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 March’s lift matters
Oregon’s online sports betting market showed a March rebound with higher handle and a firmer hold, but the recovery follows a soft start to the year. DraftKings, the state’s sole mobile operator, saw revenue rise in March on an 11.5% handle increase and improved win rate. The month-to-month lift landed after February revenue plunged despite growing handle, underscoring how sensitive a single-operator market is to hold volatility. Year to date, Oregon’s first quarter still trails last year on revenue even as wagering volume ticks up, a dynamic that heightens pressure on product mix, pricing and promotional strategy.
The Oregon Lottery-sanctioned monopoly has amplified swings tied to parlay luck and single-game outcomes. In March, parlays again did the heavy lifting with elevated hold compared with straight bets. That balance mirrors national trends, but it carries more weight in Oregon because alternate operators are limited to on-property tribal sportsbooks, not statewide apps.
Monopoly dynamics and hold pressure
DraftKings’ dominant position simplifies the market narrative but concentrates risk. In February, the operator’s handle rose 3.4% while revenue fell 25.6% year over year, as single-game hold loosened and parlays, although strong, could not offset the drag. Oregon’s books posted a 12% hold in the first quarter versus 14.6% a year earlier, part of the slide detailed in the February snapshot. March’s 11.1% hold improved momentum but did not reverse the quarter’s compression, with single-game hold hovering well below parlay returns.
The stakes are practical: hold is the fulcrum for funding promotions, product development and responsible-gaming tools. In a competitive state, operators can trade margin for market share; Oregon’s single-operator model instead turns margin management into the primary lever for top-line performance. Sustained tightening in hold forces sharper risk and trading discipline, particularly during basketball-heavy months when wagering peaks.
Parlays’ outsized role and single-game strain
Parlays continue to anchor profitability. In March, they accounted for more than a third of handle and generated a high-teens hold, reinforcing the operator’s reliance on multi-leg bets to balance thinner single-game margins. The composition matters: as parlay share rises, monthly results will depend more on variance tied to a small set of popular teams and marquee events. Oregon’s March betting was led by basketball, followed by niche categories like table tennis, which carry different risk profiles and trader expertise needs.
Single-game wagers, while still the majority of handle, strained revenue earlier in the quarter as hold loosened into the mid-single digits. That mismatch amplified February’s year-over-year revenue decline and left the first quarter behind last year even as bettors placed more wagers. March’s improvement shows how quickly the math can pivot when single-game results normalize, but the quarter’s outcome highlights why parlay engagement has become a strategic priority across the industry.
Promotions and pop culture props
Oregon’s lottery-backed sportsbook leaned into headline events to broaden participation. Ahead of Super Bowl LIX, it rolled out Taylor Swift-branded prop markets to capture casual bettors drawn by celebrity buzz and novelty wagers. The campaign fit a wider pattern in U.S. betting: themed props increase acquisition and engagement, then operators funnel interest into higher-yield bet types like parlays.
The cost-benefit of that playbook remains in focus as investors press for profitability. One benchmark comes from a national peer, as Rush Street Interactive reported a sharp revenue jump and a modest quarterly profit while keeping North American average revenue per user steady and leaning into Latin America for growth. Oregon’s single-operator model insulates DraftKings from local price wars, but it does not exempt the book from the industry’s push to convert promotional spend into durable margin. The mixed first-quarter picture shows how event-driven spikes must be paired with ongoing product optimization to sustain returns.
Tribal retail gains a foothold
Retail sportsbooks offer a counterweight to the state’s mobile monopoly. Caesars this year entered Oregon by partnering with the Coquille Indian Tribe in Coos Bay, opening self-service Caesars Sportsbook kiosks at the Ko-Kwel Casino Resort/Coos Bay. The venue highlights a key distinction: fans 21 and older can bet college markets not otherwise available on the statewide app, giving tribal properties an angle to attract enthusiasts who want broader menus.
While retail volume will not rival statewide mobile handle, tribal sportsbooks can chip away at certain segments and keep dollars in local communities. For the statewide operator, that creates a modest competitive spur to improve experience and breadth within regulatory constraints. It also underscores policy trade-offs: a deliberately limited online market paired with tribal sovereignty that supports on-property innovation.
Policy shifts reshape the edges
Oregon is also narrowing its wagering perimeter. Lawmakers approved a ban on online greyhound betting, ending a carve-out that once accounted for most U.S. online dog-racing wagers. HB 3020 phases out online and simulcast dog-racing bets by July 1, 2027. The move aligns with national sentiment after Florida’s 2018 vote to prohibit greyhound racing and leaves West Virginia as the last state with active tracks.
The ban removes a niche but sizable flow that historically touched Oregon’s wagering ecosystem through account wagering hubs. It will not alter the core sports-betting numbers immediately, yet it reflects a regulatory mood that could influence future product decisions and responsible-gaming posture. For operators, clarity helps planning even when it trims long-tail revenue sources. For policymakers, the focus is consolidating around mainstream sports while tightening oversight of legacy racing products with higher animal-welfare and integrity concerns.
Taken together, March’s bounce, February’s slump, tribal retail expansion and the greyhound phaseout sketch a market defined by concentration and calibration. DraftKings’ margins hinge on parlay strength and single-game stabilization. Tribal partners are carving out retail niches with differentiated college offerings. Regulators are drawing firmer lines on legacy wagers while encouraging mainstream, event-led engagement. The next test arrives with baseball season and summer soccer, where sustained single-game hold and disciplined promos will determine whether the first-quarter dip was a blip or a trend.
