Arizona to Accept New Event Wagering License Applications in February
Date: 2024-01-18 Author: Dima Zakharov Categories: SPORTS BETTING
Arizona Set to Welcome New Event Wagering Licenses
In a major development for the world of sports betting, the Arizona Department of Gaming (ADG) has revealed its plan to accept applications for new event wagering licenses starting this February. This decision comes on the heels of a significant surge in sports betting activity in Arizona during the latter part of 2023.
Reserved Licenses and Application Period
Arizona will reserve one license exclusively for its tribes and an additional one for the state's sports franchises. Aspiring licensees must submit their applications between February 16th and March 4th, with qualification determinations slated for announcement in March.
Selection Process in Case of Oversubscription
In the event of more qualified applicants than available licenses, the ADG will diligently review each application. Successful candidates will receive written notifications for license allocation.
Arizona’s Sports Betting Success in 2023
The ADG's decision follows an impressive performance in Arizona's sports betting sector. In October 2023, nearly $650 million was wagered on sports, marking a 4.8% increase from the same month in 2022. This figure also represented a 6.2% uptick compared to September 2023.
Mobile betting played a dominant role, accounting for almost 99% of the total betting turnover. DraftKings and FanDuel led the way in mobile gaming turnover, each generating around $220 million. FanDuel emerged as the leading retail bookmaker with revenue of $2.1 million.
New Operators and Expanding Market
Previously, Arizona had a cap of 20 event wagering licenses, with half reserved for tribes and the other half for various sports-related entities. Several operators, including Bet365 and ESPN Bet, received licenses in 2023, expanding the market's reach.
Bet365, despite reporting losses, remains optimistic about its US expansion. ESPN Bet, launched in November, has added to the excitement, being one of 17 states where the online sportsbook went live. With the backing of Disney-owned ESPN, it promises to be a significant player in the US sports betting landscape.
