As is the case with every state that has legalized sports betting, having mobile betting as an option makes all the difference in the world. This is welcomed news considering the time of year in the sports although they did just miss the Super Bowl. Arkansas is in SEC country so March Madness would be an ideal time for launch.
Mobile Betting Set to Launch by March Madness
Arkansas voters approved Amendment 100 to the state constitution back in November 2018. The amendment allows casinos in Arkansas to offer sports betting. The problem for Arkansas is what is going on regionally. Both Tennessee and Louisiana, two states that share a border with Arkansas, have both launched mobile sports betting. What that means for the local market in Arkansas is that there are much easier options that exist for some of their residents.
That is why the news that mobile sports betting should be ready to launch in time for March Madness has to be music to the ears of local sports betting fans. It has been well documented that the states with the biggest handle in the country all get upwards of 80% of that action from mobile sports betting. There is no reason it would be any different here in Arkansas.
Over $120 million has been wagered since Arkansas launched its sports betting market in July 2019. In 2020, the state earned $583k in tax revenue. The more than doubled that the following year, bringing in $1.2 million in 2021. Once mobile betting launches, the profit margin is sure to increase significantly.
Road to Legalization of Mobile Betting
Back in late January at the Arkansas Racing Commission, after hours of testimony, the commission unanimously approved the rule change that will allow mobile betting to launch. After that, it was up to the Rule Review subcommittee to decide if the rules comply with both state and federal laws. The rules in Arkansas are a little different than in other states so there is a second part to that process.
Once the subcommittee gives its approval, then the full committee has the final say. In terms of how the market will look, casinos can partner with online sportsbooks although the deal is very favorable from the casinos’ point of view. There are only three retail casinos offering sports betting and the fact that they can keep 51% of revenue.
In all honesty, this might be the one piece of bad news for sports betting fans locally depending on who you speak to. Remember, the more competition in the market, the better it is for the customer. That and a favorable deal for operators usually lends itself to a competitive market. With the current rate, it stands to reason that operators will look to recoup that money by charging bettors a premium.
Players across the country that don’t yet have access to legalized sports betting via mobile, can go to OddsTrader once this changes. OddsTrader currently offers betting odds comparison in Illinois, Colorado, New Jersey, Pennsylvania, Tennessee, Indiana, Michigan, Virginia, Iowa, and West Virginia.