FanDuel Sets Sports Betting Record Sports Betting

FanDuel Sets Sports Betting Record in Washington D.C.

By Blake Roberts Founder & Editor in Chief Updated: 10 July 2024

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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According to recently released data, sports betting operator FanDuel has set a sports betting record in Washington D.C. The figures show that the operator set a new revenue record for the district in May 2024. The milestone came during the company’s first full month as the D.C. Lottery’s main sports betting operator, with the district seeing unprecedented numbers in both revenue and handle.

According to the latest figures, sports betting revenue in Washington D.C. hit an all-time high of $5.4 million, with the total betting handle reaching $35.4 million. This marks the second month in a row that the district has reported record numbers, with much of this success being put down to FanDuel taking over from GambetDC in April as the primary operator.

Smashing Previous Revenue Record

In May, the total operator revenue surpassed the previous record of $4.4 million set in November 2021 by more than $1 million. With a 15.4 percent hold on bets, Washington D.C. ranked 14th out of 49 months of wagering activity and achieved the highest hold percentage for May among the 29 states and jurisdictions that offer commercial sports betting.

Tax receipts from sports betting also reached a new monthly high of $544,600. Furthermore, FanDuel’s operations have pushed the year-to-date total tax revenue to $1.4 million, which is $513,300 ahead of the total for the same period in 2023.

Former ESPN writer, Chris Altruda, wrote, “FanDuel accounted for 84% of the district’s handle and 89% of the revenue, as it posted a 16.4% hold on $29.7 million in handle to reap $4.9 million in winnings. Both figures would have ranked first in all-time Washington D.C. monthly totals.”

Competitor BetMGM also performed well in May, securing the second spot in revenue rankings among all operators with $217,400 from a $1.6 million handle, and achieving a 13.9 percent win rate from bets placed around Nationals Park.

Meanwhile, Caesars, operating out of the Capital One Arena, reported more modest figures with a 5.4 percent hold and $145,800 in winnings from $2.7 million in wagers. FanDuel’s retail sportsbook at Audi Field, the home of DC United, held a similar rate of 5.3 percent on $284,000 in bets, earning $15,100 in revenue.

Mixed Results for Class B Licensees

It was also reported that Class B licensees experienced mixed results. Grand Central’s locations reported losses, with bettors coming out $5,775 ahead on a $192,400 handle. Sports & Social and the Cloakroom enjoyed impressive holds of 49.2 percent and 26.2 percent, respectively, leading to profitable outcomes.

FanDuel’s successful entry into the market came through a subcontract with Intralot. This was the company that was previously criticized for its performance in the district by both sports fans and local legislators. Many believe that this partnership has helped to turn things around, setting new standards and records for Washington D.C.’s sports betting industry.

It has also been revealed that the Washington D.C. Council has included the Sports Wagering Amendment Act of 2024 in its Fiscal Year 2025 budget. This amendment is expected to open the district to more sports betting apps, potentially helping to transform the D.C. market.