Arkansas Sportsbooks Clear $1 Billion Sports Betting Handle

• Arkansas sportsbooks recorded a betting handle of $1 billion since launch per their latest revenue report.
• With online betting launching years after in-person sportsbooks, it took a while for them to gather this total.
• The benefit of Arkansas sports betting comes from the state receiving over $14 million in tax revenue.

LITTLE ROCK, Ark. – Since their July 2019 launch, Arkansas sportsbooks have taken in over $1 billion in sports wagers. This comes in from residents and tourists visiting any of the state’s casinos or using their online betting apps.

The growth of legal Arkansas sports betting didn’t happen overnight. Despite being the 8th state to regulate sportsbooks after the PASPA repeal, they are the 26th state to reach this milestone. Even further, the “25th state” (Kentucky) has another billion in wagers over Arkansas.

Facts About Arkansas Sports Betting

• Arkansas pulled in over $50 million per month in bets four times, and they all happened within five months of each other. November 2023 ($54.7m) is the monthly record, with December, January (2024) and March (2024) being the only other times it has happened.
• January 2024 marks the best month for Arkansas sportsbooks in terms of revenue. Keeping $5.8 million that month, this is one of three times the bookies made over $5 million (before paying taxes).

How Online Betting Changed Everything

When Arkansas legalized mobile sportsbooks in late February 2022, it caused a significant shift in the state’s sports betting handle. March 2022, the first full month of online betting, saw an immediate spike, with the handle soaring to over $10.6 million compared to $5.8 million the previous month.

Despite launching during the spring and into summer – a traditionally slower sports betting period – the introduction of online wagering laid the foundation for a dramatic increase in NFL betting once the fall arrived.

By September 2022, Arkansas’ sports betting handle more than tripled, reaching over $21 million, compared to $7 million in September 2021. The fall and winter months of 2022 continued to see sharp growth and the amount of money bet on sports peaked at nearly $55 million in November 2022.

Online sports betting revolutionized the betting landscape in Arkansas, with NFL wagering serving as a key driver of the increased handle.

What Comes Of It?

Arkansas and sportsbooks in Arkansas have both seen significant financial gains. In the first few months, revenue was modest, with July 2019 generating just $76,885 and $9,995 in taxes. However, by September 2019, revenue jumped to $183,044, resulting in $23,796 in taxes, marking the beginning of steady growth.

As legal sports betting became more popular, revenues soared. By February 2020, sportsbooks made $411,589 in revenue, and the state collected $67,494 in taxes. The trend continued into 2021, with major revenue spikes like January’s $1.38 million, leading to $180,474 in tax revenue. In 2022, the state’s revenues further exploded with March recording $791,867 in revenue and $119,671 in taxes.

Once the football season was in full swing, September 2022 set new highs with sportsbooks earning $3.2 million and the state receiving $417,044 in taxes.

As of the latest Arkansas sports wagering report, sportsbooks have kept $82,382,074 in revenue after giving the Arkansas general fund $14.1 million in tax benefits.

News tags: Arkansas | Kentucky | NFL | PASPA