An online sportsbook in Arizona has ceased operations.
SaharaBets announced on its website and social media accounts on Tuesday that the sports betting operator is no longer accepting wagers about two weeks after its licensing partner, the Arizona Coyotes, became no more.
The sportsbook asked users to withdraw funds by Aug. 8. SaharaBets said it will take 1-2 business days to receive payouts.
“We thank you for being a dedicated customer of SaharaBets,” the announcement said.
Effective immediately, we are discontinuing the sports betting offerings at SaharaBets Sportsbook. Your wagering account will be accessible for the next thirty (30) days to allow time for your outstanding bets to settle and to withdraw your account balance. pic.twitter.com/hCAjNOblRf
— SaharaBets (@SaharaBets) July 9, 2024
In Arizona, sports betting operators must obtain an operating license through a sports team, sports league (like NASCAR or the PGA Tour), or one of the state’s 22 tribal nations.
Coyotes no more
The Arizona Coyotes were that for SaharaBets as both are owned by Alex Meruelo, who couldn’t keep the NHL franchise in the Grand Canyon State.
After not being able to secure a new arena this year, Meruelo sold the team to Utah Jazz owner Ryan Smith, who rebranded the franchise the Utah Hockey Club.
Meruelo, who also owns Sahara Las Vegas, was allowed by the NHL to keep the naming rights and history of the franchise with plans to reboot the Coyotes as long as he could find a new Arizona home by 2029.
However, Meruelo reportedly told staff members on June 24 that he no longer intended to pursue new arena options. This came days after the Arizona State Land Department canceled a land auction that Meruelo intended to bid on to build an arena and entertainment district.
Crowded market
SaharaBets launched online operations in January 2022. At the time, the mobile sportsbook had plans to expand into other markets. However, it never really took off in Arizona before ceasing operations.
In the Arizona Department of Gaming’s latest revenue report, SaharaBets finished 14th among 17 online sportsbooks with an April handle of $900,737.
FanDuel led all operators with a monthly handle of $230 million.
SaharaBets took in $4.6 million in wagers during the first four months of 2024 and claimed more than $250,000 in revenue. The mobile sportsbook generated $11.3 million in wagers and produced just shy of $800,000 in revenue from January 2022 through April 2024.
The Arizona sports betting market was only getting more crowded in a state that’s generated $15 billion in wagers since 2021 and has a mix of national and local sports betting operators.
WynnBet ceased operations earlier this year as part of a company-wide pullback, and now SaharaBets is done, as well as Betway. However, the ADG recently awarded two new sports betting licenses.
