It is with great relief to those living in the Land of Opportunity that the Arkansas Racing Commission has approved proposed rules for mobile sports betting. It is yet another move to opening up legal online sports betting and making it more acceptable to the general public.
There have been whispers that have echoed across the state – many of those calling for mobile access to sports betting platforms. As such, the Arkansas Racing Commission has kicked it into high gear and has now turned over the rules to the Legislative Council in Arkansas.
Regulations for the state of Arkansas
The current sports betting regulations in the state allow individuals to place a bet at one of the three licensed casinos. It’s extremely limited in terms of accessibility for all those living in Arkansas. It goes without saying that many live closer to state lines than one of these casinos. Thus, a large portion of the adult population has simply been cut-off from being able to partake in sports wagering. The latest rules, and implementation of mobile wagering on sports, will reach a far wider audience. Opening up the market to 3 million people is great for the industry, those individuals looking to wager, and the state. The numbers don’t lie – and therefore it’s evident that more and more people are interested in an expanded market for sports betting.
In come the Racing Commission: The Arkansas Racing Commission has been privy to the elevated interest for some time. As such, they have been quick to approve the latest rules for mobile wagering. In a state where legal gambling is already in effect, there is little reason not to introduce wider-reaching services for wagering. 80% of those involved in the recent approval were for the new rules.
An important aspect of the latest rules looks at the revenue sharing between existing land-based casinos and external operators. The Arkansas Racing Commission is happy with the fact that existing casinos are entitled to 51% of revenue. It’s a percentage split that is not common in other states where the revenue sharing has a significantly different make-up.
What next for Arkansas?
As noted, brick-and-mortar casinos hold all the chips – so to speak. However, many residents have found themselves traveling outside of state lines to place legal online sports wagers. It’s a common occurrence across the US in states where mobile, or online, sports wagering is yet to be implemented. With the new rules on the agenda, the state of Arkansas can ensure that residents stay within state lines as there is no need to venture elsewhere. This will contribute greatly to state revenue. Over the past two years, tax revenue has increased 100%. If mobile wagering is rolled out across the state, these figures are likely to increase two or three times over.
As mentioned, it will now be down to the Arkansas Legislative Council to pass the final vote in favor, or not, of the rules for mobile sports wagering. The council will be sure to vote on the matter before the end of January. This means that, in the event that the new rules are approved, casinos will have the opportunity to launch legal mobile sports wagering before the much-anticipated Super Bowl LVI and of course – all other major sports that come after. It’s an exciting prospect for residents in Arkansas.
Be sure to stay in the loop with PlayersBest. We’ll be covering all the latest developments in the new year. Based on what occurred in 2021, there is simply no-telling what kind of expansion is yet to come. One thing is for sure; we’ll be here every step of the way.
