The Super Bowl pool is proven within the Fan Duel app on Friday, Jan. 31, 2020.

LITTLE ROCK, Ark. – The amount of cash being pumped into sports activities betting continues to develop in Arkansas as does tax income coming into the state.

Arkansas voters accredited sports activities betting within the Natural State in 2018, and casinos started taking bets in July 2019. Mobile sports activities wagering turned authorized within the Natural State in March 2022.

According to Department of Finance and Administration spokesperson Scott Hardin, whole sports activities ebook income via July is on observe to set new information in 2023, breaking the earlier 12 months’s document. That contains figures for on-line sports activities betting, which began in Arkansas in March of 2022.

Hardin stated $187 million in wagers had been positioned within the state in 2022. The first seven months of 2023 noticed $188.5 in wagers, which is predicted to develop to $300 million as bettors have interaction with soccer season, Hardin stated.

This betting has meant elevated tax income for Arkansas. In 2022, the state collected $2.51 million from casinos in sports activities betting tax income. Through July of 2023 that quantity is as much as $2.6 million, Hardin stated.

Hardin defined that every one on line casino income, no matter supply, is taxed at 13% for the primary $150 million, then strikes to twenty% for all revenues above that quantity. Taxes are paid on the income from wagering, not from the overall wager.

He used the instance of July sports activities wagering in Arkansas, which was $17.5 million via apps and at casinos. Of that wager quantity, casinos paid $15.5 million, that means taxes have been due on the $2 million in revenue.

The state additionally receives taxes on a bettor’s winnings. Hardin stated casinos are required to report a win that’s 300 instances the quantity wagered when it’s over $600.

“In this scenario, the player receives a W2G form in the mail for the win,” Hardin said.

The 2023 development in state sports activities betting is attributed to cell apps, Hardin stated. Since Jan. 1, 85% of all sports activities wagers in Arkansas have been made utilizing cell apps, with the remaining 15% positioned on-site at casinos, he stated.

The 2023 development in state sports activities betting is attributed to cell apps, Hardin stated. Since Jan. 1, 85% of all sports activities wagers in Arkansas have been made utilizing cell apps, with the remaining 15% positioned on-site at casinos, he stated.