FanDuel Helps DC Sports Betting Revenue Take Huge Jump
FanDuel Off to Fast Start After Taking Over DC Sports Betting
It didn’t take long for Washington D.C. to realize it made the correct choice. After FanDuel took over for GambetDC on April 14, sports betting took a sizable jump.
The DC sports betting revenue was close to $5 million after FanDuel’s first 30 days of operation in the capital.
That translates to an 887% increase in gross gaming revenue compared to April 2023. The numbers were so good, the D.C.
Lottery took the unusual step of announcing mid-month numbers to show how well it’s gone with the first month of FanDuel.
“The transition to FanDuel, the market leader in mobile sports wagering, ensures the long-term viability of mobile sports wagering in the District,” said Frank Suarez, the executive director of the Office of Lottery and Gaming. “In addition to a 40% share of GGR and a guarantee of $5 million in revenue in its first year, the FanDuel partnership brings the benefits of a respected brand, commitment to responsible gaming, an established user base, and a superior sports wagering experience for District residents and visitors. FanDuel’s first 30 days have not only met, but exceeded expectations.”
GamebetDC Fiasco
GamebetDC was viewed as a huge disappointment for Washington D.C. The District was routinely criticized for allowing GamebetDC to have a monopoly on sports betting.
Many routinely made the drive to Maryland or Virginia to wager with the popular online sportsbooks. The district deserves credit for recognizing its mistake and allowing GamebetDC to sub-contract out to FanDuel.
Bettors were happy and that was reflected in the DC sports betting revenue.
“The successful conversion to FanDuel gives the District a 40% share of GGR, equating to an estimated $1.90 million in revenue for the District gained in the initial 30 days of operation, an increase of 690% over the same period last fiscal year,” the DC Office of Lottery and Gaming said.
Other Operators Interested
Other sportsbooks have shown an interest in tapping into the DC market. After seeing FanDuel’s DC sports betting revenue, that interest won’t go away.
GambetDC only brought the District $4.3 million in tax revenue from 2020 through early 2024. The District forecast $80 million in tax revenue for that time period.
Even before the FanDuel numbers were announced, DraftKings, BetMGM and others testified before the Washington, D.C. Business and Economic Development Committee. They argued for a more competitive sports betting landscape in Washington D.C.
Now that the City Council has seen what a top sportsbook can do, there will likely be others added to the mix.There’s too much money being left on the table for Washington D.C. not to act.
However, it did take the City Council longer than it should have to correct the GamebetDC mistake, but it did correct it. That’s good news for sports bettors in Washington D.C.
Many sportsbooks have loyal customers, who will play more at their favorite sportsbook. Instead of just a wager or two, they will play a few sides, totals and make a parlay bet at their preferred sportsbook.
Although Washington D.C. stands to make a lot more from FanDuel than GamebetDC, governments can never have too much money. From that perspective, more sportsbooks could be on their way shortly.
For gambling betting news, odds analysis, and more, visit Point Spreads Sports Magazine.
