More Event Wagering Licenses in Arizona are Available
For bookies and sportsbook operation that were unable to obtain a gambling license in Arizona, there is still hope. Last week, the Arizona Department of Gaming (ADG) made an announcement that More Event Wagering Licenses in Arizona will be Available.
According to last Friday’s press release, the ADG will be accepting applications for event wagering license starting in July. At the moment, Arizona has a total of the 17 gaming operators in the state. However, the state allows for up to 20 online gambling platforms to operate.
Nevertheless, within the past two-and-a-half years, several operators such as Fubo, WynnBET, Unibet, and TwinSpires have exited the market, resulting in the reopening and reassignment of certain slots.
ADG Accepting Applications for New Event Wagering Licenses in Arizona in July
The Arizona State Legislature created the ADG in 1995 to act as the regulatory body overseeing a range of gaming activities within the state, such as tribal gaming, racing, event wagering, and unarmed combat sports. They will begin accepting New Event Wagering Licenses Application starting on July 8 2024. However, the window for bookies to apply for a betting license will only last until July 19, 2024 at 5PM.
The ADG will review at least one application for event wagering from a tribal casino and a professional sports franchise. In Arizona, event wagering operators are required to have a connection with either a professional sports franchise or an Indian tribe.
According to bookie news, the current law permits up to 10 licenses for both professional sports venues and tribes. As of now, nine tribal licenses have already been allocated, and eight licenses for professional sports franchises have been granted. This leaves one tribal license and two professional sports franchise licenses still up for grabs.
Reasons to Apply for a Sports Betting License in Arizona
Arizona has joined the ranks of 11 states that have exceeded $1 billion in gross operator sports betting revenue. Additionally, it is one of nine states that have recorded over $16 billion in all-time sports betting handle. In March, mobile sports betting in Arizona reached a new milestone by generating a record-breaking $760 million in bets. This represents an 18% increase compared to the previous year and marks the third consecutive month that the $700 million mark has been surpassed.
The sports betting market in Arizona is becoming increasingly competitive, with FanDuel and DraftKings dominating nearly 70% of the market share. FanDuel holds the leading position in both handle and gross gaming revenue. However, recent entrants such as bet365 and ESPN Bet have demonstrated that there is still room for new players to make an impact. In March, bet365 ranked fifth with a handle of $29.3 million, while ESPN Bet secured the sixth position with a handle of $26.9 million.
Looking ahead, Joe Brennan Jr., the executive chairman of Prime Sportsbook, has highlighted the advantages of Arizona’s proximity to the Vegas Strip and its close proximity to the densely populated but currently closed market of Southern California. These factors make Arizona an attractive destination for potential sports betting operators.
Furthermore, Arizona offers a favorable tax rate of just 10% on mobile sports betting, which is one of the lowest rates in the country. This low tax rate adds to the appeal for prospective licensees who are considering entering the Arizona market.
Therefore, with such a low sports betting tax rate, opening a sportsbook with a Pay Per head could be very advantageous. Especially if they can find the right sports partner and venue.
Will Any Sports Team Apply for a Pro-Franchise License?
In the past, Phoenix Rising from the United Soccer League sought a license, but the ADG found that it did not meet the required criteria. The team was rejected during the initial sports betting application period in 2021 and chose not to reapply in 2023.
Thus, it is uncertain which other top-tier professional sports teams in the state would be eligible.
This is the Third Time in 10-months the ADG is Accepting Applications
This is not the first time that the ADG began to accept in more application for a gambling license. In fact, this will be the third time in 10 months that try to fill the 20-license gaming license. The first time was back in August of 2023 when they had had 3 license available. One tribal license and 2 professional sports venues license.
However, they had no luck finding any sportsbook operator to fill the sports venue license. This is because no sportsbook operator chose to apply. At the very least, they were able to award the Tribal license to bet365 Arizona and its partner, the Ak-Chin Indian Community.
The second time in February of 2024 when they had one tribal license and “no less than one” professional sports franchise license are available.
For those interested, here are the instructions for applying for an Event Wagering Operator License in Arizona.
Open a Sportsbook with PricePerPlayer.com for $5 or Less Per Player
