Arkansas’ sports betting landscape experienced notable shifts in January 2024 compared to the same period in 2023.
Handle Growth:
In January 2024, Arkansas witnessed a significant surge in its sports betting handle, totaling $50.7 million. This marked a remarkable 53.7% increase from January 2023. However, compared to December 2023, the handle experienced a slight decline of 4.3%.
Breakdown of Spending:
Online sports betting emerged as the dominant force in January 2024, with expenditures amounting to $46.2 million. On the other hand, retail sportsbooks accounted for $4.5 million in spending, showcasing the growing preference for digital platforms among bettors.
Revenue Performance:
The Arkansas Racing Commission reported a record-breaking monthly revenue of nearly $5.9 million from sports betting activities in January 2024. This achievement marked the third instance in four months where operator winnings surpassed $5 million, indicating sustained profitability in the market. It’s worth noting that since its inception in July 2019, Arkansas sportsbooks had only exceeded $1 million in revenue four times, underscoring the recent surge in profitability.
Mobile Operator Landscape:
Arkansas boasts three prominent mobile operators: BetSaracen, Betly Sportsbook, and Oaklawn Racing’s in-house app through SB Tech. These platforms have played a pivotal role in driving the state’s sports betting market forward since their launch in February 2022.
Arkansas’ sports betting performance in January 2023 and 2024 reveals promising growth prospects and evolving consumer preferences. As the industry continues to mature, stakeholders must adapt to changing dynamics to capitalize on emerging opportunities and ensure sustainable success.