The official July sports betting numbers for Arkansas have been released by The Arkansas Racing Commission and it wasn’t good news. Betting revenue for the month of July was non-existent. In fact, the commission has reported a loss during the month.
While there is a lot that plays into the financial loss, the fact that only one sportsbook was operating in the state during the month certainly is a big part of it. Additionally, sports betting was only available mid-July onwards.
The State Is Without a Mobile or Online Option
Adding to the fact that there was only one sports betting operator open in the state during July, bettors also didn’t have the luxury of a mobile sports betting app or online betting.
These options have proven to be pivotal in states that are seeing revenue, especially during the month of July when so many places were shuttered.
Giving people the ability to place bets online opens up a lot more possibilities. Experts have since estimated that tens of thousands of dollars’ worth of revenue was likely lost in the month of July due to the lack of a mobile/online option.
Unless people live in the Hot Springs area of the state, they probably aren’t going to make the drive just to place a bet.
What the Numbers Show
According to the gaming report, Oaklawn Park had a total betting handle of $179,315. During that time it had to pay $198,948 in winnings to bettors, so that resulted in a loss of almost $20,000 for July. Not the numbers any operator or the state of Arkansas wants to see.
Meanwhile, the official report from the Department of Finance and Administration stated that there was a combined gambling revenue of $4.6 million in terms of sports betting and casino games. It’s clear the casino games made up the bulk of that revenue.
The state lottery also reported an increase of revenue by $8.4 million. These two factors certainly made the sports betting losses a bit more manageable.
Could This Be the Tipping Point for the State?
While it’s easy to put the blame of the loss on the recent health concerns, the fact is that many states have not only managed to avoid losses, but they have seen growth in profits. This has been attributed to online sports betting, which has in many cases kept the industry alive.
Some analysts are now questioning whether this could be the final push that Arkansas needs to start moving ahead on mobile and online legislation in order to open up a whole new market for bettors.
It will also be telling to see the numbers for August when they are released in order to see if there is growth and profit rather than more loss.