August brought renewed optimism for Oregon as its only betting app, Scoreboard, saw an 84% increase in sports betting handle compared to July’s figures.
The app brought in around $26 million in terms of wagers, and the state share in revenue was $1.6 million. Although the August numbers are optimistic for both Scoreboard and Oregon, it still falls short when compared to other states’ gains during the same period.
Falling Behind Despite A Swelling Sports Betting Handle
An 84% gain in one month sounds promising. However, this does not depict the full picture.
When you take into account all of the live professional sports that coincided in the month of August, including MLB, the NHL, and NBA playoffs, it’s evident that the rise in handle should have been even greater than this. A problem further arises when a comparison is made between Oregon and the other states, as even the boastful sports betting handle in Oregon in August falls significantly short of what many other states brought in during the same period.
When forming a comparative analysis, must turn our attention to New Jersey who posted a record-breaking month in August. Every other state is now trying to pursue New Jersey in terms of its sports betting handle. To put their betting handle in perspective, New Jersey’s betting handle for August was a whopping $668 million, dwarfing Oregon’s handle of $26 million.
The majority of Oregon’s wagering was placed on NBA wagers, with MLB coming in second. The rest of the handle was roughly divided between the NHL, soccer, and table tennis.
Another fact that could negatively impact the state’s sports betting industry is the elimination of its team from the NBA playoffs. The Portland Trailblazers is Oregon’s NBA team that saw elimination in its playoff stage, potentially reducing resident’s betting on NBA games.
Can Oregon Do Better?
Everybody is curious to know is if Oregon can do something to keep the industry moving forward. Currently, the state is looking for ways to improve engagement, entertainment, and excitement, yet it will have to cross some barriers in order to accomplish these targets.
One significant issue that analysts have pointed out is that people have only one option to place wagers on: Scoreboard. In a flourishing market, competition is always healthy and benefits the bettors. Presently, Scoreboard’s monopoly may lead it to any rigid price setting, knowing it that people have no other option. Therefore, this seems to be working more in favor of Scoreboard than Oregon residents; the layman of Oregon who wants to place a wager is essentially at a disadvantage.
In addition, Scoreboard doesn’t provide any betting options for college sports via its online platform. College sports are immensely popular in the United States, including Oregon. Taking that option away from the enthusiasts also hinders profits.
Currently, the state has not revealed any plans to bring in other sports betting apps, nor has it allowed betting on college sports. However, the following months will be crucial in deciding whether or not Oregon’s existing sports betting strategy will be truly beneficial or will again fall short of its inherent potential.