The Arizona Department of Gaming has reported record sports betting handle for the month of November.
As the Grand Canyon State edges closer to becoming the latest state to pass a crypto reserves bill, other use cases for crypto in the state remain limited. There are no signs that crypto sportsbooks are on the horizon, and given that iGaming is not permitted in Arizona, legalized crypto casinos could be even further away.
Digital Growth the Key in Arizona
The state generated $897.6 million handle, exhibiting 25.8 percent year-over-year growth from the same period in 2024. 99 percent, or $890 million of wagers were placed online, reenforcing the digital realm’s dominance over retail.
The sheer dominance of digital channels in Arizona shows the opportunity for cryptocurrency. November’s reported handle was also a 13.4 percent increase from October 2024.
Adjusted gross event wagering receipts were $84.1 million, and after deducting the $26.6 million in free bets awarded to Arizonans, adjusted taxable revenue was $57.5 million. This gave rise to tax receipts of $5.7 million, of which the majority came from online betting tax at 10 percent. Retail betting contributed just $57,358 under the state’s 8 percent tax rate.
The competitive landscape in Arizona is not starkly different from any other. DraftKings and FanDuel comfortably lead the market by handle, with DraftKings just pipping its rival to the post in November 2024 (by handle).
DraftKings generated $289.1 million in wagers, but with a hold of 8.76 percent, it generated just $17.9 million in revenue. Although FanDuel took $2.7 million fewer wagers, it retained nearly $5 million more with a hold of 10.36 percent, thus generating $22.3 million in revenue.
BetMGM boasted the highest hold percentage, with 11.38. However, given that the company only took $111.1 million in handle, its revenue still fell comfortably short of FanDuel and DraftKings.
Arizona and Utah Edge Ever Closer to Crypto Bills
Arizona is just behind Utah in the race to pass a cryptocurrency reserve bill. The Arizona State passed the Strategic Digital Assets Reserve Bill on its third reading last week, with a vote of 17 for and 12 against. It is now headed to the house.
S1373 would create a “Digital Assets Strategic Reserve Fund” consisting of money appropriated by the legislature and crypto assets seized by the state. It would be administered by the state treasurer, who would not be allowed to invest more than 10 percent of the total fund deposits in any fiscal year but would be permitted to loan digital assets from the fund to generate returns.
A second Bitcoin reserve bill is also moving through Arizona’s Senate. The second one differs, in that it attempts to create an investment authority for public funds to invest in crypto assets, rather than appropriated and seized digital assets.
Explore more articles like this
Subscribe to the Markets Outlook newsletter
Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday
Cointelegraph is a free to read website, by purchasing a product through affiliate links in our content, we may earn a commission at no extra cost for our readers. Which will allow us to finance our operations and continue with our research work for our readers. We ensure all recommendations go through in-depth editorial checks to maintain accuracy and quality. You can learn more about this on Content Guidelines and How We Rate pages.
