Arizona all set to issue three more sports betting licenses

Arizona all set to issue three more sports betting licenses

Arizona, one of the fastest-growing sports wagering markets in the United States, is all set to expand its sports betting market by increasing the number of regulated sportsbooks in the state. With a plan to award three more sportsbook licenses, the Arizona Department of Gaming (ADG) is going to conduct an informational session before the end of this month. The informational session will allow aspiring applicants to learn more about the process of issuance of the licenses. The process, which will also enable aspiring applicants to get their queries answered, will likely be launched in August 2023.

Two of the planned three sportsbook licenses will be awarded to professional sports teams that will partner with gaming companies, while one license will be awarded to a tribal entity.

Some emerging reports suggest that there is a great possibility that the tribal permit will be awarded to the Ak-Chin Indian Nation, a federally-recognized tribe that was left without an online sports wagering partner at the time of shuttering of Fubo’s sportsbook operation in October last year.

When the Grand Canyon State awarded legal status to sports betting in late 2021, a total of 20 licenses were to be issued, but only 18 licenses were issued at the time. One more license became vacant when Fubo shuttered its sports betting operations. At present, there are 17 sports betting licenses are in operations in the state.

Las Vegas-based casino operator Circa Sports, which is said to be one of the most respected names in the field of sports betting, is also reportedly interested in the Arizona market. It is reportedly looking to expand its business, especially in states where it is already present. Arizona’s open, low-tax market is undoubtedly attractive to such companies.

The list of currently regulated 17 sportsbooks includes Betfred, Bally Bet, BlueBet, Barstool Sportsbook, FanDuel, Golden Nugget, BetMGM, SuperBook Sports, Caesars Sportsbook, DraftKings, Hard Rock International (HRI).

Applications for the new licenses will cost $100,000 each, while the figure could swell to $750,000 per license for the successful bidders. These figures might seem to be hefty but one shouldn’t ignore the fact that Arizona’s sports wagering market is unquestionably flourishing. Latest stats confirm that the Grand Canyon State became the fifth state in the U.S. that notched a sports betting handle of more than $10 billion. Interestingly, the state accomplished the feat in just 20 months after the launch.

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