FAYETTEVILLE, Ark. (KNWA/KFTA) — Arkansas collected $5.33 million in taxes from sports betting in 2023.
According to the Arkansas Department of Finance and Administration, Arkansas residents wagered around $1.32 million daily on sports in 2024 before the beginning of football season. The department says the average will increase significantly during football season, and it expects total sports wagers for the year to surpass $500 million, beating the 2023 record of $404 million.
In 2024, around 93% of sports wagers in Arkansas are placed through sports betting apps offered by casinos while 7% are placed in person at the casino.
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The department says $186 million was legally wagered in 2022 on sports through the state’s casinos including apps, averaging $509,000 daily in total sports bets. From 2022 to 2023, the average jumped to $404 million, or an average of $1.1 million daily.
The department says all casino revenue, including revenue from sports betting, is taxed at the same rate. Casinos pay 13% in taxes on all revenue up to $150 million within one year. When a casino reaches $150 million for the year, the remaining revenue is taxed at 20%