The Arkansas sports betting market topped $100 million in handle for the first time in the first full month of operations for both FanDuel and DraftKings.
FanDuel and its partner Oaklawn led the market with more than half of total handle at nearly $53 million. DraftKings and partner Southland ranked second with $35.6 million in bets.
BetSaracen had led the market when the other two casinos were using different sports betting partners, but is now a distant third place with $13.8 million in handle, according to the report sent by the Arkansas Racing and Gaming Commission this week.
The strong performance builds off the 12 days both FanDuel and DraftKings were live in Arkansas in March. Despite starting later in the month, the two combined for more than 60% of March handle.
Both were unanimously approved to operate as vendors in February. Arkansas requires casinos to maintain 51% of all revenue, and therefore control, in any vendor agreements, which kept FanDuel and DraftKings out of the market for more than four years.
Arkansas sports betting taxes low, for now
That top line success is not translating to big tax dollars from Arkansas sports betting just yet.
DraftKings reported a net loss for the second straight month, the only brand to do so. Southland has reported a loss of more than $9 million since DraftKings launched.
FanDuel reported positive revenue in April compared to March, but not much. The $1.2 million in revenue equated to a hold of 2.3%.
Arkansas does not provide information on promotional spending by operators, though both are investing in the state to build up their databases and it would explain the low hold and losses. Flutter said it would spend around $20 million in Arkansas while DraftKings declined to give a specific number but said the total was in the “low double digits.”
Promotional deductions are not currently limited by the ARGC, though that could change in the future through legislation.
