Arizona Opens New Event Wagering License Applications in February

Arizona is ushering in an exciting new era in sports betting and event wagering.

The Arizona Department of Gaming (ADG) has made a groundbreaking announcement, signaling the opening of applications for event wagering licenses.

As anticipation builds, we delve into the specifics of this monumental development, outlining the steps, requirements, and implications for both tribes and sports franchises.

Join us as we embark on this journey into Arizona’s dynamic sports betting landscape.

A Pathway to Event Wagering: Arizona’s Bold Move

The Arizona Department of Gaming (ADG) has set the stage for a transformative leap in the state’s sports betting landscape. In a strategic move that promises to reshape the industry, Arizona is all set to accept new event wagering license applications starting in February. Here’s a closer look at the key facets of this milestone initiative.

Tribes and Sports Franchises Take the Center Stage

A significant aspect of this initiative is the allocation of licenses. Arizona’s tribal communities will be granted a reserved license, reaffirming the state’s commitment to fostering collaboration with its tribal partners. Simultaneously, Arizona is reserving a quota of licenses for its sports franchises, underlining the state’s enthusiasm for sports-related entities to participate actively in event wagering.

The Application Timeline

For those eager to embark on this event wagering journey, the application window opens between February 16th and March 4th. This critical period is the gateway for aspiring participants to submit their applications and express their interest in securing a license.

The Awaited Determination

Following the application window’s closure, the ADG will diligently review each submission. A crucial milestone arrives in March when the ADG announces the qualification determination, revealing the fortunate applicants who will advance in this transformative journey.

Arizona’s Sports Betting Surge: A Pivotal Catalyst

The ADG’s decision to open event wagering licenses comes on the heels of a remarkable surge in Arizona’s sports betting landscape. The latter part of 2023 witnessed a surge in sports betting handle, painting a promising picture for the future.

Record-Breaking Numbers

In October 2023, Arizona’s sports betting handle soared to nearly $650 million, marking a 4.8% increase compared to the same month in the previous year. Notably, this figure exhibited a commendable 6.2% uptick compared to September 2023.

Mobile Dominance

Mobile betting emerged as the dominant force, contributing to almost 99% of the betting turnover. Retail betting, in contrast, accounted for a mere $5.4 million. Two prominent names in the mobile gaming landscape, DraftKings and FanDuel, reported strikingly similar mobile gaming turnovers, each exceeding $220 million. FanDuel, however, emerged as the frontrunner in the retail betting segment, amassing $2.1 million in revenue.

The New Operators on the Block

The evolution of Arizona’s sports betting scene in 2023 saw several operators securing licenses. Notable among them is Bet365, which gained clearance to offer sports betting in August. While Bet365 reported a £61.2 million loss for FY2022-23, the operator remains optimistic about its heavy investment in US expansion ultimately yielding substantial dividends.

The ESPN Bet Entry

Another significant player that entered the Arizona arena in November is ESPN Bet, part of Penn Entertainment’s $1.5 billion partnership with Disney-owned ESPN, the largest sports media brand in the US. ESPN Bet’s launch in Arizona marked its presence in 17 states, bolstering the competitive landscape of online sportsbooks.

As Arizona embarks on this transformative journey, the event wagering license applications represent a pivotal moment. Stay tuned for more updates on the unfolding developments in Arizona’s dynamic sports betting industry.