Arizona is the latest state to sign a piece of sports betting legislation into law.
Yesterday, Arizona Governor Doug Ducey signed a piece of legislation into law that would permit sports betting and update the state’s compact agreement with its gaming tribes.
Now that the legislation has been signed, sports betting, daily fantasy sports, and Keno and mobile draws are legal in the state of Arizona The legislation also facilitates the enactment of a 20-year extension to the state’s tribal gaming compacts.
During the signing ceremony, Ducey said: “This represents the most significant changes in almost two decades, a truly historic event. This compact amendment and associated legislation continues and builds on the success that the tribal-state partnership has provided for decades. We can call this a win-win-win for the tribes, the state and the taxpayers.”
What will sports betting in Arizona look like?
The legislation makes 20 sports betting licenses available, which will allow license holders to operate online and land-based betting operations.
Of those licenses, Ten would be made available to major sports teams located in the state. These licenses would allow sports teams to run sports betting operations at their facilities and team up with sportsbook operators at their venues and land-based casinos.
The other licenses would be allocated to the state tribes to run sportsbooks at their more than 20 casinos in the state. The legislation would also allow them to build new casinos in the state and offer new gambling options.
Tribal operators with more than one gambling location would be able to open sportsbooks at each venue under one license.
Before the market can launch, the Arizona Department of Gaming must now outline further details of the sports betting market and regulations, which includes a tax rate.
According to a fiscal note attached to the bill, sports betting operations could generate $154.4m once the market reaches maturity.
Operators already preparing to enter the market
Sports betting operators are already making preparations to enter the market ahead of the launch of legal betting.
Earlier this week, the sports betting and daily fantasy sports giant, DraftKings, became the first operator to secure access into the market via a partnership with the PGA Tour and TPC Scottsdale.
The deal will see DraftKings open a land-based sportsbook at the TPC Scottsdale PGA Tour facility in Arizona.
After the legislation was signed into law, the Phoenix Suns announced a partnership with FanDuel which will see FanDuel open a sportsbook at the Phoenix Suns Arena.