Arizona’s Sports Betting Handle In March 2023 Exceeds $600 Million Again

Republished By Plato

Followers: 0

The Arizona Department of Gaming (ADG) reports that the sports wagering handle in the state of Arizona reached the level of more than $644 million in March of 2023, which is the second highest monthly level since the launch of sports betting operations in the US state.

Jackie Jackson, Director of the Arizona Department of Gaming, reportedly said: “March of 2023 is the fifth time the state eclipsed $600 million in wagers and is the second highest month since the inception of sports betting in Arizona. I look forward to seeing how sports betting progresses in the state as we close out Fiscal Year 2023 in the coming months.”

Strong Sports Wagering Month:

The privilege fees collected by the state in March of 2023 amounted to more than $3.7 million in total. The month of March 2023 thus contributed almost 10 percent to the $43 million pool of privilege fees collected by the state since sports wagering was legalized in the jurisdiction in September of 2021.

Overall Handle Estimate:

The strong sports wagering month of March 2023 represents the fifth time the state exceeded the $600 million turnover in 18 months since the legalization in September 2021. Assuming that each of the remaining 13 months since the sports wagering launch had even two times weaker performance, one can estimate that the total handle of sports wagering operations for the period from September 2021 to March 2023 in the state of Arizona amounted to almost $7 billion.

Tribal Gaming Record Levels:

In addition, tribal gaming in Arizona hit record levels in the first quarter of 2023 to generate the highest level of contributions to the Arizona Department of Gaming aggregated since the 2004 launch. Following the gaming compacts closed between the Arizona tribes and the state anticipating tribes to allocate a revenue percentage to the public sector, the ADG’s financial report from April 2023 shows that tribal gaming contributions reached the $2 billion mark since the 2004 launch until March 31, 2023.

Tribal gaming exercised a great performance despite some concerns that sports wagering would go online rather than to in-land casinos when sports betting became legal in Arizona. ADG director Jackie Johnson reportedly stated on the occasion: “The state of tribal gaming in Arizona continues to impress, with a near 20% increase in contributions to the state when compared to quarter three of FY 2022. ”

Strong Q1 2023:

Arizona Benefits Fund reportedly announced that this institution collected around $27.6 million in tax revenue as of March 31, 2023, which represents an almost 20 % increase from the same period of 2022. The total gaming tax revenue figure and the sports betting handle figure for March 2023 exceeding $600 million for the fifth time in 18 months testify about the strong first quarter of 2023 being topped with the great sports betting performance as of March 31, 2023.

Continuous Growth:

These figures, released by the state gambling regulatory agency Arizona Department of Gaming, also testify about the continuous industry growth in the state. It means that the ADG is getting increasingly capable to fund and support problem gambling programs for people and families affected. The support is also available through a 24-hour confidential helpline, 1-800-NEXT-STEP.