Betting News 
The DC sports betting landscape has undergone a remarkable transformation, with the best sports betting sites driving a significant surge in activity since the market expanded in mid-July. According to the latest D.C. Lottery July revenue report, legal sports betting in the nation’s capital skyrocketed by a staggering 254.1% year-over-year, signaling a new era for the industry.
Market Expansion Boosts DC Sports Betting
In mid-July, DC legislators made a pivotal decision to expand the sports betting market, allowing three additional sportsbooks to operate district-wide. Previously, only FanDuel, which replaced the defunct GambetDC, had the ability to operate beyond a two-mile radius of retail sportsbooks. With the entry of BetMGM, Caesars, and DraftKings into the district-wide market, residents now have more options to place bets from the comfort of their homes.
July’s Impressive Betting Handle
The impact of this expansion is evident in the July handle, which reached an impressive $27.3 million. While this may seem modest compared to larger markets, it’s a significant achievement for DC sports betting providers and the local tax coffers that benefit from the platform’s success. This figure represents a 254.1% increase from the same period last year when GambetDC’s total handle was just $7.7 million.
Although July’s handle was slightly down by 7.7% from June, this is consistent with the nationwide summer slowdown in sports betting. Despite this, the year-to-date sports wagering total in DC now stands at $162.8 million, marking a remarkable 65.4% improvement compared to last year, when the market was limited, and GambetDC held a virtual monopoly.
Revenue Growth Lags Behind
While the handle figures are impressive, the revenue growth in DC’s legal sports betting market has been less dramatic. Combined revenue from sports betting apps and retail providers in July reached $3.9 million, a 176.2% increase from the $1.4 million recorded in July last year. However, similar to the handle, revenue figures dipped slightly month-over-month.
FanDuel Leads, But Competition Heats Up
FanDuel has been the dominant force in DC’s sports betting market, accounting for $20.1 million of the $27.3 million total handle in July. This success can be attributed to FanDuel’s role as the DC Lottery’s official sports betting partner, a position it took over from GambetDC in mid-April. However, FanDuel faces growing competition from the newly introduced DraftKings, BetMGM, and Caesars, all of which are now available district-wide.
DraftKings made a strong entrance, accepting $1.2 million in wagers in just its first six days of operation. BetMGM also performed well, with $3.3 million in accepted wagers and $282,661 in revenue for July. Caesars rounded out the competition, taking in $1.9 million in wagers and reporting $113.3K in winnings.
As the DC sports betting market continues to evolve, the competition among these top sportsbooks is expected to intensify, providing bettors with even more options and opportunities.
