Sportsbook at Phoenix Suns arena to shut down, transforming into a lounge.
Revamped Article:
🎉 Let's talk about the sun setting on a once-promising sports betting phenomenon!
The Phoenix Suns have announced that the FanDuel Sportsbook, nestled within their PHX Arena (ex-Footprint Center), will shutter its gambling operations on July 24, morphing into a chilled-out lounge instead. FanDuel will retain branding rights for the snazzy 7,400-square foot space.
The sportsbook took its first bets in September 2021, making it one of the NBA's early adopters, following in the footsteps of the Caesars retail book at Capital One Arena in Washington, D.C...
This change adds to a growing pattern across the nation of in-venue sportsbooks biting the dust financially, forcing operators to cut their losses. The Cleveland Guardians' and Cavaliers’ arenas' similar retail shops have also been converted to seemingly more lucrative spaces.
Things to Know:- The closure of the sportsbook comes after months of lackluster revenue and substantial losses, including a whopping $2.6 million loss in September 2024.- The retail sportsbook's adjusted gross receipts were abysmally low—just around $32,516 in October 2024—compared to FanDuel's booming online revenue in Arizona that same month ($21.7 million).- The retail sportsbook doled out more in winnings than the amount wagered in four of the last six months, making the location an unsustainable gamble.- The shift from sportsbook to lounge is a reflection of the struggle to maintain profitability in-person betting at these arenas compared to online platforms, prompting operators to focus on offering other engaging fan experiences.
Despite the Phoenix Suns' sportsbook becoming one of the NBA's early adopters for sports-betting, the FanDuel Sportsbook located within the PHX Arena has struggled financially, leading to its closure on July 24 and transformation into a lounge. This trend of in-venue sportsbooks failing financially extends to other arenas, such as the Cleveland Guardians' and Cavaliers’ arenas, where similar retail sportsbooks have been converted to more lucrative spaces.
