The Arkansas Racing Commission reported an all-time monthly high of nearly $5.9 million in sports betting revenue for January, furthering a surge of action that began with the start of football season.
The revenue haul was approximately $31,000 better than the previous mark of $5.8 million established last October and the third time in four months operator winnings cleared $5 million. online gambling apps going live in February 2022.
Revenue more than doubled compared to January 2023, while the $50.7 million handle was up 53.7%. The 11.6% hold was the sixth time in the last 11 months operators statewide combined for a double-digit win rate.
With the record operator windfall came a record contribution to tax coffers of $895,000. Nearly 80% of Arkansas’ $10.7 million in total sports betting tax revenue has come since mobile wagering started.
BetSaracen continues to pace mobile action 4l3qb
January #SportsBetting numbers 🧵for #Arkansas via ARC. 1/24 vs 1/23; vs 12/23
Handle: ⬆️53.7%;⬇️4.3%
Revenue: ⬆️104.2%;⬆️1.6%
Win Rate: ⬆️2.85 pts;⬆️0.67
Taxes: ⬆️$455,275;⬆️$111,5657/x #SportsBettingX #GamblingX
— Chris Altruda (@AlTruda73) February 26, 2024
Arkansas has three mobile operators — BetSaracen, Betly Sportsbook, and Oaklawn Racing’s in-house app through SB Tech. The trio fashioned a 10.8% collective win rate to kick off 2024, coming within $13,000 of $5 million for its second-best month out of 17 when all three apps have operated simultaneously.
BetSaracen, connected to Saracen Casino Resort in Pine Bluff, handled the bulk of the action in January. It crafted a 10.2% hold to claim $2.8 million in revenue from $27.6 million worth of wagers.
Betly, which is tethered to Southland Casino in West Memphis just across the border from Tennessee, had a 13.1% win rate in keeping $1.9 million of its $14.5 million handle. Oaklawn Racetrack had the highest hold of the trio at 13.4% in winning $1.1 million from $8.5 million worth of bets.
The three brick-and-mortar venues socked it to the public in January, combining for a 19.4% hold on $4.5 million in winning $869,000. Southland took top honors with $450,000 thanks to a 19.7% win rate on $2.3 million handle, while Oaklawn’s hold was 19.8% on $1.7 million in wagers to claim $330,000.
It was the third consecutive month handle topped $50 million in Arkansas, though it was 4.3% lower than the near-$53 million to close out 2023. Revenue was up 1.6% versus December as the 11.6% hold for January was up two-thirds of a percentage point and marked the first time operators had win rates of 10% or more in back-to-back months since September and October 2022.
