The positive impact of legal sports betting on Arizona’s economy.

Sports betting will become officially legal in Arizona in under a month, changing the way sports fans wager on games.

Dennis Hoffman, an economics professor at Arizona State University’s W.P. Carey School of Business, believes that the launch of legal sports betting in Arizona on Sept. 9 signifies the start of a new era for the state’s economy. It is projected to bring in over $200 million in business activity and more than $30 million in tax revenue.

Hoffman’s projections align with the Arizona Department of Gaming’s forecast that legalized sports betting will bring in $34.2 million in yearly revenue for the General Fund by the 2024 fiscal year.

Hoffman suggested that the impact of sports betting is currently uncertain, with the main question being whether it will bring positive economic benefits by generating extra income. He believed that keeping the money from sports betting within Arizona would be more advantageous than sending it to an offshore account.

Hence, it is crucial to acknowledge that in the past, money may have been leaving Arizona for other states or countries. However, we now have the ability to tax it and retain the funds within our state, which is advantageous for the economy.

In a recent interview with yengols.com, Arizona Representative T.J. Shope emphasized the positive impact of gambling taxes, particularly pointing out how they will benefit Arizona’s casinos by providing a financial boost.

Shope confirmed that the funds generated from off-reservation sources under this legislation will go towards the state’s General Fund. Furthermore, tribes have made an agreement with the governor’s office to uphold their financial contributions to the state in their gaming compacts. This entails annually providing a percentage of their self-reported income to the state.

For more than three decades, tribes within the state have enjoyed the benefits of tribal gaming. Now, the entire state will enjoy increased revenue without the necessity of raising taxes.

A Battle for Dominance in the Market

According to Daniel McIntosh, a senior lecturer at ASU’s W.P. Carey School of Business, Arizona is expected to see a rise in sports betting adoption similar to what occurred in New Jersey following its launch in 2018.

New Jersey’s handle exceeded $1 billion within the first six months of operation.

McIntosh views the introduction of Arizona betting apps as a major achievement and is carefully monitoring the various platforms that are gaining popularity in this new market.

McIntosh noted that the current scenario was reminiscent of the previous presidential election, where there was fierce competition for votes. He remembered the intense battle for attention among newspapers, advertisements, and website banners, all vying for market share.

During every football game and major event in Phoenix, bookmakers will capitalize on the opportunity to advertise and compete for market dominance, leading to a recurring situation.

Seek out promotions from sportsbooks.

Once the commotion settles down, McIntosh notices customers in Arizona snagging amazing deals from multiple sportsbook companies competing to make a mark in the state.

He said that when this becomes available, there will be a surge in advertisements targeting consumers. Furthermore, casinos will offer many appealing deals as they vie for customers in the competitive market.

So, be prepared for discounts and partnerships with different teams as they work to introduce you to this new way of enjoying sports.

McIntosh is of the opinion that introducing online gambling could increase the state’s revenue, particularly with the growing popularity of iGaming in Arizona, which would be advantageous for all stakeholders.

McIntosh is thrilled about the current state of the sports world, highlighting the many significant changes taking place. These changes are anticipated to greatly influence the way sports are conducted, athlete compensation, and the evolution of revenue models. In general, McIntosh sees this as an exciting era in the sports industry.