Washington DC Sports Betting Revenue Soars Despite Declining Handle
Date: 2024-02-14 Author: Dima Zakharov Categories: EVENTS
Washington DC Sports Betting Enjoys Revenue Boost
In a surprising turn of events, sports betting in Washington DC experienced a surge in revenue for the month of December, despite a decline in the total amount wagered by players. The data, released on January 24, 2024, indicates a noteworthy shift in the local sports betting landscape.
Handle Decline, Revenue Rise
The handle, which represents the total amount of money wagered on sports in December, dropped to $15.3 million. This marked an 18.2% decrease from the $18.7 million recorded in December 2022 and a 10.5% decline from November 2023's $17.1 million.
However, the gross gaming revenue (GGR) for December painted a different picture. GGR reached $2.5 million, reflecting a 4.2% increase compared to the previous December's $2.4 million and a staggering 108.3% growth from November's $1.2 million.
Caesars Maintains Top Spot
Caesars continued to dominate the DC sports betting market during December, raking in $889,481 from a total of $5.3 million in sports bets placed that month.
FanDuel Surpasses BetMGM
Flutter Entertainment's FanDuel had a successful month, reporting $446,410 in revenue from $1.1 million in bets. Remarkably, FanDuel achieved a hold percentage of 41.5%, outperforming all other DC operators.
BetMGM, despite processing more bets than FanDuel with $2.8 million in wagers, could only post $284,980 in revenue for the month, placing it behind FanDuel in the monthly rankings.
Other Operators in DC
Grand Central and partner Elys Game Technology reported $72,627 in revenue from $417,402 in sports wagers. Cloakbook, on the other hand, rounded off the market with $2,508 in revenue from $13,300 in total wagers, boasting one of the highest hold percentages in DC at 18.9% for the month.
