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By BOB CHRISTIE
Associated Press

PHOENIX (AP) — Arizonans guess almost $492 million on sporting occasions in February and gained again all however $24 million of That money, a slight dip as professional soccer ended Aside from the Super Bowl on Feb. 13.

Tuesday’s report from the Arizona Dehalfment of Gaming on the sixth month of legalized sports activities guessting confirmed sports activities books made $24.4 million in gross professionalfits after federal tax. But that was earlier than they gave away $17.6 million in free guesss That are designed to get state residents Inside the behavior of playing beneath The mannequin new regulation Republican Gov. Doug Ducey signed final yr.

That left $6.9 million in adsimplyed professionalfits for the 18 expert sporting teams and tribes now working mobile or brick-and-mortar sport books. The state take was simply $670,000 in taxes. The state levies an 8% tax on retail wagers and 10% on mobile app guesss.

The free guesss consuming into the professionalfit and the state’s tax haul will half out over The subsequent a quantity of yrs. They start at 20% of gross receipts Inside The primary two yrs After which drop To fifteen% After which 10% earlier than ending Inside the sixth yr of legalized sports activities guessting.

February’s quantitys have been barely under January receipts of $563 million, professionalfits of $19.6 million after free guesss and state taxes of $1.9 million.

Dehalfment of Gaming Director Ted Vogt said in A press launch that the slight drop in wagers As in contrast with January was anticipated.

“Event wagering ranges proceed To level A strong market in Arizona,” Vogt said in A press launch. “Whereas there was a small decline in wagering exercise, the state primarytained A strong nationwide presence in A traditionally slower month of sports activities wagering.”

The state additionally reported that fantasy sports activities guessting, which was legalized beneath the 2021 legalization, launched in $1.7 million in entry costs in February and the eight operators made $160,000 in professionalfits after paying out to winners. The state costs 5% in tax and netted Slightly under $8,900.

That was A huge drop from January, when $3.9 million in fantasy sports activities entry costs have been paid. After payouts, corporations made professionalfits of $431,000. The state Take in January was simply over $21,000.

Fantasy sports activities guessting launched in late August and full-on sports activities guessting on Sept. 9.

Between the launch of sports activities guessting and The prime of the yr, gamblers wagered Greater than $1.7 billion and the sports activities books made about $60 million in professionalfit. That led to taxes paid to the state of $6.1 million.

The newly legalized sports activities guessting was An factor of a deal negotiated by the governor’s office that allowed the state’s Native American tribes to get 10 of the out there licenses and expert sports activities teams to get The completely different 10. Tribes additionally significantly increase The Sort of playing They will supply at tribal casinos.

Source: https://kesq.com/news/2022/05/03/gamblers-bet-492m-in-february-arizona-gets-670000-in-tax/