The Arizona Department of Gaming reported on Wednesday $965.2 million in sports betting handle for November, completing the picture for the biggest month of wagering in the post-PASPA era.
The $17.78 billion wagered in states with commercial sports betting available, a figure that excludes Nebraska since it does not publish wagering totals from its retail sportsbooks in monthly reports, was an all-time high. That was up 9.4% compared to November 2024, and $261.1 million higher than October’s short-lived standard.
The $1.92 billion in gross revenue — a figure that does not include Tennessee as the state does not report revenue figures due to its tax on handle — was also a new monthly record. The figure was 15% higher than the previous record of $1.67 billion set in November 2024. The 11.2% hold on known gross revenue was the third-highest in the first 11 months of 2025 and sixth to reach double digits.
Two other monthly all-time records spun off operator winnings. Sportsbooks reported $1.8 billion in taxable revenue, and various state tax rate increases throughout the 2025 calendar year contributed to $464.3 million in receipts earmarked for state governments.
Arizona angling for a Top 5 spot handle spot
Arizona’s handle for November was up 7.5% from the previous year and fell less than $2 million short of its record $967.1 million reported for October. The $83.1 million in gross revenue before any deductions was down 3.7% as the collective 8.6% win rate was a full percentage point lower than November 2024.
The $26.2 million outlay in credits and bonuses among the state’s mobile sportsbooks was down 1.5%, while the $54.6 million in taxable operator winnings declined 4.9%. The state collected close to $5.5 million in tax receipts, and the $20.8 million inflow for the first five months of Arizona’s current fiscal year is running $3.7 million ahead of FY 2024-25.
Arizona extended its full-year 2025 run of outperforming neighboring Nevada for monthly handle, and there is a strong likelihood it will finish the year having accepted over $1 billion more worth of wagers. The Grand Canyon State will likely finish the year in the top five for handle given it trails Pennsylvania — provisionally in fifth with its full-year total — by $552.6 million.
It also became the sixth state in the post-PASPA era to surpass $30 billion handle, joining New York, New Jersey, Illinois, Nevada, and Pennsylvania in that select group.
FanDuel continues aggressive spend
DraftKings and FanDuel have long been a tight and separate 1-2 for handle in Arizona. The two are separated by $31.8 million through the first 11 months of 2025 and by $42.4 million overall, and both have a chance at surpassing $10 billion with December’s report. But DraftKings continues to be within shouting distance of its eternal rival despite its Q4 pullback in promotional spend.
FanDuel’s $11.5 million spend was up 56.5% from November 2024 and a near inverse of DraftKings. The fellow digital titan was an easy second with $4.7 million in credits and bonuses, but down 35.4% from the previous year. At $93.9 million, FanDuel has already exceeded its full-year 2024 spend of $85.1 million; DraftKings is tracking to finish the year just under its $78.7 million total from 2024.
Both operators crested $300 million handle for year-over-year growth, but FanDuel — as it does most months — came out tops in revenue as an 11% hold generated $34.5 million in gross winnings. DraftKings attained a 9% win rate in reaping $27.2 million worth of revenue.
BetMGM was the only other operator to post a nine-figure handle at $102.5 million, which was down 7.8% from a year ago. But a plummet of 3.6 percentage points to a 7.6% hold resulted in a 37.1% plunge in gross revenue to $7.8 million. BetMGM’s promo spend also tailed off from last year at $3.3 million, a drop of 18.4%.
Fanatics finding a foothold for fourth
Fanatics has spent the Arizona fall clashing with bet365 to complete the top five, and it appears Fanatics Sportsbook is wearing down the England-based operator. Fanatics followed up its record $88.2 million handle from October with another $84.3 million worth of accepted wagers, nearly double its November 2024 total.
Just as important, Fanatics’ month-over-month promotional outlay dipped 16.3% to just under $2 million. Revenue lagged behind with a 9% bounce to $4.3 million as the 5.1% hold was more than four percentage points lower.
Meanwhile, bet365 slipped to sixth among mobile sportsbooks for handle at $45.9 million as Caesars reported $55.9 million worth of accepted wagers. Caesars’ credits and bonuses totaled nearly $724,000, which was 30% of the $2.4 million bet365 lavished on its customers.
That bump in action did not lead to more revenue for Caesars, which totaled only $908,400 in gross winnings. That was its first sub-$1 million haul since June 2022 as year-over-year revenue plunged 78.6%.
Bet365 avoided a similar fate thanks to a 9.9% win rate in claiming $4.6 million. That was an increase of 37.2% from November 2024.
