June 20, 2024

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Arizona Giving Nevada A Run For Its Money In Sports Wagering

1 min read
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If all keeps going as it is, it will not be long before Arizona overtakes Nevada in certified sports wagering in the US. In March, Arizona came up with $760 million, just a little short of Nevada with $784 million. What proves Arizona is on an upward climb is that the state’s sports wagering results witnessed a 17.8% rise, whereas, in the case of Nevada, it was 5.5% compared to last year.

It all started with the US Supreme Court refuting PASPA and opening the doors for all states to open certified sports wagering businesses. The equation was: the bigger the state, the more population and revenue generation.

The NCAA Championship is being attributed to Arizona’s shift in fortunes. This included the state organizing the Final Four and the Arizona Wildcats moving towards the top sixteen teams. This helped bring about an exponential increase in wagering amounts, with Arizona being richer by $3.78 million in fees. Added to that was the extra revenue generated by the Final Four, turning March into an absolutely lucrative month for the state.

Arizona earns its revenue through sports wagering, whereas Nevada earns it through online wagering. This is because Nevada has a physically present requirement for getting listed, seemingly a deterrent for enthusiasts who prefer the online process. For increasing revenue, Nevada must seriously consider the matter related to revenue collection through wagering and its desire to stay ahead of the competition.

The two companies intending to gain their fair share in Arizona are FanDuel and DraftKings.

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