After a slowdown in February, Arizona’s sports betting industry set a record in March with more than $690 million bet during the month, according to the latest report issued by the Arizona Department of Gaming.
In the seven months since sports betting has been legal in the state of Arizona, March was by far the largest, with total wagers up more than 40% from the previous month and up about 23% from the last record high month, according to the new gaming report released on Monday.
The increase in sports betting can be attributed mostly to postseason tournaments for college basketball, such as the conference tournaments and NCAA March Madness.
“March was an exciting month for Arizona event wagering, with major sporting events like NCAA’s March Madness helping set a single month event wagering handle record,” Ted Vogt, the Arizona Department of Gaming director said in a statement. “I look forward to seeing how the industry continues to develop as we finish out the first year of legal event wagering in the coming months.”