Arizona Department of Gaming To Accept New Wagering License Applications

by | Jan 19, 2024 | casino | 0 comments

The Arizona Department of Gaming, the organization in charge of regulating the industry in the American state, has announced that it will start to accept new event wagering license applications in February 2024.

One of the available licenses will be reserved for the Arizona tribes, while the Department of Gaming will also reserve another license for sports franchises which operate in the state.

Applications will have to be submitted between 16 February and 4 March, while selected applicants will be announced of the qualification determinations by the end of March 2024. In case there will be more qualified applicants than available licenses the Arizona Department of Gaming will review each of the respective applications and provide written notification to those selected.

A Booming Market

The announcement made by the Arizona Department of Gaming comes after sports betting has registered a significant rise in the state during the last few months of 2023. The month of October for instance generated almost 650 million dollars in wagers in Arizona, a figure which represents a 4.8 percent increase year-on-year.

In fact, the sports betting handle registered in October 2023 was surpassed by just one month in the history of this industry in Arizona: March 2022, when the handle reached a staggering 691 million dollars. The total wagering amount was generated mostly by mobile betting, which produced nearly 99 percent of the betting turnover.

DraftKings and FanDuel were the most successful operators, each generating around 220 million dollars. FanDuel did well in the retail segment too, it was the biggest bookmaker in this sector with revenue of 2.1 million dollars.

The legislation of Arizona previously allowed for at most 20 event wagering licenses in the state, with 10 of them reserved for tribes and the remaining 10 for several sports-related entities. In addition to those 20 there were another 10 limited event wagering licenses which were reserved racetrack enclosures.

A few sports betting operators received licenses in the state in 2023, including Bet365, which is yet to launch its sportsbook in Arizona, though. Other brands such as ESPN Bet managed to launch their online sportsbooks in the state in 2023, an operation which represents a joint venture between Penn Entertainment and Disney-owned ESPN.

Source: “Arizona to accept new event wagering licence applications in February“. iGaming Business. January 17, 2024.

The post Arizona Department of Gaming To Accept New Wagering License Applications appeared first on Casino News Daily.