Posted on: August 15, 2024, 12:09h.
Last updated on: August 15, 2024, 11:31h.
Arkansas Edge, the University of Arkansas’ name, image, likeness (NIL) collective, aims to launch an online 50/50 raffle to generate funds for recruiting top talent to Razorbacks programs.
Arkansas Edge is exploring approval from the Arkansas Racing Commission (ARC) to introduce electronic 50/50 raffles. Online operation would require collaboration with a geolocation technology service provider like GeoComply to ensure compliance with state regulations.
To offset costs and boost funds for Razorbacks’ NIL sponsorships within the competitive SEC, Saracen Casino Resort offers its Bet Saracen Sportsbook for the initiative.
With existing geofencing technology and KYC protocols, Bet Saracen is well-equipped to run the electronic 50/50 raffle, potentially leading to broader discussion on iGaming legalization.
Exciting Opportunity
Saracen proposes potential regulatory amendments to allow online raffles and iGaming, emphasizing the benefits of boosting Arkansas’ gaming industry.
Arkansas could witness a groundbreaking NIL fundraising initiative,” shared Saracen Chief Marketing Officer Carlton Saffa with Best of Arkansas Sports.
The state could benefit from innovative gaming strategies,” noted Saffa, emphasizing the importance of the initiative.
“By authorizing brick-and-mortar casinos for interactive gaming, Arkansas can eliminate illegal online platforms targeting players,” Saffa explained, emphasizing the impact of iGaming regulations.
Potential Challenges
The collaboration between Arkansas Edge and Bet Saracen faces regulatory hurdles, with state laws requiring charitable organizations to operate bingo games and raffles.
To address these concerns, proposed language refers to the online raffle as a “NIL drawing game” to comply with regulations.
Arkansas’ response to this initiative remains uncertain, with officials expressing skepticism about the proposed changes and emphasizing the need for cautious consideration.