Arizona's May Sports Betting Numbers Put a Lid On Terrific Month for National Scene

A total of $451.7 million was wagered on sports in Arizona in May.

Dave Bonderoff

Last Updated: August 4, 2023 9:20 AM EDT • 4 minute read

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The long-awaited May revenue figures for Arizona sports betting apps and its retail providers have finally been released, putting a cap on what was a very good month for sportsbooks nationally.

May's figures did reveal a decline in sports betting activity in the Grand Canyon State both month-over-month and year-over-year but not enough to knock Arizona out of the top-10 legal sports betting states and not enough to take the luster off of what was a very good May reporting period nationally.

How much was bet on sports in May?

According to the Arizona Department of Gaming May report, a total of $451.7 million was wagered on sports in the state in May, marking the ninth straight month that Arizona sports betting has seen more than $450 million in wagering activity in a given month.

It was, however, the lowest total since $361 million reported in August 2022 and an 18.2% drop from the $535.7 million wagered in April. May's numbers also represent a slight year-over-year 2.1% drop from $461.45 million in May 2022.

Arizona's best sports betting apps made up $449.6 million of the overall $451.7 million handle with retail providers contributing $3.9 million during May.

May's handle put Arizona seventh in the nation in terms of overall sports betting handle.

Revenues slide, too

Adjusted gross revenue totals for Arizona sports betting providers also slid both month-over-month and year-over-year in May. Minus first bet offer and Arizona sportsbook promos, Grand Canyon State providers saw $49.5 million in gross gaming revenues and $33.9 million in adjusted gross gaming revenues (AGR) in May, with Arizona mobile apps accounting for $33.3 million in AGR and the retail sector providing $547,586.

The $33.9 million is a 1.5% drop from April's AGR totals for the Arizona scene and a year-over-year 18.2% drop from sportsbook profits seen in April 2022. The $49.5 million in gross gaming revenues was 10.3% lower than that of May 2022.

The hold rate for Arizona sportsbooks came in at just under 11% in May, which is the second highest win rate for the state's sports betting providers ever, behind only May 2022's 12.2%.

A total of $3.4 million in tax contributions came from the state's providers in May.

Year-to-date numbers impressive

With May 2023's sports betting figures factored in, Arizona's sports betting industry remains on a record pace, according to Arizona Department of Gaming figures. Bettors in the Grand Canyon State have placed $2.8 billion worth of sports wagers through the first five months of this year, a 4.1% increase from the same period last year.

Gross revenues for the first five months of 2023 stand at $235 million, up almost 26% from the same period last year, with adjusted gross gaming revenues up 46% to $150.5 million.

The result is almost $15 million in tax contributions from Arizona sports betting providers through the first five months of this year, about $4.7 million more than over the same five-month period last year.

National numbers up

The big story out of Arizona's May sports betting revenue report is the success of sportsbooks nationally during May. Of the 29 states that have reported their May statistics, 26 reported double-digit hold for their providers.

Roughly $8.1 billion was wagered across the U.S. on sports in May, besting the previous monthly record of $7.9 billion in September 2022. It is almost 10 times the $817.3 million bet in September 2018, shortly after the American legal sports betting industry was launched.

Gross revenues for American sportsbooks in May was $916.6 million.

The national hold rate for American sports betting providers in May was 11.26%, the third best total ever for the broad U.S. sports betting industry.

FanDuel tops

FanDuel Arizona was the top performing Arizona sports betting app in May, to nobody's surprise. FanDuel reported $21.2 million in revenue in May off an impressive 13.1% hold. The provider saw $162.3 million in bets in Arizona in May.

With Arizona's figures factored in, FanDuel has now seen over $1 billion is sports bets in the state this year, along with over $100 million in revenue.

DraftKings Arizona finished a familiar second in the Arizona market with just under $130.5 million in bets and $15.2 million in profits, off of an 11.2% hold.

BetMGM Arizona was third with $66.8 million in bets and $7.4 million in gross revenues. Caesars Arizona was fourth with $45.5 million in bets and $3.6 million in revenues with Barstool Sportsbook Arizona rounding out the top 5. It saw $12 million in wagers in May.

Written by:
Dave Bonderoff

Dave Bonderoff and betting go hand-in-hand. Both are characterized by "odds". Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn't found a sport yet that can't contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.