Elys Game Technology, a leading sports betting supplier, has entered into an agreement to expand its successful partnership with the Grand Central Restaurant and Sportsbook. This collaboration will establish a new joint venture to open a second sportsbook in the vibrant city of Washington DC. The location for this exciting venture is yet to be unveiled, pending approval by the DC Department of Small & Local Business Development and the DC Office of Lottery and Gaming.
The Success Story:
Elys Game Technology’s Management Services Provider (MSP) license with Grand Central marked a groundbreaking achievement, creating the first Class-B, small-business sportsbook location of its kind in the U.S. The initial sportsbook in the Adams Morgan district of DC has witnessed remarkable growth in betting handle, cementing its position as a popular sports betting destination.
Supporting Local Businesses:
Michele Ciavarella, Executive Chairman of Elys Game Technology, expressed their enthusiasm for supporting local businesses through this joint venture. They firmly believe that their sportsbook solutions could play a pivotal role in the post-pandemic recovery of bars, restaurants, and other small establishments. Elys has observed a substantial demand for their innovative Build-Your-Bet feature, which has garnered immense popularity among sports bettors.
Expansion Plans:
Following the resounding success of the first sportsbook, Elys Game Technology and Grand Central are now taking the next step in their partnership by announcing plans for a second sportsbook location in Washington DC. This expansion aims to cater to the growing demand for sports betting experiences in the area.
Regulatory Approvals:
The joint venture’s location is contingent on securing approvals from the DC Department of Small & Local Business Development and the DC Office of Lottery and Gaming. The regulatory process is crucial to ensure compliance and the delivery of a seamless and secure betting environment for patrons.
BetDupont Sportsbook:
Additionally, Elys Game Technology has received approval for a Certified Business Enterprise Joint Venture (CBEJV) to operate the BetDupont sportsbook in partnership with District Hospitality. The BetDupont sportsbook will serve customers in the Dupont Circle area of Washington DC, further diversifying the offerings in the sports betting market.
Booming Sports Betting Market in Washington DC:
The Washington DC sports betting market has witnessed remarkable growth, with a 5.7 percent year-on-year increase in the betting handle in August. The handle reached an impressive $13.1 million, compared to $12.4 million in August 2021. This surge in betting activity has also translated into significant revenue growth, with a 20 percent increase year-on-year, totaling $1.8 million in August.
Expanding Operator Landscape:
The sports betting market in Washington DC has attracted more operators, with the number increasing to five, up from three in August 2021. This expanded landscape presents exciting opportunities for both bettors and businesses alike, fostering healthy competition and driving innovation in the industry.
Elys Game Technology’s expanded partnership with the Grand Central Restaurant and Sportsbook brings promising prospects for the sports betting landscape in Washington DC. With the successful operation of their first sportsbook and the forthcoming second location, Elys is poised to continue revolutionizing the sports betting experience in the region. As the market continues to flourish and attract new operators, Washington DC’s sports enthusiasts can look forward to an enhanced and dynamic betting environment. The joint venture not only caters to the interests of avid bettors but also aims to contribute to the recovery and growth of local businesses in the post-pandemic era.