FanDuel Rakes in $30 Million in First Month as DC’s Exclusive Betting Provider

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Following its lone month as the exclusive provider of mobile sports betting in Washington, D.C., FanDuel has proven its worth, validating the District’s decision to switch from GambetDC.

In its initial 30 days of operation in the nation’s capital, FanDuel’s mobile app and website raked in an astounding $30 million in bets, alongside $5 million in gross gaming revenue (GGR). These figures demonstrate staggering year-over-year increases of 673% and 887% respectively. The switch has also proved fruitful for the government’s coffers, leading to a significant boost in receipts.

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The successful adoption of FanDuel provides the District a noteworthy 40% slice of the GGR, translating to an estimated $1.90 million in revenue for the District within the first month of operation. This represents a jaw-dropping increase of 690% compared to the same period in the last fiscal year, according to an official statement by the DC Office of Lottery and Gaming (OLG).

Equally worth noting is the Greek gaming firm, Intralot’s, ongoing sports betting contract with D.C. After several years of substandard performance by the GambetDC app, the city council permitted Intralot to delegate its duties to FanDuel. For those bettors with remaining funds in a GambetDC account, they have until October 15 to withdraw their cash.

What makes FanDuel’s brisk inception all the more remarkable is that it kicked off significantly detached from the football season, and despite the Washington Capitals being swiftly defeated in the first round of the NHL playoffs. Moreover, the NBA’s Wizards did not qualify for the post-season.

These factors suggest that when the football season begins, the rewards reaped by D.C. by transitioning to FanDuel are expected to surge significantly given that the city is home to an NFL franchise, and football is the most gambled sport in the U.S.

“If we project FanDuel’s initial 30 days of performance in the District, it appears that the football season could represent a windfall in terms of increased bets, GGR, and sports betting tax receipts. From September 2023 through February 2024, the District’s per capita sports betting revenue (tax and GambetDC revenue) was $2.71. Based on FanDuel’s performance in its first month, the District’s per capita sports wagering revenue could jump to over $19, making it one of the top revenue-earning markets in the country on a per capita basis,” surmised the OLG.

As part of its agreement, FanDuel guaranteed the city $5 million in revenue in its first operational year. Given the gaming company’s extraordinary start, this estimate could be deemed modest.

FanDuel’s speedy triumph in the U.S. capital has not gone unnoticed by competing sportsbook operators who wish D.C. would widen the range of mobile sports wagering options. Earlier this month, representatives from BetMGM, Caesars Sportsbook, DraftKings, and Fanatics Betting & Gaming made their case before the Washington, D.C. City Council’s Committee Business and Economic Development Committee for a more competitive mobile sports betting scene.

City council member Kenyan McDuffie introduced the Sports Wagering Amendment Act of 2024, which would incorporate this change, though it remains unclear whether this legislation will garner the necessary momentum for its approval.