Oregon Sports Betting Revenue on the Rise

Roughly five years after the launch of legal gambling in The Beaver State, Oregon sports betting revenue continues to be on the rise.

However, not everyone is convinced this will be a positive development for the state.

A recent study has linked an uptick in sports betting to a number of problem factors inside the state. The results have since put a damper on the additional funds Oregon will be able to access moving forward.

2024 Shaping Up to be a Banner Year for Oregon Sports Betting

Let’s begin by looking at the rising popularity of sports betting in Oregon. The Beaver State closed out 2023 with a bang, by setting the record for single-month sports betting revenue in December. During that span, Oregon operators raked in nearly $10 million in profits. They also reported a record-setting Oregon sports betting handle.

“That momentum has sustained into 2024. For the month of January, Oregon sports betting revenue once again cleared $9 million. This range has held in most of the months since, though we don’t have full data on 2024, since these reports are typically on a month or two delay.

The increase in revenue (and handle) keeps in theme with the mounting number of users. To that point, the number of sports bettors in Oregon increased dramatically over the past year. As Joni Auden Land wrote for Oregon Public Broadcasting:

“In Oregon, sports betting has quickly become one of the state Lottery’s most popular products since it first became legal in 2019, with the number of players increasing by 43% from 2022 to 2023. Oregonians wagered more than $565 million on sports betting during the last fiscal year. That’s more than all the money spent on Powerball, Mega Millions, Keno and Scratch-it tickets combined. Bettors wagered an average of $5,603 total during the previous fiscal year, according to Oregon Lottery data.”

That year-over-year increase is wild considering how long Oregon sports betting has been live. The United States Supreme Court overturned the Professional and Amateur Sports Protection Act in 2018, and online sportsbooks in the United States started operating throughout Oregon by August 2019.

Is The Rise of Sports Wagering Revenue in Oregon Cause Concern?

The uptick in Oregon sports betting revenue isn’t seen as a positive indicator by everyone. Consider this excerpt from a recent piece at The Bulletin:

“New research actually suggests that vulnerable households may be gambling away their financial stability with online sports betting. If sports betting just replaces other types of gambling, maybe there is no new, real cost to Oregon’s legalization. But if there is something distinctly negative about how sports betting (now much easier and more addictive with smartphones at our fingers 24/7) displaces household spending, then Oregon may have little room to celebrate its winnings.

One study finds that sports betting and related purchases can “drive an increase in financial instability in terms of decreased credit availability, increased credit card debt and a higher incidence of overdrawing bank accounts.” And the research found that when people increase sports betting they don’t decrease “participation in lotteries or other online gambling.”

The full study was conducted by a number of people from different universities. And the results were posted in June 2024. That’s why they’re starting to make the rounds now.

It should be noted that this is just one batch of research. It’s also not clear how broad the data is that they used. We can’t be certain this is an accurate representation of the Oregon population.

At the same time, that doesn’t mean we should reject the findings. After all, they keep in theme with data showing that problem gambling increases in states following sports betting legalization.

Can Oregon Do Anything to Address Concerns?

No industry is perfect. Sports betting is no different. There are positives and negative effects to its legalization. For now, though, we can’t expect the Oregon sports betting market—or any others—to simply repeal their laws. You can only hope concerns are at least heard and, if needed, addressed.

This isn’t to say The Beaver State doesn’t take problem gambling seriously. This is more about growing trends in other states.

Take The Bay State as an example. Most recently, Massachusetts sports betting regulators began pushing for gambling limits at online and retail sportsbooks. A lawsuit has also been filed against DraftKings in Massachusetts that alleges they misled users by offering a deceptive sign-up bonus.

Elsewhere, some states have taken aim at sports betting advertisements. Others have raised taxes on sportsbooks to increase the share of profits that get directed towards problem gambling. And across the country, additional research has been funded to explore the various benefits and downsides of legal sports betting in more detail.

Oregon can look at exploring all these areas if officials are legitimately concerned about the impact of sports betting on vulnerable households. Raising the Oregon sports betting tax could prove trying since they’re not a top market. But they could look at implementing a voluntary self-exclusion list and look to create gambling limits in order to help combat some off issues.

Devoting more funds to Oregon sports betting education works as well. Increasing programs that educate people on the merits and foibles of gambling while they’re young could help solve problem wagering issues before they start.

Whatever you think should be done, this increase in Oregon sports betting revenue is something worth tracking. It seems that it’s adding to both the state’s coffers and its list of concerns that need tending.

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: