FanDuel generated $4.9m (£3.8m/€4.5m) in revenue during its first full month of running as the official sports wagering platform of the Washington DC Office of Lottery and Gaming (OLG).
In its first full month of operation in Washington DC FanDuel reported it had taken $29.7m in bets during May, some 450.0% more than the $5.4m wagered in the same month last year with previous incumbent GambetDC. Players won a total of $24.9m from betting with FanDuel last month.
FanDuel officially took on its new role in DC on 15 April. This followed the Office of Lottery and Gaming (OLG) completing its transition from Intralot-run GambetDC, its long-term partner for sports betting.
The $4.9m generated by FanDuel this May eclipses the $711,282 posted by GambetDC in the same month last year. Revenue is calculated by taking player winnings off total bets placed during the month.
Incidentally, the amount generated by – and bet with – FanDuel is higher than all operators combined for any previous month in DC. Other operators also active in DC include BetMGM and Caesars Entertainment.
Last month, the OLG released figures for FanDuel’s first 30 days of operation in Washington DC, with these showing $5.0m in revenue.
What about GambetDC in May?
While GambetDC has lost its online presence in DC, the brand retained a small presence in the market in May through its kiosks.
During May, these kiosks generated $189,095 in revenue off $898,671 in wagers. Players won some $709,576 from betting via the GambetDC kiosks.
As to how long these kiosks will remain, the situation is uncertain. FanDuel has already said it will be replacing betting kiosks at 63 lottery retailers across DC, so it appears GambetDC’s time is limited.
The GambetDC app remains accessible to players, but they can no longer use it to place bets on sports. Existing customers have until 15 October to withdraw any remaining funds from the platform.
GambetDC has faced issues in DC for a number of years with Intralot, which was contracted with DC, struggling to put out a competitive product.
It came as no great surprise when the OLG approved a request from Intralot to subcontract online sports betting to FanDuel. This cleared the way FanDuel to go live in DC just a few days later.
In addition to higher wagers and more revenue, the partnership offers other benefits to the OLG. These include no longer having to pay operating expenses – previously between $2.0m and $4.0m a year. Now, FanDuel handles payment processing, promotions, marketing and retailer commissions.
Could we be set for a more open DC market?
Handing control to FanDuel could be the first step in opening up DC to more operators and competition.
Yesterday (12 June), the DC Council approved a FY2025 budget including the Sports Wagering Amendment Act of 2024. The council unanimously approved the budget during a legislative meeting, with second vote coming as early as next week.
For a full round-up on the hearing, including details on a defeated amendment that would have removed the new sports betting plan, click here for the latest from Jill R Dorson.
