The Grand Canyon State is prepared for fast growth thanks to a special set of advantageous characteristics.
(LAS VEGAS) — Arizona will grow into a particularly lucrative market for its fledgling sports betting industry, capable of generating more than $3 billion in annual wagers and $200 million in annual gross gaming revenue, according to estimates by play-in-az.com, which analyzes and researches the state’s regulated online gaming and sports betting market.
According to & rdquo, Arizona is a particularly interesting development for legal sports betting in the U.S., and it possesses many qualities that will probably speed up the market’s maturation, according to Eric Ramsey, analyst for the PlayUSA.com system, which also includes PlayAZ.net. Some other recently launched U. S. businesses actually have quite as many beneficial traits. & ldquo As a result, Arizona’s potential is very promising. & rdquo,
As soon as Gov. The Grand Canyon State joined 26 additional U.S. states and Washington, D.C., that have regulated online sports betting in some way when Doug Ducey signed legislation last week to allow it in Arizona. Two of those areas have officially launched.
Arizona sportsbooks could take in as much$ 3.3 billion in wagers annually at maturity, which could come as soon as the market & rsquo, s third year, according to PlayAZ projections on an Arizona population of 7.3 million. If the percentage casinos keep after paying out winning bets is 7 %, hold, andrdquo, that could result in net gaming revenue of up to$ 225 million annually.
The state projects annual tax revenue of$ 12.3 million, assuming an 8 % tax rate. However, the ultimate tax rate has not yet been established, making an accurate projection impossible given the special credits that will lower operators’ tax obligations.
The closest comparison among current markets may be made by Arizona & rsquo, which was introduced to sports betting in Indiana in 2019. Despite significant U.S. activities being suspended for more than three months in 2020, the Hoosier State, which has about 500,000 fewer people than Arizona, produced$ 1.8 billion in bet and$ 138.4 million in gross operator profit in that year. Indiana casinos have placed$ 938.9 million in wagers over the first three weeks of 2021, with$ 316.7 million coming in just in March. For Indiana casinos, the first quarter brought in$ 72.8 million in gross gaming revenue and$ 6.9 million from state taxes.
There is no doubt that Arizona will be a successful business, but there are still many moving parts that must be organized before start, according to Dustin Gouker, lead analyst at PlayUSA.com. & ldquo, However, based on what is currently known, the fundamental foundation will be appealing to casino providers. & rdquo,
Arizona has a special set of advantages that may contribute to its success. For starters, Arizona has a thriving sports scene that features an elite group in each of the four major leagues. NASCAR competitions, four NCAA Division I college athletic teams, many PGA Tour events, and North American sports teams. Arizona & rsquo’s bill has authorized stadiums and arenas with more than 10,000 seats, as well as the Phoenix Raceway and TPC Scottsdale as licensees, in order to capitalize on that landscape.
Additionally, Arizona has a thriving sports tourism industry, drawing fans from all over for special occasions like college bowl games, the Super Bowl, and the NCAA Tournament in addition to regular-season contests and baseball & rsquo spring training. Additionally, some Southern Californians who already view Nevada as their closest legal sports betting option may find Arizona appealing.
One of Arizona’s smartest moves, according to Ramsey, was to establish a market that is comparatively open, similar to Indiana, which will encourage competition and raise the market & rsquo, s ceiling, andrdquo. We don’t yet know the entire framework in Arizona, & ldquo. However, a really competitive market eventually benefits consumers while also ensuring that the sector will continue to generate income for the state for many years to come. & rdquo,
Visit play-in-az.com / news for more details and analysis on regulated sports betting in Arizona.
Contact: Zack Hall, Catena Media, [email protected]
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