While no enforcement actions are ever likely to be taken against mere players, Arkansas law leaves very little ambiguity as to the legality of unlawful gambling. Arkansas law makes it patently illegal to gamble on anything in which, "Any money or property may be won."
Obviously, money can be won or lost when playing online, so that would fall under this very blanketed legal purview.

However, as noted in our restrictions page:
That leaves very little for people acting as mere players to be concerned about as any enforcement mechanisms would be directed at operators as opposed to people just playing online. There are conditions in the law that make it illegal to possess an unlawful gambling device, but the specific wording of those codes is such that it apparently just focuses on operators of unlawful gambling enterprises.
The only instances...
...we could find of any unlawful gambling arrests were of operators, specifically of illegal physical, “Betting houses,” whereas the players gambling in them were left alone.
As with virtually all other states, except those in which it has been specifically authorized, it is illegal to operate an online casino out of the state of Arkansas. Most, if not all, online gambling websites are located outside the United States, both physically and in terms of legal reach. The majority of online casinos will offer their services to customers in the State of Arkansas.