Governor Doug Ducey signed Arizona Sports betting legislation and an updated tribal treaty Thursday.
Ducey’s signature was expected on HB 2772what helps to implement the broader one 20 years Expansion of the Tribal Gaming Compacts negotiated by him. In addition to AZ sports betting, the legislation also legalizes daily fantasy sports and keno games.
During the signing ceremony, Ducey said the contract and associated gaming legislation were “a historic achievement by both parties”:
“This is the most significant change in nearly two decades, a truly historic event. This compact change and related legislation continues, building on the success that the Tribal State Partnership has achieved for decades. We can call this a win-win-win situation for the tribes, the state and the taxpayers. “
Now the Arizona Department of Gaming must set the details of the AZ Sportsbook Regulations, including the tax rate. The state legislators hope that the operators can get started by the start September 1.
Sports betting providers are already pushing into Arizona
DraftKings was the first to secure market access this week and to sign a partnership with TPC Scottsdale.
After the ceremony was over, the Phoenix Suns announced a partnership with FanDuel. There will be a sports betting included with the Phoenix Suns Arena.
After the Senate passed HB 2772, both DraftKings and FanDuel tweeted her support for the legislation. While The scoreProfit call for the second quarter April 13th, CEO John Levy mentioned Arizona’s legalization as a point to be excited about.
Licenses available in Arizona
There are 20th Sports betting licenses available in Arizona for retail and online sports betting.
The game trunks of the state received 10 of licenses. Multi-location tribes can operate multiple sports betting under one license. The other 10 are for sports organizations.
Not all 10 sports licenses are spoken for, leaving room in Arizona for potential future teams. MLS Commissioner Don Garber mentioned Phoenix as a possible expansion city this week.
The Cardinals of Arizona, Arizona Diamondbacks, Phoenix Coyotes, Phoenix Raceway and PGA tour All spoke on behalf of the legislature during the hearings.
Hairy journey to the passage
Asked Ducey Sen. TJ Shope and Jeff Weninger MP sponsor sports betting legislation, leading to HB 2772 and SB 1797.
The House passed his calculation on relatively easily 4th of March. The senateThe trip wasn’t that smooth. The bill got stuck on a committee attached to a controversial historical bill on horse racing.
Legislation broke the dam April 8th and the legislation quickly found its way through the Senate, passed with an emergency designation, 24-6, on 12. April.
“You’re always happy when it’s done,” Shope told LSR this week. “But that was a different animal. You begin to look at the pantheon of legislation you are working on and its longevity. This will far outlive my service to the state. “
What Sports Betting in Arizona means to the state
A statutory tax assessment suggests that sports betting providers could generate an estimate $ 154.4 million in a mature market in Arizona.
With a minimum tax rate of 8th%, that would produce roughly $ 12.3 million in taxes for the state. In the tax certificate, the invoice is projected as a whole $ 34.2 million to the sovereign wealth fund of 2024.
Arizona is a Top 15 State in the population. It has about 500,000 more people than Tennesseethat has generated $ 61.9 million in sports betting income in the first four months of sports betting.
With all of the four major sports leagues and a growing metropolitan area, this could be a vibrant market for sports betting in Arizona.
This liveliness could be fully visible 2023when the cardinals State Farm Stadium host Super Bowl LVII .