Superbowl 2023: Betting In Arkansas Hits Almost $3 Million

Three casinos in Arkansas reported almost $3 million in betting on the Superbowl 2023 game. Officials say it is the largest amount since sports betting was legalized in the state in November 2018.

On February 13, the Superbowl 2023 game on Sunday recorded the largest amount of wager since sports betting was legalized in Arkansas in November 2018. The Department of Finance and Administration (DFA) spokesman Scott Hardin said that wagers on the Superbowl 2023 increased to $2.8 million from $705,000 in 2020. During that time, sports betting was only allowed in casinos. However, in 2022, the Arkansas Racing Commission changed the laws and allowed online sports betting.

According to an article on THV11, three casinos in Arkansas, namely Saracen Casino in Pine Bluff, Oaklawn Racing Casino Resort in Hot Springs, and Southland Casino in West Memphis launched a sports betting app in 2022. The Saracen Casino has reported 35,000 wagers on the Superbowl 2023 with over 90% of the wagers from the app.

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How the Tax Revenue is Distributed

An article on Talk Business & Politics states that any casinos pay 13% in taxes on all yearly revenues that are under $150 million. It increases to 20% on all yearly revenues for those more than $150 million. These taxes are applicable whether to the Superbowl 2023, blackjack, roulette, video poker, or any other forms of gaming.

Under the provisions of Amendment 100, the gaming tax revenue is distributed as 55% to the Arkansas General Revenue Fund. The 19.5% will be allocated to the city or town where the casino is located. The other 17.5% will be for the Arkansas Racing Commission Purse and Awards Fund of the Arkansas Racing Commission. The remaining 8% will be to the county where the casino is located.

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