Oregon sports betting continues the general trend by posting its most successful month in October since it was legalized in August 2019.
According to the figures posted last week on the Oregon Lottery website, total sports betting handle was recorded in October was $29.45 million, an 12.5% increase from September’s figures of $26.17 million. It should be noted that Oregon runs its entire sports betting operation through the Oregon Lottery that gives the residents the option to wager through only one platform, the Scoreboard app.
Scoreboard’s new monthly record also saw a revenue jump of 86.7% month over month. Gross gaming revenue for October amounted to $2.8 million, eclipsing the previous record of $1.5 million posted in September.
It’s interesting to see that despite running the state’s sports betting market through a single app, Beaver State saw a significant jump in total sports handle and revenue in October.
Around 24,562 unique bettors placed around 903,187 sports wagers in October, up from 839,162 placed in September. Also, as many as 3,464 new registrations were also reported during October. As the month coincided with college football and NFL season, the increased number of bets makes perfect sense.
Still, the most crucial thing was the drastic increase in revenue as the Beaver State jumped from $1.5 million in September to almost double to $2.8 million in October. Though this trend is welcoming, it is naïve to believe this kind of margin will continue with similar progress. The revenue will keep fluctuating as some months will be better for players, and some for the Lottery.
Betting by Sport
As the most popular sport for Oregon bettors in October, football accounted for $12.2 million of the overall $29.45 million handle, drawing $1.5 million in revenue for the state. Baseball came second, with players betting $4.9 million on this sport, generating $346,027 in state revenue. While securing the third spot as the most popular sports among Oregon bettors, Basketball recorded $4.4 million in handle, generating $333,021 in revenue.
Another sport that drew considerable attraction with a decent number of wagers placed was Soccer, which accounted for $3.5 million in total bets and generated $288,400 in state revenue. Other stand-out sports included table tennis with a $1.2 million in betting handle and $138,704 in revenue, and mixed martial arts that recorded $1 million in wagers and generated $103,894 in revenue.
In terms of wager types, bettors placed $22.8 million in single and teaser bets, leading to $1.7 million revenue, alongside $6.7 million in combo and system wagers that resulted in $1 million in revenue.
Pre-match wagers accounted for 71.4% of all sports bets placed in October, with bettors spending $17.4 million. The state residents spent $12.1 million in in-play live wagers, accounting for 28.6% of all bets in October.
The Future of Oregon Sports Betting
The drastic increase in sports betting activity is amazing, considering Oregon residents have only one platform to place bets with. Obviously, it reflects a bullish market trend in the sports betting industry in the Beaver State. October brought $3.3 million in handle from September and $2.8 million in increased revenue, thanks partly to a huge number of NFL betting in that month.
However, if the authorities allowed the Scoreboard app to go ahead with the Oregon Ducks and the Oregon State Beavers, it would certainly swell the existing sports betting handle to a great degree as there are a lot of fans of these teams in the state.
The residents can place bets at Tribal casino sports betting locations if they like to gamble on these college teams, meaning the state is losing a significant source of revenue by prohibiting the state-regulated app from including wagering lines on these sports. It’s likely that the future of sports betting in the Beaver State will include their college teams. If it happens, the numbers of sports betting handle in Oregon will certainly soar.