It’s a new day for D.C. sports betting.
It was one of the most underwhelming markets in the entire U.S. legal sports betting industry, then FanDuel took over for the flailing GambetDC earlier this year and the market set all-time highs in FanDuel’s first full month of operation.
This inspired the D.C. City Council to amend the regulations that gave FanDuel a monopoly over online sports betting in Washington, D.C., and multiple online sportsbooks came to the Nation’s Capital for the first time in July.
Turning the tide
Substantial improvements seem to be the new normal for D.C. sports betting.
The year-to-date improvements stand out the most out of all the increased metrics, an encouraging sign for a jurisdiction experimenting with a brand-new system.
Comparing the old guard to the new shows two completely different market realities for D.C.
| Year | Handle | Revenue |
|---|---|---|
| 2024 YTD | $204.2 million | $26.1 million |
| 2023 | $169.7 million | $19.0 million |
GambetDC shuttered operations this spring when FanDuel was tapped to take over as the OLG’s main subcontractor. When GambetDC was originally announced as the only online sportsbook in the District, city officials projected that it would bring in $84 million in tax revenue in its first four years. It only accomplished just over $4.3 million of that as of March 11, so D.C.’s leaders knew it was time for a change. The new D.C. sports betting market is well on its way to sustaining a healthier, more lucrative marketplace for both the operators and the city alike.
FanDuel didn’t even need eight months to wallop GambetDC’s performance either. Here’s a breakdown of how FanDuel fared in just two and a half months from mid-April through June compared to GambetDC’s figures from the first eight months of 2023:
| Handle | Revenue | |
|---|---|---|
| FanDuel | $68.5 million | $11.3 million |
| GambetDC | $43.9 million | $4.82 million |
That’s a remarkable 56% increase in handle and 134% increase in revenue - in just over 30% of the time.
With Fanatics launching in D.C. earlier this week, here’s how the rest of the field has fared year-to-date in the District:
| Operator | 2024 YTD Handle | 2024 YTD Revenue |
|---|---|---|
| FanDuel | $52.61 million | $7.93 million |
| Caesars | $27.93 million | $2.32 million |
| BetMGM | $25.32 million | $2.24 million |
| DraftKings | $8.6 million | $988,500 |
Caesars and BetMGM are basically halfway to the same handle and revenue marks as GambetDC in a quarter of the time.
New online sportsbooks in D.C. making an impact
The year-over-year comparisons for both July and August with the new field of online sportsbooks in DC further showcase how much healthier the market is now compared to when GambetDC was the only option.
| Month | Handle % Increase | Revenue % Increase |
|---|---|---|
| July | 804% | 728% |
| August | 400% | 48.4% |
The August financial report from the Office of Lottery and Gaming (OLG) confirmed that this growth is set to continue since a record monthly high was set for total handle.
D.C. bettors wagered $40.58 million last month, besting the previous monthly high of $36.34 million set in May when FanDuel’s presence started to be felt after it achieved a 673% increase over the same period in fiscal year 2023 during its first 30 days of operation.
The $4.54 million in total revenue only trails May’s $5.63 million for most generated in any single month since the inception of sports betting in D.C.
