Competition Fuels DC Betting Market Growth in July
The DC Lottery has reported a substantial year-over-year growth in its sports betting market in July, following its transition to a multi-operator framework.
DC online sports betting market switched to a multi-licensing system on July 17. (Source: Thomas Lin, Pexels)
LISTEN TO THIS ARTICLE:In the month, the mobile sportsbooks in the jurisdiction generated $27.3 million in wagers, an increase of 254.1% compared to June 2023. The operators earned $3.9 million in revenue, a notable 176.2% year-over-year rise.
Year to date, DC's online sports betting handle has reached $162.8 million, growing 65.4% compared to the same period in 2023, when GambetDC held a monopoly on the market.
However, due to various criticisms and operational issues with GambetDC, the DC Lottery switched to FanDuel in March 2024. This move has proved successful, with FanDuel taking in $78.5 million in bets during its first three months of operation, and driving a 165% year-over-year increase in DC's June handle.
However, on July 17, FanDuel's monopoly on online sports betting in DC ended as the jurisdiction's market transformed, welcoming new operators like BetMGM, Caesars, and DraftKings.
With July's results, the impact of the new competitive multi-operator market is already noticeable after two weeks.
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FanDuel Takes Lion’s Share
Regarding each operator's performance, as the sole operator in DC for the entire July, FanDuel dominated the market. It took $20.1 million of the total $27.3 million in bets and generated $3.1 million in revenue.
In the first half of the month, as the sole operator, FanDuel received $10 million in bets and earned $1.7 million in revenue. In the second half, as one of several class A sportsbooks, it handled $10.2 million in bets and made a revenue of $1.5 million.
BetMGM, in partnership with Nationals Park, came second with a handle of $3.3 million and a revenue of $282,661. Meanwhile, Caesars, partnered with Capital One Arena, reported a handle of $1.9 million and $210,172 in revenue.
Prior to July 17, BetMGM and Caesars operated retail sportsbooks in DC, but their mobile offerings were restricted to a two-mile radius. With the market's opening, they expanded their reach to cover the entire district.
DraftKings, FanDuel's biggest nationwide rival, launched in the district on July 26 and collected around $1.2 million in handle in its first six days of operations. The DC United partner earned $113,293 in revenue before the month ended.
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