Oregon bettors wagered $69.4 million in February 2026, the highest February total the state has recorded. But the headline number hides a different reality: revenue fell sharply to $6.0 million, down from $8.3 million a year earlier.

The reason is straightforward. Oregon didn’t lose activity it lost efficiency. Hold dropped to 8.6%, well below last year’s 12.4%, compressing returns despite higher betting volume.

Unlike most U.S. states, Oregon does not have multiple operators competing for users. The market runs through a single online platform tied to the state lottery, which fundamentally changes how performance should be interpreted.

In competitive states, operators can offset weak hold months with promotions, pricing strategies, or user acquisition. Oregon doesn’t have that buffer. When results favor bettors, revenue simply drops.

That’s exactly what happened in February.

The increase in handle suggests steady engagement, likely tied to the tail end of the NFL season and broader sports calendar activity. But those bets appear to have leaned in the bettors’ favor, pulling hold down and dragging revenue with it.
Source: RG.org