In a mixed month for the US sports betting market, two states have reported divergent outcomes. Arizona showed a substantial year-on-year increase in both revenue and handle for March, while Rhode Island experienced a revenue decline to an eight-month low in April. This juxtaposition highlights the differing dynamics at play across state lines.
Starting with Arizona, a state known for its delayed monthly reporting compared to other regions, the figures for March have just been released. In stark contrast, the majority of other US states are already publishing their results for April. Nevertheless, the late report from Arizona brings good news for the southwestern state.
During March, player spending reached a significant $759.8 million, marking a 17.8% rise from the $644.8 million recorded in the same month the previous year. This figure also outpaced February’s total by a solid 19.2%, which stood at $637.5 million. The growth trajectory is clearly upward, giving stakeholders plenty to smile about.
The breakdown of the total wagers reveals that $752.4 million came from online bets, with an additional $5.3 million wagered at retail sportsbooks. Limited event wagering (LEW) operators contributed another $2.1 million. This diverse distribution across platforms indicates a robust betting environment.
In terms of revenue, gross event wagering—before accounting for the impact of free bets—hit an impressive $57.5 million. After deducting $19.5 million in free bets, Arizona’s adjusted revenue stood at $38.0 million, representing a 2.4% increase from the previous year and a substantial 35.7% jump from February’s $28.0 million.
Breaking down the adjusted revenue, online wagering contributed a dominant $37.2 million. Retail sportsbooks added $690,469 to the pot, while LEW operations chipped in with $117,277. This performance helped Arizona generate $3.7 million in tax revenue for the month, while players managed to pocket $700.5 million in winnings.
Looking at individual operators in Arizona’s competitive market, Flutter Entertainment-owned FanDuel led the online sector with $23.7 million in revenue from $265.1 million in wagers. DraftKings followed with $18.1 million in revenue generated from a $255.3 million handle, while BetMGM secured the third spot with $7.4 million in revenue from $94.0 million in bets.
On the retail side, DraftKings took the top position, posting $1.9 million in revenue, barely edging out FanDuel, which also reported $1.9 million. DraftKings processed $2.2 million in retail wagers, while FanDuel handled $1.8 million. Among LEW operators, TP Racing (Surf Paradise) emerged as the clear leader, generating $1.
.1 million in revenue, accounting for more than half of the total LEW revenue in March.
Turning to Rhode Island, the picture is less rosy. Despite a slight uptick in player spending, the state saw a dip in total revenue. For April, player spending on sports betting reached $37.7 million, marginally above the $35.5 million reported in the same month the previous year. However, this figure fell 16.0% from March’s total of $44.9 million.
The breakdown shows that $31.4 million came from online betting, whereas retail sportsbooks accounted for $6.3 million. Within retail, Twin River attracted $4.6 million in bets, while Tiverton Casino drew $1.7 million. However, the revenue story is less encouraging.
Rhode Island’s monthly total revenue slumped to $2.7 million, down 10.0% from last year’s $3.0 million and 12.9% below March’s figure of $3.1 million. Online betting contributed just under $2.6 million to this total, with retail revenue hitting $171,658. Split further, Twin River brought in $76,942, while Tiverton Casino reported $94,716 in revenue.
In April, players in Rhode Island won $35.0 million from sports betting, with $28.8 million of this coming from online wagers.
Year-to-date data for Rhode Island also paints an interesting picture. Up to the end of April, total player spending amounted to $388.6 million, comprising $309.5 million in online bets and $79.0 million from retail wagering. Twin River was responsible for $52.0 million of the retail handle, with Tiverton Casino contributing $27.0 million.
On the revenue front, Rhode Island has garnered $32.6 million for the ten-month period, with $26.5 million coming from online sources and $6.1 million from retail. Twin River contributed $3.9 million of the retail revenue and Tiverton Casino added $2.2 million. In total, Rhode Island bettors scooped up $356.0 million in winnings during this period.
Adding to the state’s gaming mix, Rhode Island’s legal igaming market opened in March. Bally’s customers can now enjoy slots and table games via desktop or iOS mobile apps, available to players aged 21 and over who have an online or mobile account with Bally’s.
In summary, while Arizona rejoices in a period of growth and prosperity in its sports betting sector, Rhode Island grapples with a revenue dip despite steady player spending. Each state’s unique market dynamics continue to shape their financial landscapes in different ways.
