Oregon’s sports betting market witnessed remarkable growth in September, driven by soaring player spending and gross gaming revenue. The state experienced a significant shift in betting preferences, with American football attracting the majority of wagers as the NFL season returned. Additionally, Caesars Entertainment further expanded its mobile sports betting app, Caesars Racebook, into Montana and Oregon, providing bettors with access to pari-mutuel wagering on horse racing from various tracks worldwide.
Surge in Player Spending and Revenue:
In September, player spending in Oregon’s sports betting market surged to an impressive $39.3 million, marking a substantial 57.2% increase compared to the same period last year, where it was $25 million. Furthermore, there was a notable 39.4% month-on-month growth from August 2023, which recorded $28.2 million in player spending. The gross gaming revenue for the same month reached an astounding $5.5 million, exhibiting an exceptional 358.3% YoY growth and more than doubling the $2.7 million generated in August.
DraftKings Dominance and Scoreboard’s Transition:
DraftKings emerged as the dominant player in Oregon’s sports betting market, contributing to almost all of the revenue generated during September. With DraftKings’ rise, the state’s previous sportsbook, Scoreboard, became obsolete and was eventually replaced. However, Scoreboard continued to pay out on bets placed before its replacement, and it only managed to generate a meager $163 in revenue during this transitional period.
Shift in Betting Focus:
As the NFL season returned, players shifted their betting focus from baseball to American football. American football attracted a significant $14.8 million in wagers, resulting in $3.3 million in revenue. In comparison, baseball saw a handle of $11.2 million and revenue of $1.1 million, while soccer generated $4.6 million in bets and $300,293 in revenue. The NFL’s popularity and the betting opportunities it presented played a crucial role in boosting revenue during this period.
Bet Types and Preferences:
The majority of bets placed during September were single and teaser bets, with DraftKings recording an impressive $28.1 million in this category. Parlay bets were also prevalent, accounting for $11.2 million in wagers. Scoreboard, on the other hand, reported a minimal $169 in single and teaser bets and just $3 in parlay wagers, further highlighting DraftKings’ overwhelming dominance in the market.
Caesars Racebook Expansion:
Caesars Entertainment’s mobile sports betting app, Caesars Racebook, made significant strides by expanding into Montana and Oregon. This move followed successful launches in Ohio and Florida earlier in the year, with Indiana being the subsequent state of expansion. The joint venture between Caesars Entertainment and NYRA Bets now operates in five U.S. states, offering bettors an extensive range of pari-mutuel wagering options on horse racing content from over 250 tracks globally.
Oregon’s sports betting market has experienced a remarkable surge in player spending and gross gaming revenue, largely driven by DraftKings’ dominance and the popularity of American football. As the state’s betting landscape continues to evolve, Caesars Entertainment’s expansion with Caesars Racebook provides bettors with additional options, contributing to the thriving gambling ecosystem in Oregon. With such unprecedented growth and a diverse range of offerings, the future of sports betting in the state looks promising and poised for further expansion.