Arizona sports betting handle reached more than $591 million in January. It is the state’s fourth-highest month of recorded handle since legal sports betting began in September 2021.
Despite an $18.7 million increase in handle month over month, monthly revenue dropped by 15% compared to December 2022.
Total hold was 8%, and the state collected $2.88 million in monthly sports betting taxes. The Arizona Department of Gaming released its January revenue report on March 27.
Usual suspects top Arizona sports betting
Barstool Sportsbook still has just more than 3% of the sports betting market, but has now posted handle increases in six consecutive months. It set a new high-water mark in Arizona sports betting to start the year, handling $20.4 million.
Bally Bet moving the opposite direction
Bally Bet claimed 0.01% of the market in AZ sports betting to start the year. The $103,953 it received in January handle was the lowest amount by any operator in the state.
Bally Bet handled $513,000 in August 2022. It dropped nearly 60% the following month and continues to decline.
It has been a challenging start to 2023 for Bally’s sports betting and iGaming businesses.
Arizona not only struggling sports betting market for Bally
Already this year, Bally’s:
- announced cuts of up to 15% of its interactive staff;
- shut down daily fantasy sports app Monkey Knife Fight; and
- announced plans to depart from the sports betting tech platform Bet.Works.
Diamond Sports Group, which owns 19 Bally Sports regional sports networks, also recently filed for Chapter 11 bankruptcy protection.
Bally’s is pushing for profitability from its North American sports betting and iGaming businesses in 2024. Higher-level competitors like BetMGM, Caesars, and FanDuel aim for profitability this year.