Handle at retail and online sportsbooks in Arizona leapt 22 percent in October versus October 2023. Winnings by those same books, however, were down three percent. Those numbers were reported January 8 by J.P. Morgan analyst Joseph Greff.
Arizona books saw wagering in the amount of $791 million. But they held at a low 6.8 percent, resulting in revenue of $53.8 million.
That revenue was further reduced by upswings in free play and other promotional allowances, to the tune of $30.2 million. While 3.5 percent of handle was returned in free play the year before, it was up to 3.8 percent this past October and 56 percent of winnings. (Free play is tax deductible for operators in Arizona.)
DraftKings booked the most wagers at $262.5 million, but finished second in revenue with $15.1 million. Another $8.5 million of that went out in promotions. FanDuel booked only $252.5 million in handle, but won $21.7 million, less $9.5 million in promotional allowances.
Third was BetMGM, which realized $5.7 million from $99.5 million in betting. It laid out $4.1 million of that in comps. Caesars Sportsbook saw $2 million off of $44.8 million in wagers, giving back $900,000 to players.
Bet365 was fifth with $37.7 million in handle and $2.8 million in win, the entirety of which went back out in the form of promotions. ESPN Bet followed with $19.3 million in bets, $1 million in revenue, and $600,000 in comps.
Rounding out the picture was BetRivers, which booked $7.2 million in wagers, kept $600,000 and laid out only $100,000 in promotions. Other (unidentified) operators combined for $67.7 million in handle, $4.8 million in winnings, and promotions of $3.8 million.
