Revenue in February was at the same level as in the same month last year. However, it was half the $2.4m posted in DC in January of this year.
As for player spending, handle for the month reached $12.0m. This was down from $12.6m in February 2023 and 25.0% behind January’s total spend of $16.0m.
Caesars edges ahead in DC
Looking to individual operators, Caesars took a marginal lead in terms of revenue. During the month of February, it posted $409,386 in revenue from $3.3m in bets.
GambetDC slipped to second in DC – but only just – with $403,646 in revenue. This came despite having a much higher handle than Caesars, processing $5.3m worth of bets.
Next came BetMGM, which generated $294,651 in revenue off $2.6m in total wagers for the month. FanDuel followed with revenue of $84,220 and a $565,595 handle.
Turning to Class B licensees in DC, Grand Central, partnered with Elys Game Technology, was the more successful with $25,946 in revenue and a $234,615 handle.
Cloakbook rounded off the market with revenue of $1,432 from $15,050 in total wagers in February.
Changing of the guard in DC?
The latest monthly results come amid reports of major change in the DC market. This month, a letter from the Office of Lottery and Gaming (OLG) to the DC City Council, obtained by iGB, suggests FanDuel will replace GambetDC as the only sportsbook platform available in DC.
Dated 8 March, the letter confirms the OLG “approved Intralot’s request to select FanDuel as a new subcontractor” for the lottery’s sports wagering platform. However, the letter does not indicate when FanDuel might launch its platform citywide.
Intralot, which contracts with DC, has struggled to put out a competitive product in GambetDC. The platform lost $4.0m in 2021.
“OLG and Intralot have evaluated the current platform and believe that FanDuel and its industry-leading platform will perform better within the highly competitive DMV region,” OLG executive director Frank Suarez wrote in the letter.
Bill seeks legal competitive digital sports betting
In other news, a DC councilman, Kenyan McDuffie, has filed a bill that would allow for an open, competitive market in the US capital. Consumers currently have only a single choice for online betting.
The bill would create a new Class C licence, under which operators could offer online sports betting citywide. GambetDC is currently the only platform available across all of DC.
Other operators in DC can only offer their digital platforms within a limited zone around their retail partner’s location.
Original article: https://igamingbusiness.com/sports-betting/dc-betting-revenue-level-despite-handle-drop-in-february/
