Washington D.C. sports betting has been thriving since FanDuel took over earlier this year

Before FanDuel took over in Washington D.C., the nation’s capital had one of the most underwhelming sports betting markets in the U.S. Since FanDuel replaced Gamebet DC, the market set all-time highs in their first full month of operation. After seeing the profit that FanDuel made, the D.C. city council amended its regulation to give FanDuel a monopoly on the market. Now, multiple online sportsbooks are open for operation in the nation’s capital.

How has FanDuel improved sports betting in D.C.?

Gamebet DC was holding back Washington D.C. from competing with other U.S. markets in sports betting. FanDuel has quickly changed the outlook for sports wagering in the nation’s capital. Improvements to the market are a new normal for D.C. sports betting. Under FanDuel’s guidance, D.C. sports betting saw year-to-date improvements. FanDuel and Gambet DC are two complete opposites when it comes to comparing markets. 

This past spring, Gamebet DC closed for business after FanDuel was chosen by the OLG to be the main subcontractor. Originally, Gamebet DC was supposed to be the only sportsbook in the market. They projected around $84 million in tax revenue in the first four years of operations. As of March 11, 2024, they only made $4.3 million in tax revenue. Sports betting in D.C. needed to make a change and that’s why they chose FanDuel. 

It only took FanDuel eight months to diminish the years of work that Gamebet DC made. For the first eight months of 2023, Gamebet DC had a $43.9 million handle and $4.82 million in revenue. From mid-April through June 2023, FanDuel had a $68.5 million handle and $11.3 million in revenue. That was a 56% increase in handle and a 134% increase in revenue. FanDuel did that in just two and a half months compared to Gambet DC’s full eight months.

What has a competitive market done for D.C. sports betting?

The D.C. Office of Lottery and Gaming (OLG) detailed how the sports betting market is thriving with FanDuel in control. That would have never happened if Gambet DC still had a monopoly on the market. From July 2023 to July 2024, there was an 804% increase in handle and a 728% increase in revenue. Sports bettors in Washington D.C. wagered $40.58 million in August. That beat out their previous record of $36.34 million.