Arkansas sports betting could surpass $500 million in earned revenue in 2024, almost a hundred million dollars more than the $404 million the Natural State generated last year.

Arkansas sports betting revenue could reach an all-time high in 2024 with legalized iGaming

For the first 10 months of 2023, $297 million had been wagered on sports through the state’s three casinos, Southland Casino Hotel in West Memphis, Saracen Casino Resort in Pine Bluff and Oaklawn Racing Casino Resort in Hot Springs, said Scott Hardin, the Racing Commission Spokesperson. 

During the same period in 2022, about $124 million was wagered by gamblers. The total for the year came to $186 million.

“Arkansans are averaging about $1.55 million a day on sports,” Hardin told THV11 News.

The average is based on the state’s three casino apps. Sports betting is proving to be a vital source of casino revenue. 

“While 2022 was a record year with $186 million wagered on sports, we surpassed that total within the first seven months of 2023,” Hardin said. 

“Sports betting was never a significant source of casino revenue. That is beginning to change with the mobile betting option.”

In 2023, Arkansas collected about $5 million in taxes. Hardin cited mobile betting as the No. 1 reason why wagers increased from 400 million to more than 500 million. 

“The state gets a healthy portion of it. The city and county that are home to these casinos get a significant portion of that. And then lastly, there’s a horse racing fund on the live purse. So the purses at Oaklawn actually increased as a result of the state revenue,” he said.

Hardin encourages state residents to not just gamble responsibly, but to also place wagers with only licensed operators. 

“We want to be sure Arkansans understand the only way to place a legal sports wager in Arkansas, is at one of the state’s casinos or through their apps. Any other option is not legal,” he added.

Saracen Casino pushing to launch an iGaming app

Furthermore, Carlton Saffa of Saracen Casino agreed with Hardin’s assessment when asked by THV11 News recently, addressing Saracen’s plan to launch an iGaming app to promote online gambling.

In March, Saracen submitted an application with the Arkansas Gaming Commission, seeking an amendment to ARC Rule 5 to allow iGaming.

“We believe that allowing licensed, regulated casinos to engage in the same business will not really change anything, there will still be online gaming occurring, but the state will generate revenue,” Saffa explained.

Saffa hopes to implement online casino games in the future, if the proposal is approved.

“All that we would ask would be for the other properties that we offer slots and other forms of table games to be considered as an alternative to the illegal offshore sportsbooks and casino operators that unfortunately are swarming our state,” he said.

According to the casino’s projection for Arkansas, estimates show that annual tax collection could amount to $12 million from I-Gaming alone. 

Online casinos are legal in Delaware, New Jersey, Michigan, Connecticut, West Virginia, and Pennsylvania. Rhode Island joined the list last month. Texas could follow suit in the future.