In April, Washington DC’s sports betting market witnessed a decline in both handle and revenue compared to the same period last year. Here’s a breakdown of the key figures for the month:
Handle Drops by 21.2% Year-on-Year
The sports betting handle for Washington DC in April was $14.5 million. This figure marked a significant decrease of 21.2% when compared to April 2022, when the handle stood at $18.4 million. The declining handle indicates a potential shift in the betting activity within the district.
Monthly Comparison Shows a 19.9% Decrease
A comparison with the previous month also revealed a 19.9% decrease in handle. In March 2023, the handle was $18.1 million, indicating that April experienced a dip in betting activity.
Gross Gaming Revenue
The gross gaming revenue for Washington DC in April amounted to $1.3 million. This figure was not only 7.1% lower than the revenue reported in April 2022 but also represented a substantial 43.4% decrease when compared to March 2023. The declining revenue highlights the challenges the market may be facing.
Market Leaders in Revenue
Despite the overall decrease in revenue, some key operators managed to generate income during this period. Here’s a closer look at the market leaders:
Gambet (DC Lottery and Intralot): Leading the market, Gambet reported revenue of $626,273 from a handle of $5.7 million.
Caesars Entertainment: Caesars Entertainment generated $524,245 in revenue from wagers totaling $4.6 million.
BetMGM: BetMGM recorded $138,784 in revenue from a handle of $2.5 million.
FanDuel: FanDuel, operating a retail sportsbook at Audi Field, managed to attract wagers amounting to $684,884, but posted a loss of $25,773.
Other Market Participants
Grand Central Bar and partner Elys Game Technology recorded $60,612 in revenue from a handle of $385,864.
Cloakbook, a joint venture between Cloakroom DC and Elys, registered $503 in revenue and an $8,995 handle.
Elys Game Technology Expands Operations
Earlier this year, Elys Game Technology expanded its presence by signing a deal to operate a sportsbook at The Ugly Mug, a popular restaurant and bar in Washington DC. The Ugly Mug’s strategic location, near Nationals Stadium and Capitol Hill, is expected to offer an ideal setting for sports betting enthusiasts.
Despite the recent downturn, Washington DC’s sports betting market continues to evolve, with new partnerships and opportunities emerging to provide an enriched betting experience for residents and visitors alike. As the industry navigates these changes, it remains a dynamic sector with potential for growth and development in the coming months.