Tight sports betting hold doesn’t help DraftKings in Oregon in May
Although its sportsbook held at 12.6% in May, DraftKings saw declines in handle and win in Oregon, where it is the exclusive online sports betting provider.
Winnings subsided 5.1% to US$9.8 million, off of handle of US$77.6 million. That was 3.7% less money wagered than the year before.
Parlay bets were favorable to the house, with hold at 24.4%, though win slid 8.1% to US$6.5 million. Parlays represented 34.2% of all bets placed on handle of US$26.5 million.
Single-game wagers saw an increase in win, up 1.5% to US$3.3 million off handle of US$51.1 million. That was a 6.5% uptick in handle derived from such bets.
May also saw a significant upward surge in table-tennis wagering, for a 24.9% increase. Ping pong represented 14% of bets made.
Despite enjoying a 34% plurality of bets, basketball declined 9.6% in handle share. Baseball also was down, off 9% to constitute 27% of betting.
Bettors had particularly poor luck at soccer, with the house retaining 20.9% of the US$5.9 million in handle. DraftKings booked US$1.2 million in win.
Hockey also held tightly, with DraftKings retaining 15.8%. Of US$2.7 million in wagers placed, the book kept US$400,000.
One other sport with double-digit hold was professional tennis, which saw DraftKings keep 10.5% of monies wagered. Handle on tennis was US$4.5 million, of which the book kept US$500,000.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
Oregon’s monopoly model magnifies monthly swings
DraftKings’ May results in Oregon landed in a familiar pattern for the state’s online sports betting market: a single operator, a concentrated player base and revenue that can move sharply even when the hold rate appears healthy. The company’s 12.6% hold in May would be considered strong in many competitive markets, yet revenue and handle both declined from a year earlier. That contrast underscores the central tension in Oregon, where the state’s exclusive online sports betting arrangement gives DraftKings the entire digital market but does not insulate it from shifting sports calendars, bettor behavior or year-over-year volatility.
The latest figures follow several months in which Oregon’s headline numbers have moved unevenly. DraftKings’ February revenue fell sharply despite higher handle, showing how a modest change in hold can erase gains in wagering volume. In March, the market rebounded, but only partially, as first-quarter revenue still trailed the prior year even though betting volume improved. April then produced stronger growth, helped by table tennis and another month of favorable parlay economics, before May again showed how difficult it can be to sustain momentum.
Parlays remain the revenue engine
Across Oregon’s recent monthly reports, parlay betting has been the clearest driver of operator win. Parlays routinely account for roughly one-third of wagering volume but a far larger share of revenue because of their higher hold. In May, that dynamic held again, with parlays generating most of DraftKings’ win even as parlay revenue declined from a year earlier. The segment’s 24.4% hold remained substantially above single-game wagering, reinforcing why operators emphasize multi-leg bets through product design, promotions and in-app placement.
The same pattern was evident earlier in the year. In February, parlays represented nearly three-quarters of DraftKings’ Oregon revenue even though they made up about one-quarter of handle, according to the earlier Oregon monthly report. March showed a similar structure, with parlays again producing most of the win and holding at more than 18%. April was stronger still, when high-margin parlay bets generated US$6.8 million of DraftKings’ US$10.6 million in revenue, as table tennis helped lift Oregon online sports betting.
That dependence creates upside and risk. Parlays can protect revenue when straight bets hold loosely, but they can also create difficult comparisons when prior-year results were especially favorable. Oregon’s May results show that a double-digit overall hold is not always enough to produce growth if volume softens and the most profitable segments underperform their earlier levels.
Single-game bets tell a different story
Single-game wagering has been less lucrative but more stable in volume. In May, single-event handle rose from a year earlier and win edged higher, a stronger performance than the parlay segment. That matters because straight bets made up the majority of handle, reflecting a base of customers still wagering in lower-margin formats even as operators continue to push parlays.
Earlier months showed why this segment can weigh on revenue. February single-game bets held at just 3.8%, contributing to the broader revenue decline despite higher overall handle. During the first quarter, Oregon’s single-game hold fell to 5.9% from 7.9% a year earlier, according to the March results. That loosening was a key reason revenue lagged handle growth. April improved modestly, with single-event bets holding at 6.7%, but still far below parlay margins.
The split between parlays and singles is central to understanding Oregon’s numbers. Handle growth alone does not guarantee revenue growth if the mix shifts toward lower-hold wagers or if customer outcomes improve. Conversely, a high parlay share can boost monthly win even when broader betting demand is flat. May’s report sits between those outcomes: a strong headline hold, resilient straight-bet performance and softer parlay comparisons that pulled the overall market lower.
Sport mix has become a bigger variable
Oregon’s market also has been shaped by changing sport preferences. Basketball remained the largest sport by handle in May, but its share declined. Baseball also weakened as a percentage of betting volume. At the same time, table tennis continued to occupy an unusually prominent place in the state’s wagering mix, accounting for a meaningful share of bets and rising sharply from the prior year.
That development did not appear suddenly. In March, table tennis ranked second by handle in Oregon, ahead of professional tennis and close to several mainstream sports outside basketball. In April, table tennis wagering surged 125.4% and represented 19% of bets placed, nearly matching baseball’s share. The April performance was strong enough that the month’s growth was framed around table tennis’ role in lifting handle and revenue.
The prominence of table tennis reflects the importance of niche, frequent-event sports in online wagering. These markets can generate steady activity outside major U.S. sports schedules, but they also can produce different margin profiles. In May, soccer and hockey delivered strong holds, while professional tennis also reached double digits. Those results helped offset softer handle trends in larger sports. Still, the broader takeaway is that Oregon’s monthly revenue is increasingly tied not only to how much is bet but to which sports attract that betting.
Policy backdrop narrows parts of Oregon wagering
While DraftKings’ online sportsbook remains Oregon’s dominant digital betting product, the state is also tightening rules around other forms of wagering. Gov. Tina Kotek signed legislation to ban online betting on greyhound racing, closing a channel that had remained available even after live greyhound racing was outlawed in the state. The measure, which takes effect by July 1, 2027, will end online greyhound betting and simulcast betting on dog races.
The decision is significant because Oregon had been one of only two states to allow online betting on greyhound racing and accounted for a majority of such online wagers nationally. The state’s move to ban online greyhound racing betting highlights a broader policy distinction: Oregon has accepted a state-controlled sports betting model but is willing to restrict categories of wagering that lawmakers consider inconsistent with public policy or animal welfare standards.
That policy backdrop matters for sports betting because it shows that market structure in Oregon is not simply a commercial question. The state has chosen limited competition in online sports betting, with DraftKings operating as the sole provider, while also using legislation to define what types of wagering can remain available. For DraftKings, exclusivity provides market access and brand control. For the state, it preserves oversight but concentrates performance risk in one operator’s results.
Missouri shows the other side of the model
Oregon’s single-operator structure contrasts sharply with new competitive markets such as Missouri, where online sportsbooks entered with aggressive promotions and multiple national brands fighting for share. In Missouri’s debut month, operators posted a 19.2% hold and generated more than US$100 million in revenue on US$538 million in handle, but promotional spending exceeded revenue. FanDuel and DraftKings led the market, while other operators used varying levels of bonuses to establish footholds, according to Missouri’s first-month sports betting results.
The comparison illustrates two different paths for states. Missouri’s competitive launch produced large handle, high promotional expense and rapid customer acquisition. Oregon’s mature monopoly produces cleaner monthly reporting and avoids a bonus arms race, but growth depends more directly on organic demand, hold percentage and sport mix. There is no second or third operator to expand the market through competing offers, and there is less promotional distortion in the figures.
That makes the May decline more consequential. In a competitive state, a weak month for one book can be offset by gains elsewhere or explained by promotional strategy. In Oregon, DraftKings’ performance is effectively the market’s performance. The company can still post strong margins, especially through parlays, but the state’s results show that even a favorable hold cannot fully counter softer wagering volume or unfavorable comparisons. Oregon remains profitable and concentrated, but its recent monthly trajectory points to a market where growth is no longer automatic.
