Oregon Breaks Sports Betting Record For December

Oregon’s sports betting industry has seen major growth in recent months, with record-breaking revenues and in December, players in Oregon spent a staggering $73.2 million on sports betting, surpassing the previous record set in October of 2023. This represents a significant increase of 38.1% compared to the wagers placed in December 2022.

American football emerged as the most popular sport for bettors in Oregon, attracting $23.1 million in wagers. Basketball followed closely behind with $16.5 million in bets, while football and ice hockey garnered $3.3 million and $2.0 million, respectively. These figures demonstrate the diverse range of sports that Oregonians are passionate about and willing to place bets on.

When it comes to the types of bets placed in Oregon, single bets dominated the market, accounting for $48.1 million of the total wagers. Parlay bets, on the other hand, made up the remaining $25.1 million. This indicates that while some bettors preferred to place individual bets, many others opted for parlay bets, which involve combining multiple wagers into a single bet.

The surge in betting activity has not only resulted in record-breaking wagers but also in unprecedented revenue for the state of Oregon. In December, the gross gaming revenue from sports betting reached an all-time high of $9.7 million, surpassing the previous record set in October 2023 by 14.1%. This represents a remarkable increase of 70.2% compared to the revenue generated in December 2022, which stood at $5.7 million.

Breaking down the revenue by sport, American football took the lead, generating $3.5 million in revenue. Basketball closely followed with $2.9 million, while football contributed $605,891 to the total revenue. Parlay bets were particularly lucrative, generating $5.7 million in revenue, whereas single wagers accounted for $4.0 million. These figures highlight the financial success of Oregon’s sports betting industry and the significant revenue it generates for the state.

DraftKings stands as the sole sports betting operator in Oregon, after replacing the Oregon Lottery’s Scoreboard online sportsbook in January 2022. The transition from the SBtech-powered Scoreboard to DraftKings was unanimously approved by the Oregon Lottery Commission in August 2021. This change was made possible by DraftKings’ acquisition of SBTech in December 2019. As a result, DraftKings is now the exclusive platform for legal sports betting in Oregon, offering a wide range of betting options to players.

The Oregon Lottery has been a key player in the state’s sports betting industry since October 2019 when the legal market was established. The Scoreboard platform, operated by the Oregon Lottery, initially provided a platform for sports betting. However, with the introduction of DraftKings, the lottery phased out its online sportsbook, allowing DraftKings to take over as the primary operator.

The success and growth of Oregon’s sports betting industry indicate a promising future for both bettors and the state. The increasing revenues and record-breaking wagers demonstrate the popularity and acceptance of sports betting among Oregonians. With DraftKings as the exclusive operator, the industry is poised for further expansion and innovation. As more states across the US legalize sports betting, Oregon’s experience can serve as a blueprint for other regions looking to establish a thriving and regulated sports betting market.