Washington DC Betting Market Continues Decline in November
LISTEN TO THIS ARTICLE:The DC Lottery has published its betting results for November, showing a gross gaming revenue (GGR) of $1.2m. The latest figure was a decrease of 53.8% compared to the $2.6m gotten in November 2022. It also fell significantly from the $2m and $1.9m generated in October and September this year.
The sports betting handle for the month also dropped year-on-year by 20.1% to $17.1m. However, it was an increase from the $16.4m recorded in October. For some months now, Washington DC’s sports betting market has been experiencing a decline. The same trend was experienced last month as well as in August when the state recorded only $8.1m total handle.
The decrease in GGR led to reduced tax revenue for November at $122,801. However, it was a great month for bettors, with the average hold percentage resting at 7.17%.
Related: Washington Gambling Regulator Increases Max Bet in State’s Cardroom
Caesars Leads Market
In November, Caesars Sportsbook maintained its lead in the Washington sports betting market, even though its hold rate averaged 6.34%, trailing behind the state’s average of 7.17%. The operator achieved a handle of $6.1 m during the month, closely followed by Gambet with $5.9m.
BetMGM came third with a $3.9m handle, surpassing Flutter Entertainment-owned Fanduel's $804,438. However, in terms of revenue, Gambet secured the top position with $469,457. Caesars was second with $384,907 GGR.
Although Caesars accounted for the highest betting handle, it mirrored the state's trend of declining year-on-year. Its handle was a 9.9% decrease compared to November 2022, and its GGR dropped almost 60% from the $919,830 it generated the same month last year.
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