In June, FanDuel posted their third consecutive month with a hold of 15% or higher in Washington D.C. These figures were released by that state agency. FanDuel was subcontracted by Intralot to start accepting bets in the nation’s capital. This began in mid-April 2024. The industry leader accounted for just over 90% of the $4 million won by sportsbooks in D.C. in June. FanDuel finished with a $23.2 million handle that represented more than 78% of the $29.6 million in accepted wagers. Compared to June 2023, the overall handle was up 165.7%. Washington D.C.’s district-wide hold was 13.5%, the sixth time in the last seven months it was over 10%.
FanDuel is an outlier in the D.C. sports betting market
Over the last three months, sports betting in the nation’s capital has seen some major changes. Initially, Gamebet DC was the only sportsbook available in Washington D.C. However, Intralot cut their ties with Gamebet DC and chose FanDuel to replace them. FanDuel was operating as the only sportsbook in the market until June’s wholesale changes that opened up DC to widespread mobile sports betting. From April – June of this year, FanDuel generated $68.5 million in handle. That was 8.5% of the $803.9 million in all-time wagering. Sports bettiing first arrived in March of 2020 to the nation’s capital.
The $68.5 million FanDuel collected in three months is more than Gambet DC had in the entirety of 2023. Additionally, they had $11.3 million in sports betting revenue and a strong 16.5% win rate. That was 19.1% higher than the $9.5 million accumulated by Gamebet DC in their last 18 months of operation. After all their winnings, FanDuel had to pay $4.5 million in taxes to the district. FanDuel enjoyed the time they had as D.C.’s only major sports betting operator. However, industry leaders like DraftKings, Caesars, and BetMGM will soon be joining the market. This was all able to happen after the Sports Wagering Amendment Act of 2024 was passed.
