also 27.3% more year over year compared to October 2021’s $486 million. This solid increase led to just under $3 million in state taxes for October. In total, Arizona sportsbooks contributed $21.3 million in taxes for 2022.

October’s handle pushed Arizona to become the 11th state to see over $6 billion in lifetime betting handle. $4.6 billion in wagers came in 2022 alone. The Arizona market is the sixth-largest betting market in the U.S. for 2022.

The growing Arizona market comes at the right time as an expected uptick in activity is incoming with the lead-up to Super Bowl LVII. The Super Bowl is the most wagered-on sporting event every year and Arizona is poised to see all-time highs in the months leading up to it.

Revenue Breakdown

While the betting handle was up in October, there was a 10.5% decrease in betting revenue month over month. Sportsbooks took in $49.4 million in gross gaming revenue (GGR) which is lower than September’s $55.2 million in handle. This is due to a lower hold rate of just 8% in October.

Despite the dip in revenue, Arizona’s increased activity leads to optimism for a steady revenue flow for the remaining 2022 numbers. More bettors lead to more potential revenue in the long run.

Arizona’s Growth Mirrors National Increase In Betting

The Arizona October sports betting numbers push the overall October 2022 national handle to $9.69 billion. This sets it as the second-largest betting month in the country, just behind January 2022’s $9.85 billion.

The increase in betting activity across the board comes in combination with new markets going live and an overall increase in betting interest by fans. The global betting market in the U.S. is in the best state it has been since its launch.

Giovanni Shorter Avatar

Written by

Giovanni Shorter

Giovanni Shorter is a sports enthusiast and writer with a passion for the legal and industry side of the sports betting market. Giovanni got his education from Florida State University where he honed his writing style writing narratives and short stories. He has spent his professional career covering sports and entertainment through articles and blogs and continues to look at the industry from multiple angles.

View all posts by Giovanni Shorter

- Advertisment -

Most Popular

Recent Comments