Total wagers accepted at Washington DC sportsbooks in December 2021 experienced a decline for the second consecutive month.
In addition, the major sports betting establishments in the capital city experienced declines in both revenue and hold percentage. Nevertheless, the smallest sportsbook in the vicinity continued to show a positive trend.
In total, the four sportsbooks in the district received $19.2 million in bets, indicating a decrease of 10.3% compared to the $21.4 million wagered in November 2021. This figure also continued the downward trend from October 2021’s unprecedented $26.3 million handle.
In Washington, DC, sportsbooks recorded a gross gaming revenue of $1.4 million, derived from a handle of $19.2 million. This revenue marks a significant decline of 68.5% compared to the impressive $4.4 million earnings observed in November.
Declines across board for December 2021 sports betting in DC
The December decline had a significant impact on Caesars by William Hill, a retail sportsbook situated at Capital One Arena, and GambetDC, the online betting operator serving the entire district. These two operators, collectively holding almost 85% of the market share, experienced a decrease in their overall handle, revenue, and hold percentage.
Caesars, known for its restricted online betting within the vicinity of the arena, earned $572,583 from a total handle of $11.4 million. These figures indicate a 5% hold, marking a notable decrease compared to the previous month.
In November, Caesars achieved a handle of $13.9 million and a hold percentage of 21.8%, leading to total revenue of $3 million.
The online betting platform, GambetDC, experienced some declines in the mentioned metrics, although not as significant. The DC Lottery-run operation recorded a handle of $5 million, generating a revenue of $665,718, resulting in a hold of 13%.
In November, GambetDC recorded a $5.2 million handle, generating a revenue of $1.1 million with a hold rate of 20.5%. However, despite the decrease in December figures, GambetDC’s hold rate remains higher than the industry average of 6-8%.
Below are the complete statistics for sports betting in December 2021:
| Operator | Handle | Hold | Revenue | Market Share |
|---|---|---|---|---|
| Caesars by William Hill | $11,357,962.76 | 5.04% | $572,583.69 | 59.1% |
| GambetDC | $4,967,238.84 | 13.4% | $665,718.20 | 25.8% |
| BetMGM | $2,159,639.69 | 3.18% | $68,614.58 | 11.3% |
| Grand Central | $735,385.80 | 12.48% | $91,789.66 | 3.8% |
| Totals | $19,220,227.09 | 7.2% | $1,398,706.13 |
Smallest operation shines brightest in November
Grand Central, the sole Class B license in DC, had a contrasting experience compared to its larger counterparts. The sports bar observed a significant surge in both handle and revenue during its third month of sports betting.
In December 2021, Grand Central’s profits from sports betting increased to $91,789 after accepting $735,385 in bets. This marks a significant improvement from November’s figures of $494,997 in bets and $67,075 in revenue.
The hold of the bar experienced a slight decrease from 13.6% in November to 12.5%, however, it remains higher than the national average. Additionally, the bar’s market share in sports betting significantly increased from 2.3% to 3.8%.
BetMGM, the sportsbook located at Nationals Park, witnessed a rise in the total wagers placed, but a decline in overall revenue. The company received $2.2 million in bets, indicating a growth from the previous month’s $1.8 million. However, the generated revenue amounted to only $68,614.
It is probable that the small 3.2% hold rate is only a result of temporary fluctuations caused by an unusually successful month for its customers. The crucial measure for assessing the overall success of the operation is the rise in the handle.
Did Maryland cause the downturn in DC?
As its neighboring country to the north introduced its own sports betting market, most December sports betting metrics witnessed a further decline.
Maryland took a significant step on Dec. 9 by establishing its own sports betting market, as Governor Larry Hogan made history by placing the inaugural bet in the state. This development is expected to reduce the need for Maryland residents to travel to DC for their sports betting activities.
Nevertheless, it is worth noting that out of Maryland’s five physical sportsbooks, only one is located in the DC area. Additionally, the timeframe for the introduction of online betting remains uncertain.
For sports bettors in Southern Maryland, opting for a drive into DC and the convenience of placing bets on GambetDC might be more appealing than making a trip to MGM National Harbor.
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