Oregon Sees Uptick in Sports Betting – March is a massive month for legal sports betting because of the NCAA Tournament. March Madness is heavily wagered by frequent bettors and people who rarely wager. However, there is usually a lull in April before championships start to ramp up again.
The April to May increase is a massive test for a state’s sports betting market. Oregon passed after a huge spike in its sports betting handle for May. The Mat handle in the state totaled $27.8 million, which was up 9.7% from April.
The May Numbers
Oregon’s May handle of $27.8 million was an impressive number for the state. Oregon beat the odds after the NCAA Tournament and had a handle increase for the second straight month in May.
The April handle was $25.3 million. Therefore, the May handle rose $2.5 million from the previous month, making the legislature and betting industry excited. However, the larger handle did not equate to more revenue, but this will not be the case if the state continues to produce record numbers.
Revenue in the state decreased a whopping 13.9% from $2.7 million in April to $2.4 in May. This was surprising because it’s not a typical revenue trajectory after a 10% handle increase.
January’s handle has still not been touched for the state record. In January, Oregon accumulated $34.9 million in total handle. In February and March, the handles dropped, which is not common with the Super Bowl and the NCAA Tournament.
However, OR does not allow college betting on its sole mobile sports betting app. Residents needed to travel to one of two tribal casinos to wager, which caused the handle to drop.
Breaking Down the Handle
The breakdown of the handle did not change much from April to May. The most wagered sport in the state was basketball which account for $16.1 million in wagers. The remainder of the top five included baseball ($4.6 million), soccer ($2.4 million), hockey ($1.5 million), and MMA ($750,194).
None of the sports in the top five were different from April to May. Parlay bets went up $100,000 from $6.6 to $6.7 million. OR could have a much more competitive sports betting market if it did not have a single provider framework. Why not take a look at the BParlay Parlay odds calculator to understand more about Parlay betting.
The state lottery runs sports betting, and the lone Scoreboard mobile app is the only legal wagering option. This format and the lackluster app have deterred many people from placing bets in the state.
Changes Being Made?
The legislature has realized that the single provider format is costing the state tax revenue. There is a bill in the middle of the legislative process, HB 2127, that would change the current system. Although, no action has been taken on the bill for the past four months.
If the bill were passed in the future, the Oregon Racing Commission would be the new regulator, and more betting platforms could operate in the state. The bill was first read on January 11. It was moved to the House Committee on General Government on January 19, but nothing has changed since this date.