Online Gambling May Arrive in Arkansas through Legislation, Concurrently Prohibiting Sweepstakes Games
In the heart of Arkansas, lawmakers are shaking things up, introducing a duo of bills that could revolutionize the gaming landscape. The exciting proposals, Senate Bill 524 and House Bill 1863, aim to legalize online casinos, following in the footsteps of several other states.
These bills, tabled on a bustling Wednesday, earmark the state's three licensed casinos for iGaming licenses. These brick-and-mortar establishments, including the Oaklawn Racing Casino Resort with its horse racing betting app, could soon find themselves in the digital gambling game. If all goes well, Arkansas could become the eighth state to embrace the world of legal iGaming.
However, these bills also target a different form of gambling - sweepstakes casinos. These unregulated platforms are viewed as a Wild West of gaming, operating without regulation or contributing significantly to the local economy. The bills seek to make it a felony to run such sweepstakes casinos.
While the exact tax rate for iGaming isn't explicitly detailed in the legislation, the bills do mention an interesting provision. Accounts inactive for 16 months will see their funds transferred to the Arkansas Racing Commission after a two-year period.
As lawmakers deliberate, proponents of the bills believe that the prohibition of sweepstakes sites will bring an end to the current Wild West situation. However, it remains to be seen if these bills can gather the necessary support before the legislative session concludes on April 11.
In case you're curious, most iGaming states impose taxes ranging between 15-50% on gross gaming revenue, but Arkansas's proposal remains undefined based on available data. As for the bills themselves, Senate Bill 524 was withdrawn shortly after introduction, leaving no details about dormant accounts or tax rates. Current information suggests these specifics were either unresolved or not publicly disclosed before the bill stalled. Keep your eyes peeled for updates!
These bills, targeting Arkansas's gaming landscape, seek to legalize online casinos, following the lead of several other states. They propose to assign iGaming licenses to the state's three licensed casinos, potentially expanding their businesses into the digital realm. However, simultaneous attempts are aimed at prohibiting unregulated sweepstakes casinos, deemed a Wild West of gaming. The exact tax rates for iGaming and handling of dormant accounts remain undefined in the current legislation.
