More Tax Revenue for Arizona
Arizona has seen impressive tax revenue numbers in 2024, and August was no exception. The state will see $2.2 million for August, up from $2.1 million the previous year. While the increase is small, Arizona has surpassed its 2023 numbers each month this year.
The money generated from sports betting is being funneled into Arizona’s General Fund. This allows it to use that tax revenue for anything from infrastructure to education, helping residents across the state.
DraftKings Leads the Way in August
After trailing FanDuel for years, it appears DraftKings has closed the gap in the Copper State. The operator led all online sportsbooks in August with a handle of $170.3 million, with FanDuel finishing in second with $145.8 million. This continues a 2024 trend of DraftKings closing the cap on FanDuel each month.
Caesars was one of the most surprising sportsbooks to report a decline in August. That is a troubling sign for the operators' future, as they are losing customers to newcomer bet365.
Arizona Remains a Top Ten Market
The state’s strong August keeps it firmly entrenched as a top-ten market in the country. That is good news, as markets like Indiana, Virginia, Michigan, Tennessee, and Ohio are all starting to catch up.
One advantage the state has is its tax rate, which remains at 10%. States across the country have been raising tax rates on operators, making Arizona an attractive market for sportsbooks. Given the state’s population and many pro and college sports teams, we expect it to be one of the country’s top markets for years to come.