In February, Washington DC witnessed a sports betting handle of $12.6 million, reflecting a 21.9% decrease from January’s figure of $18.5 million. Comparing year-on-year, February 2023 lagged behind the $19.1 million wagered during the same month in 2022. However, the silver lining came in the form of revenue, which reached $1.2 million. This marked a substantial 62% increase from the $740,552 reported in February 2022. Nevertheless, it fell short by 20% compared to January 2023’s revenue of $1.5 million.
Key Operators and Their Performance:
Washington DC’s sports betting market features six active operators, each contributing to the overall landscape. Here’s a snapshot of their performance in February:
Gambet: Operated by the DC Lottery and powered by Intralot, Gambet took the lead in the market, reporting $626,273 in revenue from a total handle of $5.7 million.
Caesars: Following closely, Caesars recorded revenue of $512,103 from a handle of $5.6 million.
FanDuel: This well-known brand, operating a retail sportsbook at Audi Field, generated revenue of $104,540 from $1 million in wagers.
Grand Central Bar: Partnered with Elys Game Technology, Grand Central Bar reported $22,586 in revenue, with a handle of $276,125.
Cloakbook: A joint venture between Cloakroom DC and Elys, Cloakbook reported a slight loss of $1,189, stemming from a handle of $9,850.
BetMGM: In partnership with the MLB team, the Washington Nationals, BetMGM faced a loss of $70,284, despite handling $2 million in bets.
Expanding Horizons for Elys Game Technology:
Elys Game Technology, a sports betting supplier, is making strategic moves in the Washington DC market. In addition to its existing presence, the company has signed an agreement to operate a sportsbook at The Ugly Mug, a popular restaurant and bar situated within proximity to Nationals Stadium and Capitol Hill. Furthermore, Elys Game Technology announced a deal in February to operate a potential sportsbook venue in a hotel at 2700 New York Avenue NE in Washington DC.
Despite a dip in the sports betting handle compared to January and the previous year, Washington DC’s market continues to show promise. The presence of multiple operators and their diverse offerings contributes to healthy competition, benefiting both consumers and the local economy. The increasing involvement of key players like Elys Game Technology hints at a dynamic and evolving landscape in the nation’s capital.