At last, there is a duel in the desert when it comes to sports bets.
He Arizona The Department of Gaming on Friday reported $656.3 million in handle for April, the first time in 32 months of legal betting that the state finished with higher handle than neighboring Nevada.
Overall control in Arizona increased 22.5% compared to last April and 13.6% discount to March’s record stock. It also became the seventh state to surpass $17 billion in all-time revenue, ahead of Indiana even though the Hoosier State has already published its May numbers.
Gross receipts before deductions were taken totaled $64.9 million, as operators across the state held a collective 9.9% share. Trader profits increased by 32.1% from April 2023 and 9.5% compared to March.
The state was eligible to tax $43.4 million in adjusted gross income from sports betting, resulting in an influx of $4.3 million into Arizona’s tax coffers. The $15.5 million in revenue is $3.9 million ahead of last year’s pace over four months, as the $155.5 million in year-to-date AGR is up 33.3%.
The mobile makes the difference
Top 10 April races #Sports bets manage by state:
1 New York $1.97 billion
2 Illinois $1.1 billion
3 New Jersey $1.04 billion
4 Ohio $674.2 million
5 ARIZONA $656.3 million
6 North Carolina $648.9 million
7 pence. $646.1 million
8 Mass. $603.3 million
9Nevada $569.2 million
10 Virginia $563.5 million#SportsBettingX #BetsX
-Chris Altruda (@AlTruda73) June 14, 2024
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Arizona is quickly gaining ground on Nevada this year thanks to the vast reach of sports betting apps. While Nevada’s $2.85 billion in 2024 is $117.6 million more than Arizona’s, its neighbor to the south has generated $931 million more in moving funds.
This is partly by design, as Las Vegas is the gambling mecca of the United States and requires in-person registration to gain access to a mobile sportsbook. Arizona has had remote registration since the state began accepting bets in September 2021, and the difference in the percentage of mobile driving to overall driving is telling: Arizona’s mobile driving accounts for 99% of its total driving, while Nevada applications account for 64.2% of the total share.
It also helps when the two major US mobile sportsbooks. FanDuel and DraftKings – operate in Arizona and not Nevada. The online titans once again ranked 1-2 in revenue and management in April. FanDuel earned nearly $27 million in gross profits from $230.3 million handled, achieving 11.7% retention and surpassing $100 million in revenue for the year.
DraftKings had a solid 9.3% share, taking $19.5 million of the $209.8 million wagered on its platform, earning $400 million in all-time revenue. With $53.1 million in earnings through the first four months of 2024, it’s already more than halfway to its full-year 2023 total of $103.6 million.
BetMGM It rounded out the top three solidly, achieving an 11.2% win rate by raising $8.5 million in proceeds from $76.4 million under management. He has achieved double-digit retention in eight of the last 12 months and has raised his all-time win rate in Arizona to 10%.
There was a big gap between BetMGM and fourth place Caesars, which had its first month below the 40 million dollars managed since last June with 39.1 million dollars. However, its 8.3% stake was a year-to-date high and helped generate $3.2 million in revenue.
Bet365 continued its strong start in Arizona sports betting, rounding out the top five in revenue with nearly $2 million and managing $30.2 million. The England-based sportsbook also made its first tax payment to the state in April, paying $62,334 in taxes after reporting $623,300 in adjusted gross receipts. Its $1.3 million in promotional credits and bonuses for bettors was a third less than the $1.9 million payout in March.
KeynoteUSA BETThe $21.6 million handle was an all-time low since entering the state last November, but an 8.8% win rate allowed it to nearly match bet365 in revenue at $1.9 million. The two operators were separated by less than $5,200 in promotional spending in April.
Sports betting for fanswho took his first bets in the Grand Canyon state on April 4, ranked in the top half among the state’s 17 mobile operators with $1.46 million in revenue from $15.7 million in bets placed. Fanatics did not report any positive AGR for April, with its promotional spending at least $1.42 million after deducting federal excise tax.
Three bookmakers ended in the red in April: Betfred, Golden Nugget and Unibet, with Betfred having the biggest loss of the trio, paying out $50,400 on top of its $3.8 million. Unibet, which exited the market on June 4, absorbed a loss of $4,600, and Golden Nugget lost $11,600 on just $153,700 in bets.
Mobile operators had a collective 9.8% share of $634.3 million, faring much better than their retail counterparts. Those venues earned $81,800 in gross winnings from $6.4 million in bets, resulting in a meager 1.3% win rate.
Keynote USA
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