Arizona sports betting sees second strongest month
Arizona is becoming one of the largest sports betting markets in the United States. Data released this week by the state gaming department showed legalized sports betting had its second-busiest month in March.
More than $644.7 million was wagered, according to the Arizona Gaming Department. That’s a 5.8% increase from the previous month. March 2022 was its highest-grossing month to date, with more than $691 million in revenue.
Total sports betting revenue in Arizona for the first quarter of 2023 was $1.84 billion. The Grand Canyon State’s tax revenue for the first three months was $8.2 million, an increase of more than 80% from $4.4 million in the first quarter of 2022.
"I look forward to seeing sports betting grow in the state as we complete fiscal year 2023 in the coming months," ADG Director Jackie Johnson added in a statement.
According to the latest data, Arizona has the seventh-highest winnings among states with legal sports betting. New York ranks first, with Illinois, New Jersey, Nevada and Ohio rounding out the top five.
Arizona introduced legalized sports betting in September 2021.
Sports betting is on the rise in the United States
According to the American Gaming Association, sports betting is currently the fastest-growing area of commercial gambling. Sports betting accounted for about 20% of all gambling in the United States in the first quarter of 2023, with Americans betting about $220 billion in recent years, according to the AGA.
While sports betting is growing faster than the industry as a whole, the figures for the remaining 80% of the betting market are also higher. The combined returns from slots, table games and online betting are more than four times higher than sports betting.
The total game revenue of the U.S. commercial game industry reached US$16.6 billion in the first quarter of 2023. That’s a 15.5% increase from the same period last year.
Slot machines remain the most popular form of gambling in casinos. Nevada casinos have reduced the number of slot machines, which actually increases overall revenue and revenue per machine. Table games, including poker, blackjack and roulette, accounted for about 15% of total U.S. gaming revenue in the first quarter of 2023
iGaming is on the rise
iGaming is now the second fastest growing segment of the gaming industry. Simply put, iGaming refers to any type of online betting on the future outcome of a game or event. It accounted for nearly 9% of total gaming revenue in the first quarter of 2023.
While iGaming typically includes options available within mobile betting apps, mobile sports betting has evolved into its own category of online betting, and iGaming now generally refers to online casino games and skill games.
Sports betting is one of many sources of income. Based on reports from Arizona and other states, there's a good chance sports betting will continue to grow.
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Source: www.casino.org
