Arizona wins big off sports betting in May

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Posted at 8:36 AM, Jul 25, 2022
and last updated 2022-07-25 11:36:54-04

PHOENIX — The more Arizonans lose on sports bets, the more the state gets in taxes and fees, and unfortunately for bettors, the state made a haul in May.

The latest sports wagering report, which looks at May 2022, was released Friday from the Arizona Department of Gaming and the Arizona government brought in the most it ever has since sports betting was legalized last September.

In total, sportsbooks in the state paid out more than $405.3 million off $461.5 million in wagers placed in May, according to the ADG report.

The amount of fees collected by the Arizona state government is based off gross earnings of the sportsbook. And sportsbooks can deduct amounts based off free bets and other incentives they offer during the month. In May sportsbooks paid out an average of 87.8% of bets placed, meaning they retained more than 12% or $56.1 million. That was the highest-grossing month for sportsbooks in Arizona since event wagering was legalized in September 2021.

Read more of this story from the Business Journal.