The Arizona Department of Gaming reported $887.4 million in March sports betting handle Friday, pushing the national monthly total over $15 billion for just the fifth time in the post-PASPA era.
The $15.55 billion wagered ranked fourth overall behind November ($16.25 billion), January ($15.79 billion), and December ($15.79 billion). It represented a $1.62 billion increase (11.6%) in wagering compared to the $13.93 billion handle reported from the 33 jurisdictions that provided figures from March 2024.
Arizona’s handle was its second-highest total in 43 months since launch, trailing only the $897.6 million wagered last November, and was up 16.8% from last year. March also marked the fifth consecutive month Arizona had a higher handle than neighboring Nevada and the third time in the last 12 months the Grand Canyon State finished in the top five nationally.
The state’s sportsbooks, though, suffered similar to their peers thanks to a chalk-heavy NCAA Tournament in which all four No. 1 seeds reached the Final Four. The $50.4 million in gross revenue was down 14.8% from last year, and the 5.7% collective hold was the lowest recorded in the state since a 3.8% win rate in June 2022 when handle totaled just $318.8 million.
The state was eligible to tax $25 million in adjusted gross winnings, claiming nearly $2.5 million in receipts. The $11.8 million in tax revenue for the first quarter of 2025 was $600,171 more than January through March of last year.
Is epicenter of betting out west moving south?
| Month & Year | Nevada Handle | Arizona Handle | Difference |
| November 2023 | $921,168,539 | $713,586,704 | $207,581,835 (NV) |
| December 2023 | $842,952,924 | $693,310,960 | $149,641,964 (NV) |
| January 2024 | $782,817,412 | $706,382,861 | $76,434,551 (NV) |
| February 2024 | $711,887,073 | $637,485,879 | $74,401,194 (NV) |
| March 2024 | $785,277,045 | $759,807,633 | $25,469,412 (NV) |
| TOTALS | $4,044,102,993 | $3,510,574,037 | $533,528,956 (NV) |
| November 2024 | $837,828,784 | $897,635,849 | $59,807,065 (AZ) |
| December 2024 | $821,648,352 | $849,316,636 | $27,668,284 (AZ) |
| January 2025 | $796,860,593 | $864,246,556 | $67,385,963 (AZ) |
| February 2025 | $604,787,701 | $699,726,800 | $94,939,099 (AZ) |
| March 2025 | $859,459,459 | $887,363,830 | $27,904,371 (AZ) |
| TOTALS | $3,920,584,889 | $4,198,289,671 | $277,704,782 (AZ) |
Before anyone declares Las Vegas — and, by extension, Nevada — done and dusted, it needs to be repeated early and often: The Silver State will always generate a notable portion of handle via retail sportsbooks. It was no different in the first quarter of 2025 at 31.7% ($717.5 million).
The Las Vegas Strip remains a destination for Super Bowl wagering as well as multiple college basketball conference tournaments leading into the first two rounds of the NCAA Tournament. Because gambling revenue in Nevada is more casino-driven, the in-person registration requirement to access mobile sportsbooks means digital betting there will never reach the near-99% saturation Arizona enjoys.
But it is hard not to be impressed by Arizona’s growth while overtaking Nevada in recent months. Arizona sportsbooks saw a collective 19.6% year-over-year increase in handle in the five-month span shown above. Nevada, in contrast, saw a 3.1% decline.
Arizona is also a sports destination in its own right, with Glendale having hosted Super Bowl LVII in 2023 and the 2024 Final Four. The attrition that eliminated smaller mobile sportsbooks and gave way to larger brands such as Hard Rock Bet, Fanatics, and bet365 has also played a key role in that growth.
Fanatics and bet365, in particular, have been relentlessly aggressive in courting business in Arizona. They have a combined promotional spend of at least $48.7 million since taking their first bets in the state.
The pair have muscled their way into monthly consideration for the top five in handle while blowing past ESPN Bet. Both Fanatics and bet365 had more than double the March handle of the embattled Penn-owned sportsbook, which is choosing not to match them dollar-for-dollar in promotional spend.
DraftKings sets a new state standard for handle
In addition to a deep roster of quality mobile sportsbooks, the incumbent powerhouses — DraftKings, FanDuel, and BetMGM — also did their parts driving handle in March. DraftKings became the first operator to eclipse $300 million in monthly handle and bettered the state record it held with $289.2 million worth of bets last November.
The 5.1% hold, however, was its lowest since January 2023 and led to only $15.7 million in gross revenue. Though promotional spend was up 20% from March 2024 to $6.1 million, it was the lowest outlay for DraftKings since providing $4.7 million in credits and bonuses in August.
FanDuel had a 4.7% year-over-year decline in handle to $252.7 million, but its respectable 7.4% hold allowed it to claim top honors in gross revenue at $18.8 million. It also led all operators with a $7.7 million promotional outlay, up 15.9% from last year.
BetMGM posted its third nine-figure handle in the last five months of reporting at $109.4 million, but a 4.6% hold left it with just over $5 million. BetMGM’s adjusted gross revenue (AGR) totaled $1.8 million as it kept its promotional spend near $3 million for a third consecutive month.
Caesars is now part of a well-defined third tier in Arizona with Fanatics and bet365, posting a $48.4 million handle. It kept $2.4 million thanks to a 5% hold, but that was 21.6% lower compared to last year.
ESPN Bet’s decision not to chase handle via promotional spend has it on an island in the middle of the pack. Its $23 million worth of accepted wagers was down 14.8%, but it cut bonuses and credits by 45.5% to $783,300. ESPN Bet did have a good month with an 8.4% hold in claiming $1.9 million, and its $1.1 million AGR was a year-over-year increase greater than five-fold.
