Sports Betting in D.C. Hits Another Record Month
Operators in Washington, D.C., reported another record month, with handle increasing by nearly 10% and surpassing $65 million. But the good news for the district’s operators doesn’t stop there.
Record-Breaking Month for Sports Betting in D.C.
October 2024 delivered exceptional financial results for operators in D.C. According to an unaudited report by the DC Lottery, the October handle increased by almost 10% compared to September, reaching $65.8 million.
However, Gross Gaming Revenue (GGR) presented a less favorable picture, showing a slight decline compared to the still-record-breaking September. GGR in October stood at $7.5 million, marking a 10.3% drop from September’s $8.4 million.
This decrease was influenced by a lower hold across most operators, which fell by a staggering 40.6% compared to September. BetMGM was the only operator to report an increase in hold for October.
FanDuel Leads, Fanatics Debuts Strongly
Despite the challenges, October was particularly successful for FanDuel. The operator’s handle grew by over 20% compared to September, reaching $36.7 million. However, FanDuel’s GGR dropped by 3.5% month-over-month to $4.2 million.
DraftKings maintained its position as the market’s second-largest operator, with an October handle of $16 million—up 7.4% from September. Despite this growth, the operator experienced a significant 34% drop in GGR, which fell to $1.4 million.
The battle for third place continues between BetMGM and Caesars. BetMGM reported a slight month-over-month decrease in handle to $5.9 million but saw an impressive 84% rise in GGR to $352,700. Caesars, on the other hand, reported a 14% decrease in handle to $5 million and an 88.6% drop in GGR to $117,800.
Fanatics also had reasons to celebrate in October, marking its first full month of operations in the district. The operator recorded a handle of $2.2 million and GGR of $154,600.
D.C.’s Evolving Sports Betting Market
It’s worth noting that year-over-year comparisons of operator performance are impossible, as GambetDC was the district’s sole operator last year. Following widespread criticism, the market was opened to more operators.
This summer, DraftKings, Fanatics, BetMGM, and Caesars entered the D.C. market, making their products available to all residents.
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