The sports betting landscape in Washington D.C. remains a widespread topic of interest for industry analysts and bettors alike, with the latest financial figures shining light on a month that has seen marked fluctuations in user activity, yet a strangely consistent bottom line compared to the previous year. February’s revenue maintained a stable front, mirroring the same month last year’s financial outcomes. Nevertheless, the city witnessed a stark decrease to half of the whopping $2.4 million posted during the robust month of January of this year.
Diving into the specifics, the handle— or total amount wagered by players— hit the $12.0 million mark for the month of February. This represents a slight dip from the $12.6 million from February 2023 and a more substantial 25.0% slide behind January’s hefty figure of $16.0 million.
Within the competitive landscape of individual betting operators, Caesars managed to emerge marginally on top concerning revenue, accruing $409,386 from a total of $3.3 million in bets placed over the month. Meanwhile, GambetDC found itself relegated to the second spot by a whisker, with revenue hitting $403,646, irrespective of processing a much heftier handle of $5.3 million in bets.
Trailing these frontrunners was BetMGM, which reported $294,651 in revenue from $2.6 million worth of wagers for the month. FanDuel followed suit, albeit at a distance, with revenue recorded at $84,220 and a handle of $565,595.
When the spotlight shifts to Class B licensees within D.C.’s unique regulatory setup, Grand Central, bolstered by its partnership with Elys Game Technology, proved to be the most successful, bringing in $25,946 in revenue with a corresponding handle of $234,615. Closing up the field, Cloakbook generated a modest revenue of $1,432 from $15,050 in total wagers throughout February.
These numbers emerge against a backdrop of significant anticipated changes within the DC sports betting market. A letter from this month, obtained by iGB from the Office of Lottery and Gaming (OLG) addressed to the DC City Council, signals a seismic shift. It reveals that FanDuel is on track to supplant GambetDC as the only sportsbook platform available across the whole of D.C. The letter, dated 8 March, confirms that the OLG has approved a request from Intralot— the contract holder with the District— to affirm FanDuel as a fresh subcontractor to rejuvenate the lottery’s sportsbook offering.
Yet, details remain thin on the ground concerning when FanDuel might officially unfurl its services across the city. Intralot’s previous venture, GambetDC, has been underwhelming, realizing a loss of $4.0 million in the year 2021. OLG executive director Frank Suarez elaborated on their decision. He underscored that both the OLG and Intralot scrutinized the current offering, concluding that FanDuel’s industry-leading platform was likely to outperform competitors within the fiercely contested DMV (D.C., Maryland, Virginia) region.
In related news, a legislative move is stirring the waters of regulation. Councilman Kenyan McDuffie introduced a bill that could open a Pandora’s box of competition within the betting market of the U.S. capital. D.C.’s current arrangement offers only a single choice for online betting, GambetDC, which is available citywide, while other operators are restricted to offering their digital platforms exclusively within zones adjacent to their brick-and-mortar partners. McDuffie’s proposed bill intends to establish a new Class C license, which would permit comprehensive citywide online sports betting operations.
As the industry braces for an evolving landscape in D.C., operators and customers alike are tuned in for further developments. While the February handle shrinks, the steadiness in revenue reflects the resilience and the unpredictability inherent in the sports betting domain.
