Mobile sports betting coming to Arkansas in early March
Each of state’s three casinos permitted two skins, with expected launch before NCAA tournament
Arkansas is poised to roll out online sports betting after the state legislature’s Joint Budget Committee (JBC) approved rules outlined in a subcommittee recommendation on February 22.
The next step in the process is a mandatory 10-day filing period, after which operators can move forward with launches. That could position Arkansas’ three retail casinos to begin offering online sports betting as soon as the weekend of March 4-6, well before the NCAA basketball tournament begins.
While Arkansas has offered retail sports betting since 2018, its path to online wagering was undoubtedly spurred by two neighboring states – Tennessee and, most recently, Louisiana – rolling out online betting to great success.
The model approved by the JBC, however, bears few resemblances to those states. The most notable difference is the presence of a 51% tax rate on revenue, which pales in comparison to the industry standard of around 15%.
Each Arkansas casino will be permitted two skins, paving the way for up to six mobile operators in the current landscape. But the de facto revenue-sharing model with the land-based casinos makes it unlikely that market leaders such as FanDuel, DraftKings, and BetMGM will be entering the fray anytime soon.
Nevertheless, the trio of retail casinos – Saracen in Pine Bluff, Southland in West Memphis, and Oaklawn in Hot Springs – are all eyeing the opportunity.
Saracen executives have publicly stated that their BetSaracen app is on track to launch before March Madness, while Oaklawn is also developing its own online betting platform.
There is sure to be an appetite for college basketball betting among Arkansans come tourney time, as the University of Arkansas men’s basketball team is currently ranked number 18 in the country and is among the favorites for the upcoming SEC tournament slated for March 9-13.