Arizona's Sports Betting Handle Up 11% In Aug 2023
Arizona Department of Gaming (ADG) released a report on Arizona market performance in August. Legal sports betting increased handles in the month before the start of the football season, posting an 11% rebound in handles compared to July 2023, but slightly lower than the previous month, according to the report.
$358 million betting handle:
The sports betting operator accepted a bet of $358.8 million for the month, 11% more than its July 2023 performance, according to ADG. The operator reportedly paid $327.1 million to the player and maintained $30.8 million in total gaming revenue. However, despite the higher handle than in July, the operator maintained less money in August, showing an 8.6% hold rate compared to July's 10.6% hold. Low hold rates in high handle situations may be due to higher amounts earned by the player for increased operator costs to record increased handles.
Fixed lower bound for operator and status:
There may be other factors, but when you put them all together, there was a low withholding rate for the state to generate tax revenue at the hands of operators. In any case, the source reported that 13 of the 17 online betting operators reported a total revenue of $20.7 million in August 2023. In addition, 11 of the 13 retail betting facilities tallied total revenue of approximately $647,000. Arizona generated $2.1 million in tax revenue as a result. State receives 20% tax bill in August as July tax revenue reaches $2.6 million.
PanDuel and DraftKings accounted for 64% of all Arizona sports betting businesses, as the entire August Arizona betting primarily involved two leading operators. DraftKings' online sports betting business distributed $115.5 million in handles in August, and $102.3 million was released in July, marking an 11.5% month-over-month increase in handles, according to Cover's. FanDuel received $115.1 million from online betting, as well as $2.5 million from retail betting, reaching nearly the same handle. The third busiest operator was BetMGM with a $50.4 million handle.
64% Share of FanDuel and DraftKings:
These three operators tallied about $280 million in handling, while the other 10 operators each recorded about $80 million or an average of about $8 million. In addition, DraftKings and FanDuel accounted for 64% of the $358 million total handled by the Arizona betting industry in August 2023. These two operators have identified their leading positions in the regulated Arizona market, which is likely to accelerate as the sports season thus begins. Because of this, we can expect the next report from the Arizona Game Department to bring even higher numbers. 온라인카지노사이트
$358 million betting handle:
The sports betting operator accepted a bet of $358.8 million for the month, 11% more than its July 2023 performance, according to ADG. The operator reportedly paid $327.1 million to the player and maintained $30.8 million in total gaming revenue. However, despite the higher handle than in July, the operator maintained less money in August, showing an 8.6% hold rate compared to July's 10.6% hold. Low hold rates in high handle situations may be due to higher amounts earned by the player for increased operator costs to record increased handles.
Fixed lower bound for operator and status:
There may be other factors, but when you put them all together, there was a low withholding rate for the state to generate tax revenue at the hands of operators. In any case, the source reported that 13 of the 17 online betting operators reported a total revenue of $20.7 million in August 2023. In addition, 11 of the 13 retail betting facilities tallied total revenue of approximately $647,000. Arizona generated $2.1 million in tax revenue as a result. State receives 20% tax bill in August as July tax revenue reaches $2.6 million.
PanDuel and DraftKings accounted for 64% of all Arizona sports betting businesses, as the entire August Arizona betting primarily involved two leading operators. DraftKings' online sports betting business distributed $115.5 million in handles in August, and $102.3 million was released in July, marking an 11.5% month-over-month increase in handles, according to Cover's. FanDuel received $115.1 million from online betting, as well as $2.5 million from retail betting, reaching nearly the same handle. The third busiest operator was BetMGM with a $50.4 million handle.
64% Share of FanDuel and DraftKings:
These three operators tallied about $280 million in handling, while the other 10 operators each recorded about $80 million or an average of about $8 million. In addition, DraftKings and FanDuel accounted for 64% of the $358 million total handled by the Arizona betting industry in August 2023. These two operators have identified their leading positions in the regulated Arizona market, which is likely to accelerate as the sports season thus begins. Because of this, we can expect the next report from the Arizona Game Department to bring even higher numbers. 온라인카지노사이트
2023-12-02 16:02
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