Sports Betting

Arizona’s March Sports Betting Handle hit a record $760 million

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Arizona Sports Betting pic

For the third time in the last five months, Arizona has recorded a sports betting handle of at least $700 million. In March 2024, they hit a new record of $760 million in wagers placed. That beat their previous record of $713.6 million set in November 2023. Additionally, that was 17.8% higher than the betting handle they had in March 2023 ($644.8 million). In 31 months of sports betting legalization in Arizona, they have an all-time betting handle of $16 billion. 

During March 2024, operators in Arizona generated $59.3 million in gross sports betting revenue. That was a 7.8% hold After deductions for excise tax, promotional credits and bonuses, and operator losses, the state had $38 million eligible to be levied by taxes. That provided around $3.8 million in taxes and $11.2 million worth of levies for the first quarter of 2024. Their $2.1 billion in the first three months of 2024 is up 14% compared to this time last year.

What operators were the most profitable in Arizona for March 2024?

Rounding out the top five operators in Arizona for March 2024 was bet365. They just barely beat out ESPN Bet for gross handle and revenue in March. Bet365 collected more than $1.9 million in winnings from a $29.3 million handle. That was a win rate of 6.6%. Just enough to beat out ESPN Bet who had a win rate of 6.4%. 

To no surprise, FanDuel was the #1 operator in March 2023. The industry leader is one of, if not the top sportsbook operators in the U.S. In March, FanDuel accepted $265.1 million in wagers and posted $24.4 million in gross revenue. That was a 9.2% hold on the market. For the sixth straight month, FanDuel has cleared at least $200 million in Arizona.

Coming in a close second to FanDuel was DraftKings. They claimed $18.8 million in winnings from $255.3 million in wagers. For DraftKings, that was a 7.4% hold on the market. That was their lowest hold since June 2023 at 6.4%. BetMGM was third in Arizona for March 2024 with a $94 million handle. They had an 8.1% hold and claimed $7.6 million in winnings. Finally, Caesars Sportsbook was the only other operator to surpass $2 million in revenue in March 2024.