Oregon sportsbook set for first year loss
The Oregon Lottery's SBTech-powered sportsbook, Scoreboard, is set to lose more than $5m (£3.9m/€4.5m) for the first nine months of the state's fiscal year.
The Oregon State Lottery, which launched the sports betting app in October 2019, released financial projections developed following a board meeting in January.
The group expects Scoreboard's gross receipts to total $178.3m for the year to 30 June 2020, with gross gaming revenue of $10.8m to be left after customer winnings of $167.5m. Figures released in June last year suggested that the year one revenue would come in at $26.6m.
Direct expenses, including $6.2m on game vendor charges, are expected to come to $10.0m, leaving a gross profit of $775,000.
Indirect expenses totaling $6.1m, including $3.9m on services and supplies and $1.6m on salaries and other employee costs, mean that the lottery will post a $5.3m loss from Scoreboard for the year. It had been expected to post a $6.3m net profit for the period.
Read the full story on iGB North America.