FanDuel Fuels Record Totals For Washington D.C. Betting In May

FanDuel‘s strong May numbers in its first full month as the D.C. Lottery’s primary sports betting operator fueled a record-setting month as the rest of the district’s operator figures were released Monday.

Overall, the nation’s capital reported all-time highs of $5.4 million in sports betting revenue and $35.4 million in handle. It was the second consecutive month with a record handle after FanDuel made an immediate impact on April’s numbers when it replaced GambetDC as the district’s primary operator.

May’s operator revenue was over $1 million more than the previous high of $4.4 million set in November 2021.

The 15.4% hold ranked 14th in 49 months of wagering in Washington D.C. It’s currently the highest among 29 states and jurisdictions with commercial sports betting for May, with only Arizona, Illinois, and Kentucky yet to report.

The district saw an all-time monthly high of $544,600 in tax receipts, and FanDuel’s entrance has put the year-to-date total of $1.4 million in tax revenue $513,300 ahead of the 2023 total through five months.

BetMGM Also Enjoys Strong May

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.

Despite finishing third in handle with $1.6 million, BetMGM pipped second in revenue among all operators with $217,400, posting a 13.9% win rate from wagers placed at and around Nationals Park.

Caesars, which operates at Capital One Arena, had a more modest 5.4% hold as it collected $145,800 in winnings from $2.7 million worth of wagers. FanDuel’s retail sportsbook at Audi Field — home of DC United — had a 5.3% hold on $284,000 in bets placed for $15,100 in revenue.

Among Class B licensees, both of Grand Central’s locations finished in the red as bettors came out a combined $5,775 ahead on $192,400 in handle. Sports & Social had an astounding 49.2% hold in keeping $15,700 ahead of the $32,000 wagered, while the Cloakroom topped $10,000 in revenue for the year after winning $2,600 and posting a 26.2% hold on $9,800 in handle.

Despite the recent upswing in betting fortunes across the district with FanDuel’s entrance, bigger changes still are likely to come. The Washington D.C. Council included the Sports Wagering Amendment Act of 2024 in its Fiscal Year 2025 budget, which would allow numerous sports betting apps to operate in the district.

FanDuel’s entrance came by way of being subcontracted through Intralot, whose performance in the sports betting space was widely derided and criticized by both the betting public and local legislators in the district.