Arkansas Casino Gambles on Receiving Online Casino License

Article by : Erik Gibbs Apr 25, 2024

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Saracen Casino Resort in Arkansas has proposed amending state gaming laws to authorize iGaming within the state. This initiative, spearheaded in March by Carlton Saffa, Saracen’s Chief Market Officer, aims to diversify the state’s gaming options and, hopefully, help position Arkansas as a pioneering jurisdiction in the region for legalizing iGaming.

The push towards this digital transition comes as Rhode Island has marked itself as the seventh state to embrace online casinos, aligning with New Jersey, Delaware, Connecticut, Michigan, Pennsylvania and West Virginia.

Saracen’s proposition, sent to the Arkansas Racing Commission (ARC), is set against a backdrop of hesitation among lawmakers nationwide, stemming from concerns over the potential cannibalization of retail casino revenues.

However, projections indicate that iGaming could contribute an additional $12 million in tax revenue annually for Arkansas, which already enjoys the fruits of a burgeoning gaming market that includes online poker and daily fantasy sports.

Saffa has been vocal about the state’s unregulated online gambling activities, advocating that a legal framework for iGaming would not only ensure proper regulation but also open avenues for taxation.

Amendments to ARC Rule 5 are deemed necessary to bring this vision to fruition. Saffa underscores the imperative for government oversight to ensure operator accountability.

This stance is reinforced by the actions of the Arkansas Department of Finance and Administration, which has previously issued cease and desist letters to online gambling platforms such as Underdog and PrizePicks, signaling a zero-tolerance policy towards unregulated gambling activities.

Saracen’s pursuit of legalized iGaming is further encouraged by the lucrative outcomes observed in other states where iGaming has been sanctioned.

For instance, the New Jersey Division of Gaming Enforcement reported a record-breaking $183.3 million in iGaming wins in January, marking a 19.9% increase from the previous year.

Similarly, Michigan’s Gaming Control Board disclosed that iGaming operators garnered $188 million in gross receipts in February, surpassing the preceding month’s record. These figures are a testament to the financial viability of iGaming, with licensed operators in Michigan contributing $33.8 million in taxes and payments.

Saracen’s endeavor to amend gaming laws in Arkansas is a calculated strategy to capitalize on the iGaming sector’s burgeoning potential.

By advocating for legal changes, Saracen aims to bring regulated iGaming to Arkansas and capture the economic benefits that have been evident in other states.

The proposed amendments would not only align Arkansas with the progressive stance on digital gaming but also ensure a regulated environment that safeguards the interests of all stakeholders involved.

The success of iGaming in states like New Jersey and Michigan serves as a compelling blueprint for Arkansas, promising a substantial economic impact through regulated digital gaming platforms.