Arizona sports betting market could produce $200-250m of revenue annually
Arizona’s newly legalized sports betting market could generate between $200m to $250m in annual revenue according to analyst estimates.
PlayAZ of the PlayUSA Network reports Arizona’s market is capable of producing more than $3bn in annual wagers and $200m in gross gaming revenue at full maturity.
“There is no question that Arizona will be a fruitful market, but there are still a lot of moving parts that will need to be sorted before launch,” said PlayUSA lead analyst Dustin Gouker.
PlayAZ pointed to Arizona’s four major North American sports franchises, four NCAA Division I athletic programs and other professional sports events as testament to the state’s appetite for sports wagering.
Arizona Casinos, an independent, local source for Arizona gaming information, is ever rosier, putting revenue estimates at approximately $250m annually.
“Arizona has all the pieces in place to evolve as a successful sports betting market,” said Arizona Casinos analyst Geoff Fisk. “Phoenix is one of the best sports cities in the US, and the state hosts a thriving tribal casino industry. Lawmakers went all-out in the effort to make Arizona a major sports betting hub. With 20 licenses up for grabs, we’ll see all of the biggest names in the industry want a piece of the Arizona market.”
Last week Arizona Gov. Doug Ducey signed into a law a bill to legalize both sports wagering and daily fantasy sports in the Grand Canyon State. The legislation includes a 20-year extension for tribal gaming compacts and grants 10 online licenses for state gaming tribes.
Another 10 online licenses will go towards professional sports venues. FanDuel has already announced it will open a sportsbook at Phoenix Suns Arena this fall.
Arizona gaming officials are anticipating a September launch to sports betting, which would put the state right on time for NFL and college football wagering.
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