Arizona must announce its sports betting licenses by August 27.

The Arizona Department of Gaming shared an update on Monday regarding the advancement of legal sports betting in the state, including the number of applicants for licenses.

On August 9, when the deadline closed, Public Information Officer Maxwell Hartgraves announced that 26 operator applications had been received by the state.

Who will receive the spots?

There were a total of 26 applications, with 16 coming from tribes and 10 from professional sports teams in the state.

Starting on September 9, when sports betting becomes legal, there will be a total of 20 operator licenses up for grabs, with an equal distribution among teams and tribes.

Hartgraves notified yengols.com that the department needs to announce the license recipients by August 27 because there are more applicants than available slots.

Nevertheless, Arizona is slated to begin offering fantasy sports contests on August 28, with the launch of sports betting to follow in early September.

According to a recent survey conducted by yengols.com, residents anticipate that the state’s market will be very popular upon its launch.

Dennis Hoffman, an economics professor at Arizona State University’s W.P. Carey School of Business, believes that the legalization of sports betting in Arizona could significantly boost the state’s economy. It is projected that this decision could result in more than $200 million in business activity and over $30 million in tax revenue.

The department expects that the legalization of sports betting could lead to a yearly increase in General Fund revenue of more than $34.2 million by the 2024 fiscal year.

Hoffman stated that we are currently in a position of making informed predictions. The main concern is whether sports betting will bring any extra economic advantages. He believes that retaining money in Arizona rather than sending it to an offshore account will have a positive overall effect.

It is crucial to recognize that in the past, money may have been leaving Arizona and going to other states or countries. However, we are now able to collect taxes on that money, which helps keep it within our state. This ultimately benefits Arizona’s economy.

Who’s Partnered Up?

So far, every professional sports team in the Valley, with the exception of the Arizona Coyotes, has partnered with a sportsbook operator.

Up to this point, the Arizona Cardinals (sponsored by BetMGM/Gila River Hotels and Casinos), Phoenix Rising FC (sponsorship details pending), Phoenix Suns (sponsored by FanDuel), Phoenix Mercury (sponsored by Bally’s), and Arizona Diamondbacks (sponsored by Caesars Entertainment) have each revealed their sponsorships.

Moreover, the PGA Tour/TPC Scottsdale has entered into a partnership with DraftKings, while Phoenix International Raceway/NASCAR has confirmed a collaboration with Barstool.