To say March was a successful month for sports betting in Arizona would be a major understatement.
Sportsbook revenue in March jumped more than 50% from February, becoming the second-highest month for sports betting in Arizona since it began in 2021.
Sports handle in March was $645 million, a meager 5.8% improvement over February’s $609 million. However, March revenue came in at $53.4 million, while February’s was just under $34 million.
That’s a whopping 57% increase.
Players in Arizona won back $591M from the $645M they bet
Arizona boasts 17 online sportsbooks, where the overwhelming amount of sports betting is done in Arizona. Arizona sports betting also includes physical sportsbooks at tribal casinos and sports facilities.
Of the $644.8 million wagered on sports in Arizona in March, 99%, or $639.9 million, of that amount came from online wagers. Just a little over $4 million was bet at retail sportsbooks.
Players in Arizona won $591 million in March.
March’s $53.4 million in revenue was also well over Arizona’s sports betting revenue collected a year earlier. March 2022’s revenue was nearly 47% lower.
Adjusted gross revenue for March came in at $37.1 million, with promotional deductions totaling around $16 million. The state of Arizona then collected $3.7 million in tax money.
Of the $645 million wagered on sports in Arizona in March, all but about $50 million came from five sportsbook operators. All five had at least $28 million wagered through their platform.
- FanDuel: $257 million
- DraftKings: $169 million
- BetMGM: $89 million
- Caesars: $57 million
- Desert Diamond Mobile: $28 million
Most March betting was probably on NCAA Basketball Tournament games
The main reason for the spike in March is probably betting on March Madness games. Despite early exits from the NCAA Basketball Tournament for Arizona teams, betting seemed to remain brisk in The Grand Canyon State throughout the tournament.
Some betting was certainly made on the Phoenix Suns. The Suns had just signed star forward Kevin Durant in February and were beginning to make a run for the playoffs. Also, the Arizona Diamondbacks were in spring training, so some future betting was probably done. Those bets could pay off nicely, as the D-backs are in first place in the National League West, currently three games up on the Los Angeles Dodgers.
Jackie Johnson, Arizona Department of Gaming director, was thrilled with March betting.
“March of 2023 is the fifth time the state eclipsed $600 million in wagers and is the second highest month since the inception of sports betting in Arizona. I look forward to seeing how sports betting progresses in the state as we close out Fiscal Year 2023 in the coming months.”
