Arizona Sports Betting Sets New Record: FanDuel, DraftKings, BetMGM Lead
Arizona’s sports betting industry has shattered records once again, posting an all-time high handle of $897.6 million in November 2024. This marks the second consecutive month of record-breaking figures, reflecting the state's dominance in the U.S. sports betting market.
The total betting volume saw an 18.1% increase from October and a 25.8% year-over-year surge, with online betting contributing over 99% of all wagers. Meanwhile, adjusted gross event wagering receipts reached $84.1 million, nearly doubling November 2023's figures.
This report provides a comprehensive breakdown of Arizona’s sports betting performance, leading operators, tax contributions, and the market's long-term implications.
Arizona’s Sports Betting Market Reaches New Heights
Record-Breaking Total Handle
The Arizona Department of Gaming reported that November’s total handle reached $897.6 million, breaking all previous records.
Total Handle: $897.6 million
Online Betting: $890 million
Retail Betting: $7.6 million
The overwhelming 99% dominance of online betting underscores the growing reliance on digital platforms over traditional retail sportsbooks.
Consumer Winnings and Adjusted Revenue Reach New Highs
Total Winnings Paid to Bettors: $811.3 million
Adjusted Gross Event Wagering Receipts: $84.1 million
Year-over-Year Growth: 8.7% increase from September 2024 and nearly double November 2023's figures
After accounting for free bet deductions totaling $26.6 million, post-deduction adjusted revenue stood at $57.5 million, reflecting a remarkable 183.3% annual increase.
Top Operators in Arizona’s Sports Betting Market
Arizona’s sports betting sector remains fiercely competitive, with FanDuel and DraftKings leading the market.
| Rank | Operator | Total Handle ($) | Revenue ($) | Hold Percentage |
|---|---|---|---|---|
| 1 | FanDuel | $288.6 million | $29.9 million | 10.36% |
| 2 | DraftKings | $293.4 million | $25.7 million | 8.76% |
| 3 | BetMGM | $111.6 million | $12.7 million | 11.38% |
| 4 | Caesars | $52.5 million | $4.0 million | 7.62% |
| 5 | Fanatics | $42.2 million | $3.8 million | 9.00% |
| 6 | Bet365 | $39.2 million | $3.2 million | 8.16% |
| 7 | ESPN Bet | $28.4 million | $2.3 million | 8.10% |
| 8 | Hard Rock Digital | $20.4 million | $1.4 million | 6.86% |
FanDuel led the market with $29.9 million in adjusted revenue from a $288.6 million handle, securing a 10.36% hold rate. DraftKings followed closely, generating $25.7 million from a $293.4 million handle, while BetMGM posted the highest hold percentage at 11.38%.
Arizona’s Tax Revenue from Sports Betting
The record-breaking handle and revenue translated into significant tax contributions for the state.
Total Sports Betting Taxes Collected: $5.7 million
Online Betting Tax (10%): Majority of tax revenue came from online operators
Retail Betting Tax (8%): Contributed just $57,358
With nearly all taxable revenue coming from online betting, the state is expected to further prioritize digital-first strategies for regulatory oversight and tax collection.
Key Takeaways and Market Implications
1. Online Betting Continues to Dominate
With over 99% of bets placed digitally, Arizona’s online sports betting ecosystem is thriving.
2. Rising Hold Percentages Indicate Strong Market Efficiency
Operators have optimized risk management, ensuring sustainable profitability despite rising handle volumes.
3. Arizona's Tax Revenue Highlights the Value of Legalized Betting
With $5.7 million in monthly tax revenue, sports betting remains a vital financial contributor to the state.
Final Thoughts: A Booming Industry with No Signs of Slowing Down
Arizona’s record-breaking November 2024 sports betting handle underscores its strength as a leading market in the U.S. gambling landscape.
As FanDuel, DraftKings, and BetMGM solidify their dominance, the state’s betting industry is expected to sustain strong momentum into 2025. With digital platforms continuing to shape the future, Arizona remains at the forefront of America’s sports betting revolution.
If growth trends continue, Arizona’s sports betting market could surpass the $1 billion monthly handle mark in the near future.
