Oregon account wagering handle gains 5.6% in 3rd quarter
Oregon's advance deposit wagering market showed renewed strength in the third quarter of 2025, with total handle rising to $1.74 billion across the state's licensed platforms, up 5.6% from a year earlier, according to figures released by the Oregon Racing Commission.
The uptick marks a reversal from earlier quarters and suggests momentum heading into the final stretch of the year, with year-to-date handle now standing at $5.34 billion through three quarters, up 4.3% from the first three quarters last year.
Churchill Downs Technology Initiatives Co., operating as TwinSpires, maintained its position as Oregon's market leader with third-quarter handle of $626.4 million, up 7.4% year-over-year from $583.1 million in Q3 2024. TwinSpires commands a 36.0% share of the Oregon market.
FanDuel Racing (TVG), operated by ODS Technologies, handled $577.8 million in third-quarter wagers, good for a 33.2% market share and cementing its position as the state's second-largest ADW provider. The platform's third-quarter handle was up 2.8% from the $562.2 million it processed in the third quarter of 2024, though it did lose some market share.
Xpressbet handled $272.5 million, capturing 15.6% of the Oregon market. The platform declined 13.7% year-over-year from its third-quarter 2024 total of $315.9 million, making it one of the few platforms to post a decline in the quarter. Its market share last year was 19.1%, meaning $3.50 of every $100 wagered through the Oregon hub in 2025 transferred from XpressBet to another ADW.
Looking at the longer-term trend, Oregon's third-quarter handle peaked in 2021 at $2.11 billion during the pandemic-driven surge in online betting before settling back to more normalized levels. The 2025 third-quarter figure of $1.74 billion represents a 17.5% decline from that 2021 peak, but it's a healthy rebound from 2024 levels and remains well above pre-pandemic 2020 levels of $1.14 billion.
The market-share dynamics have shifted considerably over the five-year period. TwinSpires has seen its share decline from 42.6% in the third-quarter of 2020 to 36.2% today, and FanDuel Racing (TVG) has maintained strong positioning, moving from 29.6% to 33.4%. The most dramatic growth story belongs to NYRA Bets, which has expanded from just 3.3% market share in the third quarter of 2020 to 7.3% in 2025.