The Oregon Lottery estimates that the sports betting services will make the profits go down in 2020.
US.- Oregon Lottery Director Barry Pack has discussed the situation of sports betting in the state, and said that the lottery will lose money on it in 2020. He said that higher start-up costs, lower margins and less betting activity than expected are some of the causes of these news.
At the monthly meeting that will take place on Friday, Pack is expected to announce that Scoreboard, the state’s mobile sports betting app, will lose money for the fiscal year that ends on June 30, Lottery Post reported.
“Lottery will have a loss of US$5.3 million from the program for the first nine months of FY ’20,” Pack said in a memo. Before launching, lottery officials had told lawmakers that they projected US$6.3 million in profits in Socreboard’s first year.
Sports betting growth
Activate, a management consulting for media, technology and sports business, released the sixth annual report that studies the state of the industries. The information in the report indicates that sports betting will grow to US$149 billion by 2023 in the United States.
They said that the amount wagered on sports will grow from US$13 billion to US$149 billion by 2023. The US sports betting market will begin to take the shape of financial trading markets. The firm also said that it will have an infinite number of possible wagers extending well beyond the outcome of a game.
“When fully legalised, institutional investors will participate in the sports betting market and employ sophisticated data sets and AI to gain an edge,” said Activate in the Technology and Media Outlook 2020 report.