The sun continues to set on a one-time sports betting industry big idea.
The Phoenix Suns announced this week that FanDuel Sportsbook inside PHX Arena (formerly Footprint Center) will cease gambling operations on July 24 and be converted to a lounge. FanDuel will continue to hold branding rights for the 7,400-square foot space.
The sportsbook began taking bets in September 2021 and was one of the earliest inside an NBA arena, following the Caesars retail book at Capital One Arena in Washington, D.C.
Though the lounge’s website suggests business as usual, according to reporting by AzCentral, a sign outside the PHX Arena sportsbook reads:
“ATTENTION CUSTOMERS”
“In-person wagering at the FanDuel Sportsbook located in the Phoenix Suns Arena will permanently cease at the close of business on July 24, as the space is converted to a FanDuel lounge.
“All payouts beyond this date can be processed via the mail-in process as highlighted on the back of your ticket.”
The closure compounds a growing national trend of in-venue sportsbooks failing financially and prompting operators to cut losses. Similar retail shops were recently converted to ostensibly more profitable spaces in the Cleveland Guardians’ and Cavaliers’ venues.
Phoenix pro teams betting partnerships fizzle
As with many in-venue sportsbooks, the PHX Arena parlor was a loser, paying out more money than it kept in four of the last six months from which data was available from the Arizona Department of Gaming.
The performance of the retail sportsbooks at Phoenix pro teams’ venues has been equally moribund even considering the dominance of mobile wagering. Here is how they fared in the first month of the teams’ 2024 seasons:
- The BetMGM Sportsbook on the property of State Farm Stadium (NFL’s Cardinals) took in $862,742 in bets.
- The Caesars Sportsbook at Chase Field (MLB’s Diamondbacks) generated $827,122 in wagers.
- The FanDuel Sportsbook at PHX Arena (NBA’s Suns) accepted $1.4 million in bets.
The DraftKings retail shop at TPC Scottsdale has emerged as the clear market leader for sports affiliation in Arizona.
