Washington D.C. as the official sportsbook of the DC Lottery, posting its third consecutive hold of 15% or higher in June, according to figures released by the state agency.
FanDuel, which was sub-contracted to conduct sports betting by Intralot and began taking bets in that capacity in mid-April, ed for just over 90% of the near-$4 million won by sportsbooks across the district in June. Its $23.2 million in handle represented more than 78% of the $29.6 million worth of bets placed.
Overall, handle was up 165.7% from June 2023 while revenue skyrocketed nearly eight-fold. The district-wide hold of 13.5% on all wagers marked the sixth time in the last seven months it was above 10%. Washington D.C. coffers saw an inflow of close to $1.5 million in tax revenue.
FanDuel: The Bull in D.C.’s Sports Betting China Shop 2d1h1l
It is difficult to overstate how much sports betting has changed in the nation’s capital in the three months FanDuel was operating in the capacity of DC Lottery as a first among equals before mobile betting.
FanDuel generated $68.5 million in handle from April through June — 8.5% of the $803.9 million in all-time wagering since sports betting came to Washington D.C. during the COVID-19 pandemic in May 2020. It also exceeded GambetDC’s full-year 2023 handle of $66.4 million.
The $11.3 million in sports betting revenue — which resulted in a crushing 16.5% win rate — in that three-month span was 19.1% higher than the $9.5 million accumulated by GambetDC over its last 18 months of operations. It also represented 87.4% of all operator winnings in the quarter. None of those figures included FanDuel’s totals from wagering at Audi Field or Sports & Social.
FanDuel paid $4.5 million in taxes to the district — more than the estimated $4.3 million all operators paid in 2022 and 2023 combined. The $5.1 million in overall receipts submitted to the district in the first six months of 2024 is nearly 40% of the $13.4 million in total tax revenue accrued.
Grand Central Moving Along 18th Street 4r651w
Grand Central Bar and Sportsbook, one of the district’s Class B licensees, did not conduct wagering in June. A DC Lottery spokesperson explained Grand Central ceased operations at its H Street location on May 15, which came barely two months after opening.
Additionally, Grand Central suspended sports betting operations at its primary location in Adams Morgan on 18th Street in May as it moved to a new location on that block. The DC Lottery spokesperson said in an email it had not resumed taking wagers as of Monday.
The Cloakroom, whose sportsbook is part of a gentlemen’s club, lost almost half its 2024 winnings in June after the public came out $5,100 ahead on nearly $9,800 wagered. It has an all-time hold of minus-9.1%, having paid out $43,600 above the $481,800 in bets accepted since taking its first wagers in December 2022.
