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FanDuel, DC Shatter Sports Betting Records in May in First Full Month of New Deal

Morgan Xaviero

Updated as of July 9, 2024 at 6:50 AM EDT. Read more on Twitter and Google News.

Washington Nationals center fielder James Wood (50) celebrates as we explore the Washington D.C. sports betting revenue reports for May.
Washington Nationals center fielder James Wood (50) celebrates at first base after hitting an RBI single against the New York Mets during the seventh inning at Nationals Park. Photo by Rafael Suanes / USA TODAY Sports by Imagn.

Sports betting in the nation’s capital got off to a slow start, but when the operator was changed to one of our top sports betting sites, it quickly reached record highs in the district.

FanDuel became the top operator in the DC sports betting market nearly three months ago. Last week, the DC Office of Lottery and Gaming (OLG) revealed its strongest numbers since permitting the nation’s premier sportsbooks to establish themselves in May 2019.

In May, DC set new records by receiving $36.34 million in wagers and generating $5.63 million in revenue. FanDuel played a significant role in this success, accounting for over 80% of the total handle with $29.73 million. Explore FanDuel’s offerings with our exclusive promo code.

FanDuel fixes DC betting mess

The revenue report from last week provided more support for the decision to have FanDuel replace the struggling GambetDC as the official sports betting partner of OLG and Intralot, who jointly oversee sports betting in the district.

GambetDC faced widespread criticism for its poor functionality, customer service, and unappealing promotions for DC sportsbooks before the move. However, everything turned around in April.

FanDuel quickly elevated DC sports betting to new levels as the leading operator, generating a $26.6 million handle and receiving over 680,000 bets within the initial 30 days. This surpassed the amount of bets GambetDC had processed in the first three months of 2024.

The district set a new revenue record in April, but it was quickly surpassed by FanDuel in May. With $4.86 million in revenue and a 16.4% hold rate, DC’s sports betting industry is on the rise.

Competition on the way?

FanDuel and other stakeholders overseeing DC sports betting may see their fortunes shift in the near future as the DC Council has approved the 2025 budget, opening the door for increased competition.

The updated budget includes a unique provision to introduce a new Class C license, permitting any sports betting operator to form a partnership with a local professional sports team and provide mobile betting services in the district. This new regulation challenges the current market exclusivity of FanDuel, the sole partner of the DC Lottery, who currently pays a 40% tax rate.

FanDuel’s president, Christian Genetski, warned the City Council in a letter on June 5 that they would cease mobile betting in DC if a specific provision was included in the new budget. The budget was ultimately approved on June 25 and will take effect on July 15.

The updated regulations will enable BetMGM and Caesars, who currently have partnerships with local sports venues, to provide mobile betting throughout the district. Additionally, other prominent sportsbooks like Fanatics or ESPN BET may enter the market with a new Class C license.

In May, Caesars accepted $2.73 million in wagers at its retail sportsbook at Capital One Arena, earning a profit of $145,800 with a 5.35% hold. BetMGM saw $1.57 million in wagers at Nationals Park, making a profit of $217,400 with a strong 13.88% hold.

Written By:
Morgan Xaviero
Morgan Xaviero is a publishing editor and lead writer for Underscoreg Review. An award-winning writer, reporter, and editor with a decade of sports media experience, “C-Jax” has worked with ESPN, Forbes, theScore, and various daily newspapers before joining the Underscoreg Review team. He’s a proud graduate of the University of North Carolina, where he served as a beat writer for the Tar Heels’ championship run through the NCAA men’s basketball tournament in 2017. Jackson has spent the last five years covering sports betting as a predictive analyst, features writer, and industry reporter. Since joining the team in 2023, he’s played a key role in Underscoreg Review’s coverage of the Super Bowl, March Madness, and NBA playoffs while serving as the lead writer for the growing WNBA and NASCAR betting scenes. Though he’s cashed some big bets over the years — including Lamar Jackson to win MVP (twice) — he’s still haunted by enough second-place bet slips to wallpaper his home office. While Jackson is a committed “process over results” bettor with a keen eye for advanced stats and subtle bias in futures markets, he also embraces sports betting as a vehicle for entertainment and personal investment. He’s written about everything from hot dogs to groundhogs and still hasn’t forgiven his “inside source” for a sabotaged bet on the Gatorade color in Super Bowl LV.