March Madness Provides Arizona a Monthly Handle Record

We have just received the financial data for Arizona’s sports betting in March 2024, and the performance of our top sports betting sites has broken records.

The long-awaited March report from the Arizona Department of Gaming has been released, and it exceeded expectations as sports betting providers reported a record-breaking monthly handle.

Arizona’s sports betting activity for March was one of the highest percentage increases in handle compared to previous months and years. The state’s total lifetime sports betting handle surpassed $16 billion after the impressive wagering activity in March.

While revenue did not reach the record levels of Arizona’s March handle due to a slightly underwhelming hold rate, figures for handle, revenue, and tax contributions have significantly increased compared to the first three months of 2023.

$760 million handle

In March 2024, Arizona sports betting apps and retail providers saw a record-breaking $760 million in wagers, surpassing the previous high of $713.6 million set in November 2023.

Arizona has exceeded the $700 million monthly mark for the third time in the last five months, thanks to residents making the most of various sportsbook promotions in March.

The record handle in the Grand Canyon State for March 2023 showed a 17.8% improvement from the previous year, with $644.8 million wagered. This also marked a significant increase from the nearly $637.5 million wagered in February.

Arizona’s top sportsbooks have taken in $2.1 billion in wagers during the first quarter of 2024, marking a 14% increase in handle compared to the same period in 2023.

Revenues don’t match handle record

Although there was a significant increase in betting activity, revenue did not reach a new high due to a low hold rate of 7.8%, the second lowest in Arizona in the past nine months. The only month with a lower win rate was November, which had a 5.9% hold rate during the previous record handle month.

In March, the gross sports betting revenue was reported to be $59.3 million, showing growth compared to both the previous month and the previous year. This figure represents an increase of nearly $6 million from March 2023 and a month-over-month improvement of about $5 million from February’s total of $54.2 million.

Arizona sportsbooks have seen a significant increase in gross sports betting revenue this year, with a spike of 35.3% totaling $184.6 million.

Arizona sportsbook’s adjusted gross revenue for March totaled $38 million, with nearly $3.8 million paid in taxes to support state and local services. The year-to-date tax contribution now stands at $11.2 million, an improvement of $3 million compared to the same period last year.

FanDuel tops market

In March, FanDuel emerged as the top Arizona sports betting app, surpassing DraftKings in both handle and revenue. FanDuel Arizona accounted for $265.1 million of the state’s $760 million March handle, reporting $24.4 million in revenue with a 9.2% hold. FanDuel has now exceeded $200 million in accepted bets in Arizona for six consecutive months. Explore more with our FanDuel promo code.

The figure sets a new single-month record for Arizona, surpassing its previous record of $258.1 million in January.

In Arizona, DraftKings came in second place with a March handle of $255.3 million. The company reported revenue of $18.8 million for the month, with a hold of 7.4%. BetMGM Arizona was third with $94 million in bets accepted in March, earning $7.6 million in revenue with an 8.1% win rate.

In fourth place for the month, Caesars Arizona recorded $50.7 million in wagers and $3.1 million in revenue. bet365 surpassed ESPN BET Arizona to claim fifth place, with $29.3 million in accepted wagers.