October 2021 witnessed a surge in sports betting activity in Washington, DC, as a result of the introduction of a new operator and an additional month of football, resulting in a groundbreaking monthly handle record.
The sports bettors in Washington, DC experienced a significant boost in activity following the recent events in September. Similar to Virginia, the return of NFL and college football over the past few months played a major role in revitalizing the betting scene in DC.
Despite this, the nation’s capital did not receive entirely positive news.
The four DC sportsbook operators achieved a record-breaking monthly handle, with players betting a total of $26.3 million in October 2021. However, despite a strong hold percentage of 18.8% in September, the operators experienced a significant drop, with the hold decreasing to below 6% in October.
A look at October 2021 sports betting in DC
Once again, Caesars by William Hill emerged as the frontrunner, securing the highest sports betting handle in DC for October 2021.
Caesars provides a retail sportsbook facility at Capital One Arena, allowing customers to conveniently place bets. Additionally, within a two-block radius of the Washington Capitals’ home arena, customers can access the Caesars online sportsbook for their betting needs.
Caesars by WH contributed a significant amount of $19.1 million to the total October handle of $26.3 million, making up approximately 72.6% of the overall figure.
Caesars, which initially had a 20% stake in September, saw a significant decline to only 4.9% in October.
| Operator | Handle | Hold | Revenue |
|---|---|---|---|
| Caesars by William Hill | $19,071,916.46 | 4.9% | $926,151.45 |
| GambetDC | $5,547,152.78 | 8.9% | $632,571.71 |
| BetMGM | $1,505,803.55 | -2.0% | ($30,921.18) |
| Grand Central | $207,355.08 | 20.7% | $42,858.34 |
| Totals | $26,332,227.87 | 6.0% | $1,570,660.32 |
Intralot’s online app, GambetDC, secured the second position with $5.5 million in wagers. The players managed to win $4.9 million, resulting in a hold of 8.9%.
In terms of wagers, BetMGM secured the third spot with $837,000. Despite its retail betting and limited online wagering services at Nationals Park, the sportsbook experienced an uncommon loss with a -2.0% hold. Additionally, BetMGM operates Caesars VA statewide and online in Virginia.
In its inaugural month of retail sports betting operations, Grand Central, the first Class B licensee in DC, recorded an impressive 20.7% hold, accumulating around $207,000 in wagers. This marked the beginning of a promising venture for the DC sports bar.
A record-breaking month for DC
Unless there are substantial legislative changes, the market in DC will continue to face issues due to GambetDC’s near-monopoly.
The October 2021 statistics for sports betting could potentially serve as additional evidence that certain alterations could benefit the market.
In September 2021, DC achieved a new milestone in sports-betting, reaching a record-breaking $20.7 million in wagers. Nevertheless, similar to numerous other regions across the US, DC experienced an additional surge last month, surpassing 27%.
In October 2021, the sports betting total of $26.3 million reached a new milestone, setting a record for the highest amount wagered in DC sports betting history.
By now, GambetDC’s issues have been extensively documented and widely acknowledged. However, lawmakers and regulators have observed that providing DC sports bettors with alternatives, as demonstrated by the relative achievements of Caesars, BetMGM, and now Grand Central, can significantly enhance the market.
Revenue woes in DC?
The DC sportsbook operators were unable to replicate the success they had in September during a busy October.
In October, their total revenue amounted to $1.6 million, which reflects a notable decline compared to the $3.9 million they generated in September. This also indicates a substantial decrease when compared to their revenue of $3.5 million in October 2020.
Nonetheless, sportsbooks can rest assured that their revenue will eventually even out in the long run, as long as they continue to receive a sufficient amount of bets, which was certainly the case in October.
Although the month-to-month performance may be unpredictable, the hold percentage for this market has remained relatively stable at approximately 15% since its establishment, which is significantly higher than the national average range of 6-8%.
As November draws near and the Washington Wizards of the NBA and NCAA men’s basketball make their comeback, DC sports betting is expected to have a significant boost in the upcoming month.
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