The July handle for sports betting in Washington, DC in 2021 is significantly higher than it was at this time last year, which is a positive development. However, it is important to note that the growth of over $12 million in dollars wagered cannot be fully appreciated without considering important details.
Last summer, the world of betting in the nation’s capital had a stark contrast with its current state. When compared to the potential of the market under a different regulatory system, the $12 million in bets falls short of expectations.
The numbers beyond DC July handle
Last month, bettors in the District of Columbia placed wagers totaling over $12.8 million, as reported by the DC Lottery. This marks a significant increase compared to July 2020, when DC bettors wagered a mere $741,450.
However, when comparing the numbers month-over-month, the situation appears less positive. In June 2021, the total amount wagered amounted to $19.5 million. This represents a decrease of slightly more than one-third compared to the previous month.
This indicates that Olympics betting was unable to generate excitement among bettors. Additionally, the Washington Nationals’ poor performance with a subpar win-loss record and the departure of key players such as Max Scherzer did not contribute positively either.
On the other hand, there was an improvement in the sportsbooks’ share of bettors’ money compared to June. During that period, sportsbooks managed to win approximately 10.7% of the total bets placed. However, in the previous month, DC sports betting apps seized a slightly higher percentage of around 14%.
Additionally, the sportsbook associated with the Nationals in DC received positive news. Once again, bettors in the District have prioritized price over convenience.
BetMGM claws its way into market share
Last month, BetMGM Sportsbook, which can only be accessed on its app within a two-block radius of Nationals Park in DC (as well as throughout Virginia), surpassed both GambetDC and the Caesars By William Hill Sportsbook in terms of popularity.
| Operator | Handle | Hold | Revenue |
|---|---|---|---|
| William Hill | $10,072,719 | 12.2% | $1,220,227 |
| GambetDC | $2,152,023 | 20.1% | $432,726 |
| BetMGM | $643,498 | 23.1% | $148,796 |
| Totals | $12,808,240 | 14.1% | $1,801,748 |
William Hill’s market share has decreased by over two percent compared to June, while GambetDC’s share has also dropped by approximately eight-tenths of a percent. However, the one benefiting from this decline is BetMGM.
William Hill can be easily explained by the fact that both the Washington Capitals and Wizards are currently in their offseasons. Furthermore, the Mystics had a significant break in July due to the Olympics.
Caesars missed out on the advantage of attracting bettors to the Entertainment & Sports Arena within a two-block radius, unlike BetMGM which benefited from events like Nationals games. On the other hand, GambetDC faces a more inherent issue.
Same old story with GambetDC
GambetDC, being the sole legal online sportsbook in the District, should be thriving. However, it is not performing as expected, largely due to the absence of competitive odds.
For instance, let’s consider the Mystics game against the Las Vegas Aces on Tuesday night. Both BetMGM and William Hill offered odds of Mystics +9.5 at -110, whereas GambetDC had the identical spread at -125.
The Aces narrowly won by 10 points, barely covering the spread. If Washington had reduced that score by just one point, a $100 bet placed at BetMGM/William Hill would have resulted in a $10.91 higher payout compared to the same bet made at GambetDC.
If BetMGM keeps eroding GambetDC’s market share, it might compel the DC Lottery and Intralot to reconsider their strategies. Until then, it’s understandable why bettors choose to drive to one of the stadiums.
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