The July revenue numbers for sports betting in Washington, DC, displayed a clear increase.
The DC Office of Lottery and Charitable Games has reported a total wagering amount of $741,450 in the nation’s capital. The monthly revenue generated from this figure reached $142,279, representing a hold percentage of 19%.
Washington, DC’s sports betting continues to make strides, serving as the sole legal option for numerous Virginia residents in close proximity.
Although DC legalized sports betting in December 2018, its legal sports betting market did not open until May of this year due to multiple delays. The progress has been sluggish during the initial months.
Nevertheless, this recent report signifies a modest advancement for the DC sports betting market.
Rough start for sports betting in Washington, DC
After being launched, only one vendor, Intralot, was approved by the DC City Council. As a result, the official sports betting provider in Washington, DC is now GambetDC.
Nevertheless, due to the presence of user-unfriendly choices (“offensive lines” according to a colleague), the new offering failed to attract a large number of sports bettors. Additionally, the global COVID-19 pandemic, which resulted in the temporary closure of numerous sports leagues, further hindered the betting market.
Despite the anticipation of a potential breakthrough in July due to the resumption of several major sports leagues, Washington DC has failed to achieve a monthly handle surpassing $1 million.
Approximately $1.2 million in wagers were placed during the initial two months of operation for DC sports betting, resulting in a hold of around $237,000.
Despite DC’s small population, their numbers are insignificant.
The neighboring states, New Jersey with a handle of $315 million in July, Pennsylvania with $165 million, West Virginia with $16 million, New Hampshire with $12 million, and Rhode Island with $7 million, all possess thriving and competitive markets.
Virginia sports betting revenue is expected to reach billions of dollars annually, based on current estimates of the handle.
Washington, DC, in-person betting options
In general, there is a gradual rise in betting activity on GambetDC; nevertheless, the numbers in DC are anticipated to receive a significant boost from in-person betting in the near future.
A month ago, a retail sportsbook was introduced by William Hill at the renowned Capital One Arena, which serves as the home venue for the NHL’s Capitals, NBA’s Wizards, and WNBA’s Mystics.
Additional in-person betting alternatives may be available in the near future.
Additional betting kiosks may be introduced to various sports venues, bars, and restaurants through the implementation of the Sports Wagering Lottery Amendment Act of 2018.
Competition from Virginia sportsbooks
DC is about to encounter increased rivalry in attracting sports bettors’ money.
It is anticipated that Virginia’s initial online sportsbooks will be operational by December, although early 2021 appears to be a more plausible timeline. The Virginia Lottery is expected to grant licenses, leading to a potential total of around twelve sportsbooks operating in the state once the market is fully established.
Furthermore, there is a possibility for Maryland voters to grant approval for sports betting in the state, commonly referred to as the “Old Line State,” through a ballot referendum scheduled for November.
Virginia and Maryland are just a short drive away for numerous residents in DC. It is highly probable that many bettors would be inclined to explore these neighboring states in search of improved betting opportunities.
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