Arkansas sports betting industry is on track to exceed $500 million in revenue by 2024, according to a new report released by Yogonet International. The state has seen a significant increase in sports betting activity since the legalization of the industry in 2019, with revenue figures surpassing expectations.
Arkansas was one of the first states in the US to legalize sports betting following the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018. Since then, the state has seen a steady increase in the number of sportsbooks and betting options available to residents.
The report from Yogonet International highlights the rapid growth of the Arkansas sports betting market, projecting that revenue could reach $500 million by 2024. This would represent a substantial increase from the $249 million generated in 2020, and would solidify the state as a major player in the sports betting industry.
One of the key factors driving the growth of the Arkansas sports betting market is the increasing availability of online and mobile betting options. While physical sportsbooks have traditionally dominated the industry, the rise of online betting platforms has made it easier for residents to place bets from the comfort of their own homes.
Additionally, the report cites the popularity of major sporting events such as the Super Bowl, March Madness, and the NBA Finals as key drivers of betting activity in the state. With more and more residents getting involved in sports betting, Arkansas has quickly become a hub for enthusiasts looking to bet on their favorite teams and players.
The report also notes that the legalization of sports betting has had a positive impact on the state’s economy, with increased tax revenue and job creation stemming from the industry. This has been a welcomed development for Arkansas lawmakers, who have been looking for ways to stimulate economic growth in the wake of the COVID-19 pandemic.
Overall, the outlook for the Arkansas sports betting industry looks promising, with revenue expected to continue growing in the coming years. With a wide range of betting options available to residents and a robust regulatory framework in place, the state is well positioned to become a major player in the booming sports betting market.