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Arizona Earns Yearly Sports Betting Increase in July

Perry Sandra

Updated as of September 27, 2023 at 1:50 PM EDT. Read time: 1 minute and 55 seconds. Find more information on Twitter and Google News.

Head coach Jonathan Gannon of the Arizona Cardinals looks on as Arizona saw a year-over-year increase in sports betting in July.
Head coach Jonathan Gannon of the Arizona Cardinals looks on against the Minnesota Vikings in the first half of a preseason game at U.S. Bank Stadium on August 26, 2023 in Minneapolis, Minnesota. David Berding/Getty Images/AFP

The July earnings report from the Arizona Department of Gaming was unveiled on Tuesday, marking the end of a lackluster summer month for the entire legal sports betting industry in the U.S.

Although sports betting activity decreased month-over-month, the Arizona legal sports betting market saw growth in July 2022, with increases in overall handle and revenue generated.

$323.2 million in reported bets in July

In July 2023, Arizona sports betting saw a total of $323.2 million in wagers, which was a decrease from the $393.2 million in July but marked an 11.3% increase from the $290.5 million in July 2022.

In July 2022, bettors in the state spent less than $300 million in a single month for the first time since the launch of a wide-ranging legal sports betting platform in September 2021.

Revenues climb off a decent hold rate

Arizona state sports betting operators generated $34.5 million in revenues from their $323.2 million handle in July. This marked a $7 million increase from June and a $12 million increase from July 2022.

The state’s top sports betting apps saw a significant increase in profits, thanks in part to a respectable nearly 11% hold rate. Underscores outperformed their wagering public in July, with a hold rate of 7.2% in June and 7.8% in July of the previous year.

In July, Arizona’s state and local coffers received just under $2.7 million in taxes from sports betting revenues, an increase from $1.63 million in June and nearly $1.5 million in July 2022.

FanDuel leads the way

Once again, the competition for the top Arizona sports betting app came down to two providers, with FanDuel coming out on top in terms of overall handle and revenues.

In July, FanDuel contributed $113.7 million to Arizona’s total handle of $323.2 million. The company also generated $13.6 million in gross revenues, the highest among all sportsbooks, with a 12% hold that favored sports bettors.

In the Grand Canyon State market, DraftKings ranked second with $102.4 million in bets and $10.2 million in revenues from a 10% hold. Following closely behind was BetMGM in third place with $43.3 million in wagers and $5.9 million in revenues. Caesars came in fourth with a handle of $32.6 million and just under $2.5 million in profits. Rounding out the top five was Barstool Underscoreg with $8.9 million in bets and approximately $659K in revenues for the month of July.

Good news on the way

July was the low point for all sports betting sites in the U.S. market, but jurisdictions that have shared their August earnings have seen a rise in overall wagering activity compared to the previous month. It is likely that Arizona will follow this trend.

In September, the NFL season kicks off, bringing in the bread-and-butter for sportsbooks. Arizona saw a $177 million increase in handle between August and September last year, and similar growth is anticipated this year.

Monitor Arizona sportsbook promotions as football season kicks off.

Written By:
Perry Sandra
Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.