Arkansas Sports Betting Produced $33M Handle in January

Arkansas Sports Betting Produced $33M Handle in January

Arkansas Sports Betting

During the month of January, the state of Arkansas made new rules for betting on sports.

The state’s Department of Finance and Administration said that the total handle for sports betting reached an all-time high of $33 million. 

This is a 6.6% increase over December’s data, which were the numbers that set the previous record.

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The total amount wagered on mobile-only sports betting in January was $26.1 million, a 3.9% increase from the $25 million wagered in December. This figure also represents a new record for the state.

The total amount of wagers put down had increased by 292% since the beginning of 2022 when sports betting was legalized in Arkansas. The introduction of mobile sports betting, according to a spokeswoman for BetArkansas, has contributed to the “astronomical” growth in the amount of money that is wagered.

The individual who made the observation said that “when this market approaches parity with its counterparts, it may be a serious competitor with other states.”

The entire amount of the state’s take from mobile sports betting and the total amount of the state’s net profit decreased by 17%. “

This has also occurred in other states that have legalized sports betting, and it can be explained by a variety of factors, including sportsbooks offering promotions, and bettors winning higher payouts,” the spokesperson explained. “This is an indication that the market is becoming increasingly competitive.”

Yet, looking forward, it is possible that the state may see even higher record-breaking amounts in the months ahead once the wagers on the Super Bowl and March Madness are recorded.

The Joint Budget Committee of the Arkansas House gave its approval in February 2022 to mobile sports betting that would be offered through the state’s three current casinos.

The Southland Casino Hotel in West Memphis launched their Betly mobile betting application in March 2016.

The Saracen Casino Resort entered the market in May 2022 with its Bet Saracen app, while the Oaklawn Racing Casino Resort went live with Oaklawn Sports in September of the previous year. Both of these establishments are located in the same market.

The model that is used for mobile sports betting in Arkansas is very unique in the United States. The casino is required to keep 51% of the net income, which is a substantially more significant percentage than the average rater used nationally. When the Arkansas legislature decided to enact that law in February, national sports betting companies like FanDuel and DraftKings lobbied against it.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.