FanDuel rakes in record revenue from DC sports bettors in its first month – Washington Examiner

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Washington, D.C., has hit the jackpot with its new partner for sports betting, generating more revenue in one month than the previous partner did in any month.

FanDuel Sportsbook launched on April 15 as the replacement for GambetDC, which had been riddled with problems and glitches since it launched in 2020, and it had a fast start during its first month as the district’s sports betting partner. D.C.’s Office of Lottery and Gaming announced earlier this week that FanDuel generated $1.9 million in revenue for the district from bets from April 15 until May 14.

“The transition to FanDuel, the market leader in mobile sports wagering, ensures the long-term viability of mobile sports wagering in the District,” OLG Executive Director Frank Suarez said in a statement.

“In addition to a 40% share of [gross gaming revenue] and a guarantee of $5 million in revenue in its first year, the FanDuel partnership brings the benefits of a respected brand, commitment to responsible gaming, an established userbase, and a superior sports wagering experience for District residents and visitors,” he added. “FanDuel’s first 30 days have not only met, but exceeded, expectations.”

The Office of Lottery and Gaming also claims that if bets on FanDuel within D.C. remain at their current pace, it could place the district as one of the highest revenue-generating markets domestically on a per capita basis.

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Sports betting has rapidly expanded since the Supreme Court’s 2018 decision striking down a federal ban on it. Alongside the District of Columbia, 38 states have legalized sports betting in some form.

The district legalized sports betting in 2019 after the D.C. Council passed legislation authorizing it and the bill passed the congressional review period. GambetDC was the original sports betting partner in D.C., and users have until October to withdraw funds from the defunct platform.

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