Arizona sports betting revenues soar to new heights in May

Arizona sports betting revenues soar to new heights in May

Arizona sports betting industry raked in a record amount of money during the month of May, and the Department of Gaming for the state said that “sports betting stats continued to look robust” during that period of time, which contributed to the state’s record haul.

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Sports Betting - Arizona

Getting Highest Sports Betting Retail in May

According to the most recent monthly data issued by the regulatory body, retail and online sports betting businesses received bets totaling $461.45 million during the month of May. 

This figure reflects a decline of slightly more than ten percent when compared to April’s $512.87 million. Online sportsbooks took in a total of $4.58 million from wagers, compared to the total of $456.65 million wagered online. 

Adjusted gross event wagering revenues amounted at $55.16 million prior to the distribution of free bets for the month, which indicates a considerable increase of 88.59 percent month-on-month from $29.24 million.

The operators subtracted $13.78 million in free bets and promotional credits, which resulted in revenue reaching $41.4 million at the day’s end. This is a 150.89 percent increase from the $16.5 million collected the previous month. 

The amount of tax revenue received by the state increased to $4.12 million in May from $1.64 million in April. FanDuel came out on top with $19.51 million in revenue after free bets were deducted, beating out DraftKings’ $12.19 million and BetMGM’s $4.86 million to take the top spot.

Corporate Notes

According to Ted Vogt, the Director of the Arizona Department of Gaming, who was quoted in a press release statement, the newly growing event wagering business in Arizona continues to dazzle with over $460 million wagered and over $4 million in privilege fees for the month of May. 

In addition, he said that since the beginning of the legalization of betting on sporting events, the state had received nearly $30 million in privilege and license fees.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.