US gambling giant FanDuel posted $4.9 million in revenue during its first full month of operation in Washington DC. The business took $29.7 million in bets during May, about 450% more than the $5.4 wagered in the same month last year with GambetDC, the former operator of the Washington DC Office of Lottery and Gaming (OLG). According to the reports, players won $24.9 million from betting with FanDuel last month.
FanDuel became the exclusive provider of regulated sports betting in the District of Columbia on April 15, following the OLG’s completion of its transition from Intralot-run GambetDC. The amount generated by FanDuel this May leaves the $711,282 posted by GambetDC in the same month last year far behind.
It should be noted that the amount generated by, and bet with, FanDuel is also higher than all other operators combined in DC historically, including BetMGM and Caesars Entertainment, which have retail locations with limited digital betting within an exclusion zone.
While it lost its online operation, GambetDC retained a small presence in the DC market through its kiosks last month. As reported, during May, these kiosks generated $189,095 in revenue from $898,671 in wagers, while players won about $709,576 from betting. It is unclear how long these kiosks will remain, as FanDuel said it will be replacing kiosks at 63 lottery retailers across DC.
GambetDC’s app remains accessible to players, but they can no longer use it to place bets on sports. Existing customers have until October 15 to withdraw any remaining funds from the platform.
The decision to bring in FanDuel comes after GambetDC, developed by Greek gaming company Intralot and launched in May 2020, faced a host of issues over the years, including poor user experience, noncompetitive odds, and technical glitches.
Despite early projections of adding $20 million annually to the city’s revenue, GambetDC drastically underperformed. Recent figures revealed that it had generated only a fraction of the projected revenue, prompting calls for change from city officials and residents alike.
FanDuel taking over could be the first step in opening up DC to more operators and competition. On June 12, the DC Council approved an FY 2025 budget including the Sports Wagering Amendment Act of 2024 during a legislative meeting, which would open the market to more brands, with a second vote coming as early as next week.
Original article: https://www.yogonet.com/international/noticias/2024/06/13/72643-fanduel-reports-450-sports-betting-handle-increase-in-dc-during-its-first-full-month-of-operation
