The Betting Industry in the United States: A Look into the Arizona Market

Sports gambling has always been huge in the U.S. As long ago as Gladiator battles in the Coliseum, some people have always wanted in on who would emerge victorious. Hundreds of years later, gambling has morphed into an enormous industry. In 2019, the state of Nevada alone handled sports bets worth $5.32. 

As the popularity of college and professional sports continues to surge in America, so has the popularity of both legal and illegal betting. The American Gaming Association reported that Americans spent $150 billion on sports bets annually, back when gambling was illegal outside of Nevada. 

When the U.S. Supreme Court overturned the PASPA in 2018, sports betting became legal in 20 states and online sports betting in Arizona, Nebraska, and the rest of the states is now very popular.

USA Betting industry market overview

In 2020, America’s betting market was valued at $2,178.29 million. It was drastically affected at the height of the COVID19 pandemic since several governments worldwide had to impose regulations on the industry. Additionally, world economies, including the U.S., experienced significant drops in economic growth rates. By 2021 Q1, most consumers were still saving their hard-earned money to meet basic needs.

Later, consumers became more interested in diversifying their investment portfolios when the economy gained momentum. So the gambling industry only started experiencing growth again in 2021’s third quarter. While many consumers were investing, some looked to online casino games for easy returns on invested capital. 

The desire to gain profits quickly is a leading reason for the gambling industry’s growth.

Arizona’s betting market

February 2022 revenues were the worst for Arizona since sports betting was launched in the state in September 2021. The gross gaming revenue stood at an all-time low of $24.4 million, a 39% drop from the previous month’s 41.9 million. The previous low was September’s $31.2 million. February’s revenues were also 53% below November’s $51.4 million. The state collected $670,686 in taxes.

Four operators joined Arizona’s sports betting industry in February despite the dipping numbers. According to the state’s gaming department, sportsbooks in Arizona took $491 million in bets in February, a 13% dip from January’s record $563.7 million. Still, event wagering levels represent a very strong Arizona sports betting market.

Conclusion

The state of Arizona is one of the leading markets nationally, ranking sixth in March 2022, where they handled $690.9 million. They are only behind Pennsylvania, Nevada, Illinois, New Jersey, and first place New York.

 

 

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