Modest haul for Oregon online sports betting in March
DraftKings grossed US$8.3 million from online sports betting in Oregon during March. That was a 14.4% spike for the operator, which enjoys a monopoly in the state.
Handle was up 11.5%, reaching US$75.2 million. The hold percentage was 11.1%.
During the first quarter, Oregon OSB revenue has declined 9.6% despite 3.9% greater handle. Hold has slipped from 13.4% to 11.7%.
The plurality of wagers placed in Oregon were parlays, representing US$4.9 million in revenue, jumping 16.4% from March 2025. US$27.1 million in parlay wagers were placed, for a hold percentage of 18.2% and 36% of handle. For the quarter, parlay hold was 21.4%, down from 23.8% in early 2025.
Revenue from single-game bets jumped 11.4%, for US$3.4 million in win for sports books. Single-bet handle was US$48.1 million of handle, up 9%, holding at 7.1%.
Revenue from single-game bets fell 25.8% from 2025 during 2026’s first quarter, driven down by slightly lower handle and a loosening of hold. Oregon sports books held 5.9% of single-game bets in the first quarter, down from 2025’s 7.9%.
Betting was dominated by basketball, which saw US$37.4 million in wagers placed, resulting in win of US$4.2 million, an 11.3% hold. Table tennis was second with US$10 million in handle boiling down to US$700,000 in win or a hold of 7.4%.
Table tennis far outpaced professional tennis, which had betting volume of US$4.7 million and winnings of US$400,000, a hold of 9%. Baseball drew US$6.1 million in wagers and US$800,000 in win, a hold of 13.6%.
US$7.4 million was bet on soccer, for revenue of US$1 million, a 14% hold. Also holding tightly at 15.3%, was hockey. US$4 million was bet on the sport and US$600,000 paid out.
All other sports combined for US$5.5 million in wagering volume and US$500,000 in bets paid out. The hold was 8.2%.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
Why Oregon’s March bump masks a softer quarter
Oregon’s online sportsbook posted a March uptick in revenue and handle, but the broader first quarter tells a different story. The state’s DraftKings-run monopoly saw gross win rise 14.4% in March to $8.3 million on handle of $75.2 million, yet first-quarter online sports betting revenue fell 9.6% even as handle grew 3.9%. Hold slid to 11.7% from 13.4% a year earlier, a reminder that small swings in pricing and parlay performance can overwhelm steady betting volume. Single-game hold settled at 7.1% in March but landed at 5.9% for the quarter, down from 7.9% in early 2025. Those numbers underscore the volatility in a single-operator market that lives or dies on one book’s pricing, risk and product mix.
The March bounce was fueled by basketball and an 18.2% parlay hold, but parlay yield eased to 21.4% for the quarter, down from 23.8% in early 2025. Single-game revenue jumped 11.4% in March to $3.4 million, yet it still contracted 25.8% year over year in the quarter. That divergence is the throughline of Oregon’s year so far: healthy engagement, softer monetization. In a market without direct competition, DraftKings’ performance is the market’s performance, magnifying the impact of its trading decisions and promotional cadence.
February’s warning sign: rising handle, falling win
The signal appeared in February. DraftKings’ Oregon revenue fell 25.6% year over year to $7.2 million even as handle edged up 3.4% to $70.6 million, producing a 10.2% hold. Parlay win of $5.4 million held at 22.1%, but single-bet retention sagged to 3.8% and single-bet win plunged 56.1%. As DraftKings’ revenue plunges in Oregon detailed, first-quarter hold was tracking 12% versus 14.6% in early 2025. The math is unforgiving: when single-bet hold loosens and parlay efficiency decelerates, revenue falls even if more money comes in the door.
Those trends explain why March’s top-line lift did not reverse the quarter’s drag. The core mechanics have not changed. Oregon bettors leaned heavily on parlays — 36% of March handle and most of the win — while single-bet economics remained thin compared with last year. With only one operator, there is no rival to absorb or offset short-term variance on price and risk, so swings show up directly in statewide revenue.
Event spikes and celebrity props can’t fix hold
Oregon’s book leans on tentpole events to drive acquisition and activity. Ahead of Super Bowl LIX, the Oregon Lottery pushed novelty props branded around Taylor Swift songs, part of a broader effort to capture casual interest during the most-watched betting day of the year. The campaign, described in Oregon Lottery offers Taylor Swift-themed sports bets ahead of Super Bowl LIX, exemplifies how operators use cultural tie-ins to increase engagement and ticket volume.
Event-led bursts can boost handle, but they rarely fix structural hold issues. February’s data showed football handle jumped 28.8% while overall win fell. In March, basketball led with $37.4 million in wagers and an 11.3% hold, but strength in one sport could not fully counter a softer single-bet margin across the quarter. The Super Bowl may attract new bettors and higher parlay mix, yet sustained revenue improvement depends on everyday pricing, product presentation and risk controls that govern hold when the calendar is quieter.
What peer states say about mix, margin and scale
Other states with competitive fields highlight how mix and scale drive outcomes. In Maryland, operators held 10.4% in March and revenue rose 30.5% to $62 million on handle of $595.2 million. FanDuel led with a 12.1% hold and $28.4 million in win, while DraftKings posted $17.3 million on a 9.4% hold, according to Maryland online sports betting revenue surges 30.5% in March. The split shows how two national leaders can post different outcomes on similar product sets when parlay share, pricing and risk decisions diverge.
New York in March told a similar story at larger scale. Books generated $217.3 million in revenue on $2.3 billion handle with 9.3% hold, as detailed in New York online sports betting revenue vaults 34.3% in March. FanDuel again led on win, handle and hold at 10.8%. DraftKings held 10.2% with $77.5 million in win. BetMGM’s 6.1% hold showed how looser retention cuts sharply into revenue even with significant volume. The takeaways for Oregon: hold discipline and parlay efficiency matter as much as handle growth, and outcomes can vary widely by operator strategy.
Indiana’s March illustrates the handle-versus-revenue tension. Statewide online handle rose 11.2% year over year to $539.9 million, yet both DraftKings and FanDuel saw lower gross receipts despite higher volume, according to Indiana online sports betting handle up more than 11% YoY in March. Fanatics more than doubled handle and grew receipts while BetMGM’s handle declined but receipts increased. Different mix, promos and pricing yield different results even in growth markets. Oregon’s single-operator setup compresses that variability into one outcome.
Parlays power revenue, but their cushion is narrowing
Parlays remain the engine of profitability. In February, they delivered most of DraftKings’ Oregon win with a 22.1% hold even as single bets underperformed. In March, parlay hold of 18.2% helped lift monthly revenue despite a lighter single-bet margin. But the first quarter’s parlay hold of 21.4% was down from 23.8% a year ago. Even small drops matter because parlays are carrying more of the revenue load. If parlay yield normalizes further or bettors shift to lower-margin markets, Oregon’s top line will feel it quickly.
Sports mix adds another layer. Basketball’s prominence in March supported overall hold, while categories like table tennis and soccer posted mid- to high-teens retention. Baseball’s return came with a 13.6% hold on modest handle, but MLB’s long season can introduce variance, especially if favorites cover frequently. Without competing operators to diversify strategy, Oregon’s results will hinge on how DraftKings manages parlay exposure, tweaks single-bet pricing and balances promos against margin.
The stakes for Oregon’s monopoly model
Oregon’s model simplifies oversight and funnels marketing into a single brand, but it concentrates risk. When hold softens, there is no rival operator posting tighter margins to buoy statewide revenue. The February slump, followed by a March rebound, shows how quickly outcomes pivot on parlay performance and single-bet efficiency. Peer markets suggest that sustained growth depends on consistent margin management more than periodic spikes around marquee events.
The path forward is clear. If DraftKings can stabilize single-bet hold near last year’s level while maintaining a strong parlay mix, quarterly revenue should align more closely with rising handle. If not, Oregon may continue to post months like March that look solid in isolation but lag on a quarter-to-date basis. With the NBA postseason, MLB’s early months and summer soccer ahead, the next stretch will test whether Oregon’s monopoly can convert activity into durable win or if looser hold remains the story of 2026’s first half.
