At least one group with some big names behind it — including Nike — is looking to push past the DraftKings monopoly on Oregon sports betting.
Sportsbooks such as BetRivers are prepping for football season. Check out their DAILY specials and bonuses today!
During the Oregon Joint Interim Committee on Gambling Regulation meeting last week, representatives from Sport Oregon advocated for the expansion of Oregon sports betting. DraftKings runs the Oregon Lottery’s sports betting efforts after taking over for the SBTech-powered Scoreboard in January.
“[The monopoly model] is outdated and shortchanges the state in millions of dollars of revenue each and every year,” said Nathan Nayman, Sport Oregon external affairs and special projects specialist.
Sport Oregon is an economic development organization made up of members like Nike, Adidas and the Portland Trail Blazers. Nayman laid out the ways Oregon is missing out through its inefficient sports betting model.
Sport Oregon hired Innovation Group to assess the potential size of the Oregon sports betting market. First, he noted the current model’s sports betting revenue of $31.8 million during a 12-month period ending March 2022. Then he showed the model if Oregon adopted a tax and license structure with an open and competitive market. By year five, the state’s sportsbooks could generate up to $289 million.
Through the current 50% revenue share with the operator, Oregon brought in roughly $16 million in taxes. In a more open structure with a 15% to 20% tax rate, Nayman said the state could generate up to $62 million in taxes by year five. “Doing away with the current monopoly could generate a profound increase in revenue,” he said.
Nayman laid out why Sport Oregon and its members want a more open market. For starters, he said a new model should: Maximize economic opportunities, Encourage full fan engagement, promote the integrity of sporting events, protect consumers from problem gambling, make sure there is equitable treatment of sovereign tribes, further, he said legislators should consider, sports franchises want a modernized approach to compete, current and evolving technology, restaurants wish to protect revenues from gaming.
Friday’s meeting was an informational gathering, so there were no solid outcomes from the presentation. Still, Nayman gave legislators several state models to look at, including Arizona and Ohio Sports betting.
Committee members were relatively quiet following the presentation but appeared open to considering future changes.
“Our organization is poised to work with state policymakers as this process continues,” Nayman said.
With college and pro football starting in the face of a recession, sportsbooks and related partners are looking for ways to get through and maximize revenue. There will be additional expansion efforts in multiple states in the coming weeks. And should the economy continue to tank, state governments will be eager to try and create quick fixes to bring in revenue.
Now is the time to check out BetRivers for the latest bonus offers for the upcoming football season. There are also DAILY SPECIALS to check every day of the week!