Arizona is applying for three more sports betting licenses
Arizona, already one of the most dynamic and fastest-growing sports betting markets in the country, is poised to expand the number of regulated sports betting in the state.
The Arizona Department of Gaming (ADG) is expected to hold an information session later this month where potential applicants can learn more about the process ahead of its launch in August. ADG will issue two licenses to professional sports teams that partner with gaming companies and one license to tribal organizations. The tribal license may be expanded to the Akchin Indian Nation, which no longer has an online sports betting partner when Fubo closed its sports betting operations last October.
When Arizona approved sports betting in late 2021, the way was paved for 20 licensees, but the initial group was 18. With Fubo's departure, there are now 17.
The 17-member organization includes Bally Bet, Barstool Sportsbook, Betfred, BetMGM, BlueBet, Caesars Sportsbook, DraftKings, FanDuel, Golden Nugget, Hard Rock International and SuperBook Sports. PointsBet has a license in the state, which may be transferred due to Fanatics' acquisition of Fanatics' US subsidiary.
Arizona’s Attractive Sports Betting Market
Bookmakers must pay $100,000 to apply for an Arizona sports betting license, a number that would increase to $750,000 if approved.
These numbers are not enough to deter potential applicants. That wasn’t the case when Arizona’s sports betting market was booming. Recent data confirms that Arizona has become the fifth state to reach at least $10 billion in sports betting revenue in just 20 months.
In fact, Arizona reached this milestone the fastest, two months faster than Illinois. This is an impressive feat considering that Illinois has over 5 million more people than Arizona.
Arizona’s population growth rate ranks ninth in the nation, a fact that increases Arizona’s appeal to sports bettors. It ranks third among states that currently offer mobile betting.
Which operators can compete for Arizona licenses
Since Arizona has applied for 17 sports betting licenses, the list of potential bidders is not as extensive as it will be when the state reopens the market. So far, no gaming companies have announced specific plans to bid for Arizona licenses.
However, there are rumors that the process could attract Bet365, Betr and Tipico.
Circa Sports, one of the most respected names in the sports betting industry, may also be involved in the Arizona event. The Las Vegas-based operator is cautious about expanding the list of states in which it operates, and Arizona is eligible to enter the open, low-tax market. Circa has not publicly said Arizona is on its list. The operator is expected to debut in Illinois in the coming weeks.
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Source: www.casino.org
