Arizona Sports Betting Sees Major Returns from Super Bowl LVII
The Kansas City Chiefs won the fourth Super Bowl held in Arizona, with the host state also rejoicing in a successful result.
During February, Arizona was the sole state to experience a growth in its sports betting handle, as sportsbooks witnessed a 3.1% increase in wagers from January.
In February, Arizona sportsbooks saw a total of $609,278,096 in bets, making it the state’s fourth largest monthly handle out of the past 18 months. This figure is also the highest since November, when bets totaled $616.8 million.
In February, Brendan Bussmann, managing partner of the gaming consultant firm B Global, emphasized the significant connection between the NFL and sports betting in contributing to Arizona’s success.
Bussmann, in an interview with yengols.com, emphasized that major events like the Super Bowl will elevate the game experience by boosting engagement in the atmosphere. The unique live experience cannot be duplicated, and data indicates that this pattern will persist in Arizona and other states as sports betting gains popularity during big sporting events.
The beginning, with more to come.
Arizona’s position as the inaugural state to legalize sports betting and host the Big Game paves the way for Las Vegas, renowned as the epicenter of American wagering, to host the Super Bowl next year.
Bussmann suggests that Nevada can look to the success of Arizona sports betting apps during Super Bowl LVII as a blueprint for future opportunities, as Allegiant Stadium prepares to host its first major sporting event in America in 2024.
Bussmann suggested that Nevada should explore the possibility of adopting complete mobile registration in order to take advantage of major events such as F1 and the Super Bowl, citing the successful February figures in Arizona as a potential example.
The findings of the February report regarding the state market.
Daniel McIntosh, a teaching associate professor at Arizona State University’s W.P. Carey School of Business, suggests that the trends observed in Arizona’s February sports betting revenue report indicate the robustness of the state’s wagering market.
McIntosh noted that while Arizona’s wagering handle increased by 23.9% year-over-year in the second month of the year, the sports betting hold was lower than the previous year. However, there was a significant 166.1% year-over-year increase in wagering taxes, jumping from $604,825 in 2022 to $1,609,580 in 2023.
In February, customers were awarded a total of $591.06 million in winnings from state sportsbooks, along with $17.782 million in free bets generated by Arizona sports betting promo codes.
McIntosh observed that during the Super Bowl months, the hold percentage is usually less than 5.5%, while free bets have stayed steady at around 3% for the past four months. Despite the sportsbooks’ success with the underdog Chiefs winning, it remains unclear what is contributing to the low hold percentage.
McIntosh noted that the state’s low retail wagering handle of $3.354 million, compared to $4.757 million in January and $3.590 million in February 2022, underscores the significant impact of Arizona’s mobile sportsbooks and the market’s current focus on mobile betting.
McIntosh observed a decrease in retail values from January, which he found unexpected. He theorized that individuals were opting to use mobile platforms for betting instead of wagering at retail locations.
Whether Arizona bettors placed their bets at BetMGM Sportsbook Arizona near State Farm Stadium or through FanDuel Sportsbook’s online app, the impact of the Super Bowl in a legalized sports betting state was just as anticipated.
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Author
For more than seven years, Peterson Christopher has been immersed in the world of sports and sports betting in Arizona. With a background working for ArizonaSports.com, the Tucson Weekly, and the Green Valley News, he has now taken on the role of lead writer at yengols.com.
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