FanDuel has made a significant impact in the Washington DC sports wagering market, surpassing expectations by generating $4.9 million in revenue during its first full month of operation. This revenue comes from handling $29.7 million in bets in May, which is a remarkable 450.0% increase from the previous year when GambetDC was in charge.
Players were able to win a total of $24.9 million from their bets with FanDuel last month, showcasing the popularity and success of the platform. FanDuel took over from Intralot-run GambetDC on April 15, and the results have been impressive. The $4.9 million revenue generated in May far exceeds the $711,282 reported by GambetDC in the same month last year.
In addition to the revenue increase, FanDuel’s introduction to the DC market has led to improvements in operational efficiency for the Office of Lottery and Gaming (OLG). FanDuel now manages payment processing, promotions, marketing, and retailer commissions, reducing OLG’s annual operating expenses significantly.
While GambetDC still maintains a presence in the market through kiosks, the future of these kiosks remains uncertain. FanDuel has plans to replace betting kiosks at 63 lottery retailers across DC, indicating a potential shift away from GambetDC’s offerings. Existing GambetDC customers have until October 15 to withdraw any remaining funds from the platform.
The partnership between FanDuel and the OLG could be a sign of more openness in the DC market for additional operators. The DC Council recently approved the FY2025 budget, which includes the Sports Wagering Amendment Act of 2024. This move could pave the way for increased competition and variety in the DC sports betting scene.
Overall, FanDuel’s success in its first month of operation in Washington DC signals a positive trend for both the platform and the local sports wagering market. With the potential for more operators to enter the market, DC residents can look forward to increased choices and competition in the sports betting industry.
