Washington DC’s sports betting market witnessed a decline in the handle for May, reporting $12.5 million. Although this marks a 27.3% decrease compared to May 2022, when the handle was $17.2 million, the gross gaming revenue remained steady, reaching $2 million. The following analysis provides a closer look at the key figures and market leaders in Washington DC’s sports betting landscape.
Handle Trends:
The sports betting handle in May 2023 amounted to $12.5 million, indicating a 27.3% drop from the previous year’s $17.2 million. Additionally, the handle experienced a 17.2% decrease from April 2023 when it stood at $14.5 million.
Gross Gaming Revenue:
The gross gaming revenue for May 2023 was $2 million, maintaining parity with the same period in the previous year. This figure represents a significant increase from April 2023, where the revenue was $1 million.
Market Leaders and Revenue Breakdown:
Caesars Entertainment emerged as the revenue leader in Washington DC’s sports betting market, collecting $818,817 from a handle of $4.6 million. The DC Lottery’s Gambet, powered by Intralot, recorded $711,282 in revenue with a handle of $5.4 million. Other key contributors include BetMGM, FanDuel, Grand Central Bar, and the Cloakbook joint venture, each showcasing their market share and revenue contributions.
Caesars Entertainment: Revenue – $818,817 | Handle – $4.6 million
Gambet (DC Lottery): Revenue – $711,282 | Handle – $5.4 million
BetMGM: Revenue – $315,548 | Handle – $1.5 million
FanDuel: Revenue – $87,029 | Handle – $564,386
Grand Central Bar: Revenue – $86,903 | Handle – $386,459
Cloakbook Joint Venture: Revenue – $5,224 | Handle – $14,940
While the handle experienced a decline in May, the steadiness of gross gaming revenue indicates resilience in Washington DC’s sports betting market. Key players such as Caesars Entertainment, Gambet, and others continue to play pivotal roles, contributing to the overall stability and performance of the industry. The market’s ability to maintain revenue levels in the face of fluctuating handles suggests a robust foundation for future growth and development.