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Arizona Becomes Fastest State to Top $1B Sports Betting Handle

02 february 2022
Author: James Burton
Source: www.yogonet.com
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Some statistics that came out recently demonstrated the current situation of the wagering websites on the territory of Arizona. It turns out that the 9 mobile-based sites and 2 offline facilities, which are operating in the city of Phoenix, brought 467 million USD to the economy of the state. This happened in November 2021, and at this point, the activity was only legal in the jurisdiction for 3 whole months.

Arizona becomes the fastest state to top $ 1B betting handle

Statistics in Arizona

It was brought to the public eye that the local gamblers who signed up to the Arizona-based operators have bet around 1.2 billion USD in a relatively short time after the legalisation of wagering activities. On the contrary, the players lost 51 million USD.

These results are much higher than was originally expected, and they have contributed to sports wagering entering the top 10 lucrative businesses across the country. The gambling division representative, Ted Vogt, commented that the industry brings a lot of revenue to the state, and it is anticipated to only rise in the next few months.

The Local Achievements

The most profitable month for the industry was October when the players managed to accumulate 486 million USD. Although November’s statistics were lower, the number was still impressive enough, considering that the month was missing one weekend in comparison to the previous one.

Including the income of the penultimate month of the year, Arizona was officially pronounced the quickest state to gain 1 billion USD profits due to the efforts of local bettors. However, New York is predicted to beat it quite soon, since wagering on sports has become legal there recently.

Gambling Data Trivia

Arizona establishments are required to pay 8% of taxes from the income it gets via in-person gambling, as well as 10% from mobile application profits. In addition, the federal tax expenses from all bets stand at 0,25%. In November, the local government gained approximately 3.2 million USD, which was way higher than in the previous 2 months, with their total being 1 million USD.

Additionally, the statistics showed there was a certain per cent of victory in the jurisdiction, which stood at 11%. Simply speaking, for each bet of 100 USD bookmakers received 11 USD, and the rest of the money went back to customers.

Overall, November was a successful month for the gambling industry of all the states where this activity is legal. Nationwide, the «win» percentage was 9.8%, which is the highest number in 3 years.

Source: www.yogonet.com
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