March Madness is an asset for states with legalized sports betting. The sheer amount of college basketball games gave bettors plenty of games to wager. While this interest should revert in the coming months, sportsbooks and state coffers enjoyed the boost for now.
Arizona’s Department of Gaming announced that the state accepted $759.8 million in bets in March, a 19% monthly increase and over $100 million more than the year prior.
From those wagers, the operators held 7.8% of the money they took in, which is less than the 8.6% hold in February. But the month-over-month growth in handle made up for Arizonan’s improved luck and revenue climbed to $38 million, more than February’s $28 million. The tax bill rose to $3.7 million.
Operators all around see better handle
Sports bettors in Arizona woke up in March, and while the 2 online giants (FanDuel and DraftKings) saw by far the most action, sportsbooks in the Valentine State enjoyed an increase in their numbers too.
Below are the operators with more than $5 million in combined handle:
| Operator | February Handle | Revenue |
|---|---|---|
| FanDuel | $266.8 million | $17.3 million |
| DraftKings | $257.5 million | $13.3 million |
| BetMGM | $94.6 million | $4.1 million |
| Caesars | $51.4 million | $2.3 million |
| bet365 | $29.3 million | $0 |
| ESPNBet | $26.9 million | $210K |
| Hard Rock | $9 million | $0 |
| Desert Diamond | $6.4 million | $0 |
Not so competitive market
In March, Arizona had 16 mobile sportsbooks and 12 reported more than $1 million in bets that month. However, FanDuel and DraftKings are dominating the market.
When it comes to handle, FanDuel and DraftKings combined for 69% of the action. For promotional deductions, they reported 60% of what bettors saw. And for revenue, the 2 operators made up a whopping 81% of the market.
