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FanDuel, a major player in the U.S. gambling industry, reported $4.9 million in revenue during its first full month of operation in Washington, D.C. In May, the company took $29.7 million in bets, marking a significant increase of 450% compared to the $5.4 million wagered in the same month last year with GambetDC, the previous operator under the Washington DC Office of Lottery and Gaming (OLG). Reports indicate that players won $24.9 million from betting with FanDuel last month. In comparison, In April, upon launching in the state, FanDuel reported $1.9 million in revenue, albeit not a complete month. FanDuel became the sole provider of regulated sports betting in the District of Columbia on April 15, following OLG's transition from Intralot-operated GambetDC. The revenue generated by FanDuel in May dwarfs the $711,282 posted by GambetDC during the same period last year. FanDuel's figures also surpass those of all other operators combined in D.C. historically, including BetMGM and Caesars Entertainment, which have retail locations offering limited digital betting within an exclusion zone. Although GambetDC lost its online operations, it maintained a presence in the D.C. market through its kiosks. These kiosks generated $189,095 in revenue from $898,671 in wagers during May, with players winning approximately $709,576. However, the future of these kiosks is uncertain as FanDuel plans to replace them at 63 lottery retailers across D.C. The decision to switch to FanDuel follows GambetDC's troubled history since its launch in May 2020 by Greek gaming company Intralot. The platform faced numerous issues, including poor user experience, noncompetitive odds, and technical problems. Initially projected to add $20 million annually to the city's revenue, GambetDC significantly underperformed, leading to calls for change from city officials and residents. The GambetDC app is still accessible, but it no longer allows sports betting. Existing customers have until October 15 to withdraw any remaining funds. FanDuel's entry into the market could pave the way for more operators and increased competition. On June 12, the D.C. Council approved the FY 2025 budget, which includes the Sports Wagering Amendment Act of 2024. This act aims to open the market to more brands, with a second vote expected soon.

Washington

FanDuel Sports Betting Handle in D.C. Skyrockets by 450% in First Month

GambetDC Out, FanDuel In as Exclusive Sports Betting Provider in Washington D.C.