Moving forward, three new licenses will be accepted with the state looking to strengthen the number of license holders, tax revenue, and overall benefit from regulating the sports gambling industry.
Arizona Gears Up for More Sports Betting Licenses
The Arizona Department of Gaming will be accepting one application from Arizona tribes and two applications from professional sports teams, with the regulator moving cautiously about expansion and trying to balance out as it goes along.
A webinar informing potential applicants of what to expect will be hosted on July 17, with an application deadline set for August 15.
Applicants will have to go through regulatory scrutiny with only the best ones – providing the field of contestants is greater than the available licenses – shortlisted and selected to proceed with the launch of dedicated sports gambling operations.
Arizona is already doing very well when it comes to the number of sports betting operators allowed. There are a total of 17 online betting sportsbooks as of the present moment. This competitive field of contestants is unlikely to dissuade other parties from joining, however, as the state’s sports betting handle has been steadily climbing – not considering the months after the biggest events and sports seasons in the country.
Even with somewhat diminished returns due to the lack of big events in the United States, however, Arizona’s sportsbooks have been doing well, and have been able to retain a bigger share of the total betting handle punters have been placing with them.
Fees to Enter the Market Aren’t as Steep
To apply, gaming companies and anyone seeking to gain a license would first need to pay $100,000 and then be prepared to pay $750,000, providing they are approved. The licensing fees despite not being too low are not prohibitively expensive which is what makes the regulator believe there is going to be interest, especially from professional sports teams.
Exact applicants have not been floated just yet but there are many companies that are absent from the market as of right now. Some of those include Betr, Tipico, Bet365, Fanatics, and more. Fanatics has been moving fast across the United States recently, making waves through the contested acquisition of PointsBet US.