The first month of legal sports betting was very successful in Arizona. However, they have taken things to another level in month two which has raised the ceiling on the long-term potential of this market. They benefited from their launch coinciding with the start of the NFL season and a great marketing job by the various operators.
Arizona Setting Records After Only Two Months
The answer to the question, “Who has the record for the biggest first month in legalized sports betting?”, would be Arizona. Not too many people would have thought that would be the case pre-launch but the ceiling has officially been raised on the potential of this market. Over $291 million worth of bets were made in September, which accounts for the highest debut in history.
October was even better with $486 million worth of bets made. Operators did an amazing marketing job which has a lot to do with the early success. Bonus Bets have to be taken into account and are a part of the $486 million in wagers made.
Those Bonus Bets are taxed differently than real money is but the state made $1.3 from the first two months of revenue. They also made big money in licensing fees to the tune of $14 million. There are other factors that have aided the great early numbers.
The NFL season started right at the time that Arizona launched which helps tremendously as well as the NBA season towards the end of October. It also helps that the Arizona Cardinals of the NFL and the Phoenix Suns of the NBA are having excellent seasons.
Although they’ve slowed down of late, the Cardinals have been one of the best teams in the NFL and have a very good chance of playing a home playoff game. As for the Suns, we probably won’t see the true effect they’ve had on revenue but they will certainly bump up the November numbers even higher which is great news for everyone involved.
Potential for Arizona Betting Market Now Seems Limitless
For a better idea of how impressive these early numbers are, Las Vegas handled approximately $1.1 billion in bets in October. After only their second month, Arizona pulled in 44% of that number and as previously mentioned, the Suns only started playing in late October so revenue is sure to go up in the months that followed the start of the NBA season.
READ MORE: Stadium Sports Betting Could Come to Chicago
With two retail sportsbooks and eight mobile operators in the market. In October, two more operators joined the market which saw a rise in taxable revenue, which resulted in over $1 million in tax receipts for the state. The model in Arizona is a unique one and professional teams play a big role with the deals they have in place with operators.
Players across the country that don’t yet have access to legalized sports betting via mobile, can go to OddsTrader once this changes. OddsTrader currently offers betting odds comparison in Illinois, Colorado, New Jersey, Pennsylvania, Tennessee, Indiana, Michigan, Virginia, Iowa and West Virginia.