Before competition arrived in Washington, D.C., altering an already vastly changing sports betting landscape, FanDuel capitalized on its final full month as the premier operator.
The D.C. Office of Lottery and Gaming reported that the District’s official mobile sportsbook generated $23.2 million of the $29.7 million total handle in June. FanDuel also hauled in $3.6 million in monthly revenue to post a 15% hold for the third consecutive time.
The online sportsbook’s profits were down 25% from May’s revenue while the amount wagered fell 22% month-over-month. That’s not surprising considering the fewer major sports betting options in June compared to May.
Still, FanDuel produced $68.5 million in wagers and $11.3 million in revenue from April to June.
You’ve got company
The big-branded sportsbooks are a huge reason why the June handle rose 165% year-over-year. That large jump is also a major reason why DC Lottery’s sports betting contractor Intralot struck a partnership with FanDuel to replace the underperforming GambetDC in the spring.
FanDuel has sent $4.5 million in tax revenue to the District since April, while GambetDC filled the coffers with $4.3 million in four years of operating.
Due to GambetDC's struggles, the District of Columbia changed its regulatory stance to allow DraftKings, FanDuel’s closest competitor, as well as BetMGM and Caesars, to enter the D.C. sports betting market following the passing of the Sports Wagering Amendment Act of 2024.
All four operators now possess Class A licenses. DraftKings launched its online product on July 26, while Caesars and BetMGM, which were already operating retail sportsbooks in D.C., became available through their mobile apps across the district after previously being restricted to a two-mile radius of their brick-and-mortar shops.
Filling the coffer
BetMGM’s retail sportsbook located in Nationals Park led all brick-and-mortar shops with a June handle of $2.96 million. However, a 2.8% hold led to just $81,917 in revenue.
Caesars, which operates at Capital One Arena, had the best win rate with an 8.3% hold that produced $166,184 in revenue on a $1.99 million hold.
FanDuel’s retail handle was $518,871 while a 2.5% hold produced less than $13,000 in revenue.
Combining the four Class B retail sportsbooks with FanDuel’s mobile operations, the District collected $1.5 million in June.
