Arizona Plans to Award Three New Sports Betting Licenses

Arizona Plans to Award Three New Sports Betting Licenses Pleas Subscribe For Daily Sports Betting News

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Arizona will be providing a new group of legal sports betting operators with the opportunity to gain market access in the state.
The Arizona Department of Gaming announced that it will be accepting new applications for event wagering licenses starting in August. The ADG — the state’s regulatory agency for tribal gaming, racing, and event wagering — will accept applications for one event wagering license reserved for Arizona Tribes. The agency will also accept two applications for pro sports teams.
Ahead of the state’s application deadline, which is Aug. 15, the ADG will be hosting an informational webinar on July...

Arizona will be providing a new group of legal sports betting operators with the opportunity to gain market access in the state.
The Arizona Department of Gaming announced that it will be accepting new applications for event wagering licenses starting in August. The ADG — the state’s regulatory agency for tribal gaming, racing, and event wagering — will accept applications for one event wagering license reserved for Arizona Tribes. The agency will also accept two applications for pro sports teams.
Ahead of the state’s application deadline, which is Aug. 15, the ADG will be hosting an informational webinar on July 17 to educate prospective applicants on the submission process and to address any questions or concerns by potential operators.
Applications will then be evaluated based on an operator’s ability to adhere to Arizona’s event wagering legislation.
Current state of business
Arizona has 17 approved online sports betting sites, which include FanDuel, DraftKings, BetMGM, Caesars, BetRivers, Unibet, WynnBet, Barstool Sportsbook, and others. Despite the stiff competition, Arizona presents a promising opportunity for prospective gambling operators.
In April, the state reported a $535.7 million handle — a 16.8% decline month-over-month.  However, operators in Arizona improved their hold in April to 8.9% compared to 8.3% in March.
The adjusted gross revenue of the state’s operators reached $34.3 million in April after promotional deductions, which was slightly down from $37.1 million in March. Despite the drop, the results in April were a significant increase from February’s $15.8 million in revenue.
Arizona’s prospective operators will look to quickly drive profits due to the cost of gaining market access. Sportsbooks will be required to pay a $750,000 licensing fee if granted approval, while $100,000 of that total is due with the application.
It's unclear what operators will submit applications for market access in Arizona but bet365, Betr, and Tipico could be potential suitors.
This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/arizona-awarding-three-new-sports-betting-licenses-july-2023