FanDuel Taking DC Sports Betting Scene to New Heights

The Washington DC Lottery has released the numbers for the first month of their partnership with FanDuel, and they are exceeding expectations. FanDuel, a top sports betting site, has had an impressive start with the Lottery, surpassing all initial projections.

After replacing GambetDC as the official sports betting partner of the DC Lottery on April 15, FanDuel has successfully turned around the sports betting scene in the Nation’s Capital, achieving the highest monthly handle total in DC history.

It was a modest request, as GambetDC suffered losses of approximately $4 million in 2021 and has consistently underperformed due to uncompetitive odds and a lackluster overall betting experience. The arrival of FanDuel promises to greatly enhance the range of promotions available for DC sportsbooks.

Frank Suarez, the Executive Director of OLG, stated that transitioning to FanDuel, the leading player in mobile sports betting, secures the future success of mobile sports wagering in the District. He mentioned that FanDuel’s numbers include a 40% share of GGR, a guaranteed $5 million in revenue for the first year, and highlighted the advantages of partnering with a reputable brand that prioritizes responsible gaming, has an established user base, and offers a top-notch sports betting experience for residents and visitors in the District.

In just 30 days, FanDuel took in a staggering 685,797 bets, surpassing the 559,553 wagers that Gambet DC accepted in the entire first quarter of 2024.

$26.6 million first month handle

In its debut month in the Nation’s Capital, FanDuel saw a substantial increase in sports wagers, bringing in $26.6 million, representing a nearly 70% month-over-month growth. The betting platform began accepting wagers on April 15 and quickly gained momentum, with two successful opening weeks leading to a strong performance throughout its first full month in operation.

This marked a new record for DC, surpassing the previous handle high set in October 2021 when $24.9 million in sports bets was accepted. The district also saw an impressive 88.6% year-over-year increase in handle.

FanDuel’s contribution to the overall handle amounted to $15.6 million as its platform expanded beyond Audi Field’s retail location, becoming the sole sports betting site accessible across the jurisdiction.

It came close to surpassing the total sports betting handle from March, even without factoring in the revenue from FanDuel’s physical sports betting location in the district and two other stadium-based sportsbooks. Explore the available options with our FanDuel promo code.

$2.845 million in revenues for FanDuel

In April, DC sports betting operators generated a total of $3.5 million in revenues, with FanDuel contributing $2.845 million. This marked an increase of over 80% compared to the previous month, following FanDuel’s takeover of the market.

FanDuel achieved an 18.2% market share in DC during its initial month of operation. Even without the three retail locations, FanDuel would have recorded the eighth-highest revenue total in the history of DC sportsbooks.

FanDuel’s influence led to a significant increase in sportsbook revenues in the DC market, with a staggering 148.7% growth year over year and 158.3% growth month over month.

Why not sooner?

Regulators in the DC legal sports betting industry have expressed dissatisfaction with Intralot’s GambetDC platform since its launch more than three years ago, but have been hesitant to replace the state lottery’s sole official sports betting partner.

The regulators must question why it took so long to bring in a strong partner for the Lottery.

FanDuel has been the only district-wide sports betting app for a month now, and it is evident that Gambet was the issue, not the Nation’s Capital market.

The upcoming DC sports betting revenue report is eagerly anticipated for the potential of another significant increase in both handle and revenues compared to the previous year. It remains to be seen if lawmakers will successfully expand the market as they intend.

Although there is typically a seasonal slowdown in sports betting during the spring and summer months, it is expected that FanDuel will continue to significantly enhance the industry’s financial performance. If increased competition is introduced in the DC market, it is likely that there will be a noticeable increase in betting activity and revenue.