It’s been months but November was popular in the Valentine State and the betting markets saw tons of action. The Diamondbacks played their last World Series game at the beginning of the month and the Phoenix Suns had a 7-game winning streak.
Arizona’s Department of Gaming reported that the state saw $713.5 million in wagers in November, a 10% monthly increase and a new record high. Previously March 2022 had the most bets at $691 million.
Despite a relatively disappointing month in Arizona sports, operators only held 6% of the bets they accepted, leading to just $20.3 million in revenue (after promotional deductions). State coffers received $2 million in fees, lower than October’s $3.2 million.
ESPNBet sees mixed results
November saw the changeover from Barstool Sportsbook to ESPNBet, which happened halfway through the month. Now that the numbers have come in there is some good and bad.
ESPNBet brought in a massive amount of wagers month over month. In October they took in $13.8 million while in November they accepted $39 million. Certainly, the increased promotional budget can take credit for some of the jump but compared to the other operators it still was not the most generous, which is odd given that ESPNBet was a new brand.
In October Barstool spent $218,000 in promos, and in November that spiked to $3.7 million. But that increase put them in 3rd in promotional spend. DraftKings ($7 million) and
FanDuel ($5.8 million) was more generous.
And after all of that spend in Arizona, they didn’t move in the rankings. They are still 5th in the state, which is what they were in October.
FanDuel leads the way
The online giants at DraftKings and FanDuel still dominate the market. FanDuel lead all operators with $249.2 million in handle followed by DraftKings at $229.4 million. They were the only sportsbooks with more than $100 million.
BetMGM was third with $91.7 million and then Caesars at $66.5 million.
