Washington DC’s GGR decreased to $1.2m (£942,086/€1.1m) in November, falling well behind the $1.9m recorded in September and the $2m accumulated in October.
The reduced GGR was despite total handle increasing to $17.1m from $16.4m in October.
It was a great month for bettors, with average hold percentage standing at just 7.17%. As a result, tax revenue dropped to $122,801, the lowest since August.
Washington DC continues to stagnate
Washington’s November handle was down 20.1% year-on-year, receiving $21.4m in wagers in November 2022.
GGR decreased 53.8% from November 2022’s $2.6m. Washington’s November tax revenue of $122,801 fell well behind the $264,169 recorded in the same month last year.
This is following the trend, with Washington DC’s sports betting market also declining year-on-year in October.
Despite the disappointing November report, the numbers are still an improvement on August of this year, when just $8.1m was staked in Washington DC.
Caesars and Gambet battling it out
Despite its 6.34% average revenue hold for November falling behind the Washington DC average of 7.17%, Caesars Sportsbook remains a strong competitor in the state.
Caesars recorded $6.1m in handle last month, well ahead of BetMGM’s $3.9m and Flutter Entertainment-owned Fanduel’s $804,438. Notably, it posted better handle than the $5.9m of Gambet, which is run by the DC Lottery and powered by Intralot.
Caesars overtook Gambet in August, but Caesars’ November GGR of $384,907 lagged behind Gambet’s $469,457.
Despite Caesars retaining top spot, it followed the state’s trend in declining year-on-year. Its handle was 9.9% lower than November 2022, while its GGR was less than half of the $919,830 it accumulated in the same month last year.
Original article: https://igamingbusiness.com/finance/washington-dc-revenue-down-november/
