In July, The Beaver State came up big in sports betting handle
Oregon’s sports betting activity increased by almost 32%, bringing in more than $53 million in revenue.
The state reported a sports betting handle of $39.4 million, with $39.1 million from DraftKings and $273,328 from Scoreboard. This was an 8% decrease from January’s $42.9 million but a 33.3% increase from February 2021’s $29.6 million.
Note that the data from the Oregon Lottery doesn’t include tribal sports betting, but the numbers are impressive on their own because most states see a dip in the summer months, especially July. That’s because there aren’t as many major sports to bet on, but in this case, baseball was big, bringing in over $20 million.
The Growing Oregon Sports Betting Industry
It’s just another sign that sports betting in Oregon keeps growing, with revenue rising every year, including this one.
Oregon started sports betting after PASPA was struck down because the state already had laws to legalize it. The Oregon Lottery regulates sports betting and launched the first online sportsbook, ScoreBoard. The first retail sportsbook opened on August 27, 2019, and the online sportsbook went live on October 16, 2019.
DraftKings became the only online sportsbook option at the start of 2022. In January 2024, they set a monthly revenue record of nearly $10 million, and 2024 revenue so far is closing in on $33 million.
Overall Sports Betting Figures in Oregon Are Strong
According to the latest figures, the total sports betting handle in the state is approaching $2.3 billion. Revenue has exceeded $233 million since its launch. The state has benefited from this growth, with tax revenues nearing $117 million. These funds are crucial for supporting public services and community projects, making the financial boost a welcome development.
The influx of revenue has allowed the state to invest in various public services, including education, healthcare, and infrastructure. Additionally, the sports betting industry has created numerous jobs, contributing to the overall economic health of the state.
The increased tax revenue has also enabled Oregon to fund community projects that might have otherwise been overlooked.
Oregon’s Responsible Gambling Initiatives
One of the positive outcomes of the legalization of sports betting is the increased focus on responsible gambling.
The state has implemented various programs to educate the public about the risks associated with gambling and to provide support for those who may develop gambling problems. Thousands of Oregonians have successfully sought free counseling and treatment, and are now in recovery.
These initiatives are essential in ensuring that the growth of the sports betting industry does not come at the expense of the well-being of its residents.
Sports Betting in Oregon Not Expected to Let Up
The sports betting industry in Oregon has experienced significant growth in 2024, bringing substantial economic benefits to the state. The revenue generated has funded essential public services and community projects, while also highlighting the importance of responsible gambling.
Now that football season is back and teams like the Oregon Ducks and Oregon State Beavers are back in action, don’t expect to see the numbers let up as we approach fall.
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