Washington DC Sees Sharp Decline in Gaming Revenue for November

Washington DC's gaming industry faced a challenging month in November, as the city's GGR plummeted by 38.6%. This decline brought the GGR down to $1.2 million, a considerable drop from the $2 million recorded in October and $1.9 million in September. Despite a slight increase in total handle, which reached $17.1 million compared to $16.4 million in October, the revenue decline was substantial.

Although it was a tough month for the city's gaming industry, bettors had a reason to celebrate, with the average hold percentage standing at just 7.17%. However, this resulted in a decrease in tax revenue, which hit its lowest point since August, totaling only $122,801.

Comparing November 2023 to the same month the previous year, Washington DC's gaming handle dropped by 20.1%, reaching $21.4 million. GGR decreased significantly by 53.8% compared to November 2022. The tax revenue also fell far behind last year's figures, dropping from $264,169 to $122,801.

Despite these challenges, Caesars Sportsbook remains a formidable player in the state. Even though its average revenue hold for November was 6.34%, lower than the city's average, it outperformed competitors with a handle of $6.1 million. BetMGM and Fanduel posted $3.9 million and $804,438 in handle, respectively, while Gambet, powered by Intralot, reached $5.9 million. Despite Caesars maintaining its top position, it experienced a decline compared to the previous year, with its GGR falling to $384,907, less than half of what it earned in November 2022.