Compact Including Arizona Sportsbook receives federal approval
Arizona Sports betting has passed another milestone Monday as the US Department of the Interior approved the state’s new Tribal Gaming Compact.
Governor Doug Ducey signed the compact and accompanying legislation April 15th. The Compact modernizes the gaming industry in Arizona and includes retail and online sports betting in AZ.
With the approval of Monday, a previously declared goal to start AZ sports betting in time for the NFL Season continues on course.
“Gaming creates thousands of jobs for Arizonans, it generates tax revenues that benefit key areas of our communities, and it attracts visitors to our state,” Ducey said in a statement. “The Tribal State Gaming Pact amendment and related legislation was the culmination of a multi-year process, and I was proud to work with everyone involved on this historic achievement.
Sports betting rush in Arizona
Legislator passed HB 2772 with an emergency clause to expedite the launch of sports betting in Arizona. The bill completed the contract, a supposedly lengthy negotiation process between Ducey and the state gaming tribes.
After Ducey’s approval, the Arizona Games Department Set an accelerated timeline for launch. The department must determine royalties, tax rates, and types of bets prior to launch.
“The department is already working hard to develop rules and procedures to ensure the safety of the betting community in Arizona as we plan to implement event and fantasy sports betting in the coming months,” said ADG director Ted Vogt said in a press release.
On April 16The compacts were presented to the Ministry of the Interior, which had 45 Days to review and approve the documents. Publication on Mondays in the Federal Register officially adopted the treaty.
NFL kickoff in sight
Sen. TJ Shope and Jeff Weninger MP, Co-sponsors of the Arizona Sports Betting Legislation 2021 NFL Betting as a starting destination.
A spokesman for the Department of Gaming said he expected more information, such as: B. Draft rules to be announced in the middle of the year.June.
An official start date has not yet been set.
Arizona sports betting layout
HB 2772 offers 20th Sports betting licenses in Arizona. Ten of these licenses are for professional sports organizations in the state. The tribes of the state receive the other 10.
The licenses cover both retail and online sports betting from AZ. A tribe with multiple physical locations can operate retail sports betting under one license.
The legislation also legalizes daily fantasy sports.
Operators are pending for Arizona
DraftKings and FanDuel were the first operators to announce their market access agreements. DraftKings has partnered with TPC Scottsdale, Host of the PGA tour‘s Waste management Phoenix Open. FanDuel saddled with the Phoenix Suns.
At the beginning of this month the Arizona Diamondbacks announced a deal with Caesar’s sports betting. That means there will be two sports bets near two blocks at Phoenix Suns Arena and Chase Field.
BetMGM and The score Executives hinted at expansion in Arizona in recent investor presentations.
What’s at stake?
Already one Top 15 Arizona is still growing. The state is anchored by a vibrant sports scene in the Phoenix region, which is home to all four major sports leagues. It’s a regular stop for professional racetracks like NASCAR and the PGA Tour.
The state is home to two Pac-12 Universities. Phoenix could also attract future expansion or relocation franchises in growing leagues such as MLS.
A legal tax assessment that valued operators could generate $ 154.4 million in annual taxable sports betting revenue once the market is mature.