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Jacob Young of the Washington Nationals catches a fly ball as we look at the sports betting financials for FanDuel's first month of operation in the DC sports betting scene.
Jacob Young of the Washington Nationals catches a fly ball hit on May 22, 2024. Photo by Greg Fiume/Getty Images via AFP.

Numbers for the first month of the FanDuel partnership with the Washington DC Lottery are out, and they are impressive. The sportsbook behemoth is one of our best sports betting sites🀑, and according to the Lottery, β€œFanDuel’s first 30 days have not only met, but exceeded, expectations.”

β™•Since taking over from the failing and flailing GambetDC as the official sports betting partner of the DC Lottery on April 15, FanDuel appears to have been able to right the sports betting ship in the Nation’s Capital and architect the highest monthly handle total ever for the DC sports betting scene.

It wasn’t a huge ask - GambetDC lost around $4 million in 2021 alone and has fallen short since due to noncompetitive odds and an all-around sub-par wagering experience. FanDuel taking over helps really step up available DC sportsbook promos

π’ŠŽβ€œThe 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 OLG, in reaction to FanDuel’s numbers. β€œIn 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.”

κ¦—FanDuel accepted a total of 685,797 bets through 30 days, eclipsing the 559,553 wagers that Gambet DC accepted in the first three months of 2024 combined.

$26.6 million first month handle

FanDuel generated $26.6 million in sports wagers during its first month of operation in the Nation’s Capital, a nearly 70% month-over-month handle increase. As previously mentioned, it started taking bets on April 15, πŸ’™crushing it immediately with two strong opening weeks🐠 that it carried over through its first full month.

πŸ¦‚It was easily a handle record for DC, whose previous handle high came way back in October 2021, when $24.9 million in sports bets was accepted. It is also an 88.6% year-over-year handle spike for the district.

πŸ’›FanDuel contributed $15.6 million to that overall handle as its platform expanded beyond Audi Field’s retail location and became the only sports betting site available throughout the jurisdiction.

It almost matched the entire sports betting handle from March, even though it didn’t consider FanDuel’s retail sports betting outlet in the district and the other two brick-and-mortar, stadium-based sportsbooks. You can check our its offerings while using our FanDuel promo code.

$2.845 million in revenues for FanDuel

ꦓDC sports betting operators combined for just over $3.5 million in revenues in April during the first full month of FanDuel’s takeover. FanDuel was responsible for $2.845 million of that. It is just over 80% month-over-month spike for the entirety of the DC sports betting market. 

⛦FanDuel enjoyed an 18.2% hold in the DC market over its first month of operation and would have posted the eighth-highest revenue total ever for DC sportsbooks without the three retail locations added in.

π’ˆ”FanDuel’s presence helped sportsbook revenues spike in the DC market by a whopping 148.7% year over year and 158.3% month over month. 

Why not sooner?

ꦦRegulators of the DC legal sports betting industry had been disappointed with Intralot’s GambetDC platform from its launch over three years ago but were reluctant to replace the only official sports betting partner of the state lottery.

β™‹Those same regulators have to ask themselves why it took so long to bring in a real force as the Lottery’s partner.

πŸ’–Through the first full month of FanDuel’s presence as the only district-wide sports betting app, it is clear that Gambet was the problem, not the Nation’s Capital market.

κ¦―Eyes will be on the next DC sports betting revenue report for another triple-digit year-over-year gain in both handle and revenues. It will be interesting to see if lawmakers are able to expand the market as desired.

𓂃Despite the annual spring/summer sports betting slowdown across the country, smart money is on FanDuel continuing to dramatically improve the industry’s bottom line. If more competition is adopted for the DC scene, the market there could see further spikes in betting handle and revenues.

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