Since mobile sports wagering became legal in Arkansas last March, there has been an influx of money into the state. According to the Arkansas Department of Finance and Administration (DF&A), the launch of sports betting has resulted in nearly $3 million in tax revenue, much of which was generated through mobile devices.
Last year, the state reached $186 million dollars in sports wagers, of which $122 million was through mobile apps. But the market’s future looks even brighter, with potential big revenue on the horizon.
The First Four and the first round of the NCAA Tournament are beginning this week, and DF&A spokesperson Scott Hardin said all bets are off when it comes to the amount of revenue Arkansas casinos could make.
Before mobile sports betting was legalized in Arkansas, Hardin said the state could see between $8 million to $12 million wagered on in-person bets per month. Now that it has been legalized, January 2023 alone saw $32 million wagered online. “The mobile option is changing the game,” Hardin said, as reported by THV11.
With the Hogs in the Southeastern Conference Tournament, bets are through the roof, and they are only expected to increase. “We anticipate a record month in March as Arkansans have the mobile option in place for the first time during March Madness,” the spokesperson said.
But the impact of mobile sports betting goes way beyond basketball in March. The total wages for the Super Bowl in the last few years never reached a million dollars. “It ranged from $700,000 to $900,000 from year to year,” Hardin noted, as per KARK. This year, it reached just under $3 million.
The DFA says they have seen more sports betting tourism in Arkansas as well, where people from out-of-state visit to legally bet.