Saracen Casino Resort in Pine Bluff, Arkansas, is seeking regulatory license to build an iGaming app and expand its online gambling activities in the state. This move comes after the legalization of online sports betting in 2022, which has already generated substantial income. The proposal to legalize online slots, blackjack, craps, and other casino games in Arkansas might be a significant development for the gambling sector in the state, potentially leading to increased online gambling profits.
Requesting a modification in regulations to initiate iGaming:
Saracen Casino Resort is currently seeking approval from state authorities to introduce the inaugural iGaming application in the Cooe Apk state, as reported by THV11. Carlton Saffa, the Chief Market Officer of the casino, has reportedly contacted Alex Lieblong, the Chairman of the Arkansas Racing Commission, to pursue a regulatory adjustment that would permit online casino gambling through iGaming and iCasino platforms.
The potential tax revenue is estimated to be $12 million.
Saffa’s statement to the commission stated that internet casino gambling from Saracen alone will produce an estimated $12 million in annual tax revenue for the state. beginning July 2016, the commission, which is said to have authority over all gambling activities in the state, has broadened its jurisdiction to include retail sports betting. Furthermore, beginning April 2022, it has also extended its scope to encompass mobile sports betting. The Saracen Casino Resort is seeking to launch an iGaming app, which would broaden the regulator’s jurisdiction and diversify the gambling options available in Arkansas.
If approved, this would represent a significant milestone in the gambling industry.
According to THV11, the state will also be the pioneer in the region to legalize online casino gambling. While many online card games such as poker are legally permitted, Saffa allegedly argues that they are not accessible to customers. Consequently, he is requesting the Racing Commission to revise the regulations pertaining to lawful online gaming by incorporating iGaming inside the existing legal framework.
Saffa allegedly proposed a solution by modifying ARC Rule 5, which now permits internet poker, to encompass more forms of table games and slot machines. Implementing this action will generate substantial tax income for the government and, equally essential, ensure that operators are held responsible by the iplwin login government. According to a source cited by THV11, the act of trying to enforce regulations on internet operators in the fantasy sports industry is not a feasible answer, since they have previously disregarded cease and desist demands from the state.
Saffa is purportedly seeking to attend the commission’s hearing by 6 May 2024 in order to receive the regulator’s verdict.
Arkansas aims to achieve a historic milestone of $500 million in 2024.
In the first quarter of 2024, the retail and online sports betting facilities in the state processed $404 million, indicating a continued growth trend from 2023. Based on the CDC’s data, Scott Hardin, the director of communications for the Arkansas Department of Finance and Administration, predicts that if the present trend persists, Arkansas might surpass the projected amount for 2023 and achieve a historic betting handle of $500 million by the end of 2024. According to the same source, the market processed a total of $141.6 million in the first quarter of 2024, which reinforces the accuracy of the estimate.
The Saracen Casino Resort and the Arkansas Racing Commission undoubtedly take these data into account when evaluating the regulatory modification.
