William Hill quickly became the favored sportsbook in Washington, DC, surpassing GambetDC in popularity.
In August, William Hill accumulated $9,130,409.60 in bets (handle) north of the Virginia border. The sportsbook, located exclusively at Capital One Arena, operates solely through retail facilities and does not have authorization to provide online wagering services via a website or app.
Despite having a monopoly on online betting in the nation’s capital, GambetDC, the district’s sole online sportsbook, continues to struggle as it brought in a mere $2,132,032.38 in bets during the month of August.
Despite the logistical headaches, the competition is long overdue for residents of DC and northern Virginia.
New Washington, DC, sportsbook leader
How did a retail-only alternative manage to defeat a competitor with a significant advantage in online betting?
GambetDC’s odds, available on the Intralot platform since its launch in May, have consistently been unfavorable. This issue extends beyond just GambetDC and can be observed across other Intralot-operated sportsbooks, including the one operated by the DC Lottery.
Typically, William Hill provides the standard -110 odds (20 cent lines), whereas GambetDC predominantly offers -118 odds for both sides of a wager.
For instance, suppose you wager $100 on the Washington Football Team (+6.5) to win against the Arizona Cardinals in the upcoming NFL games this weekend.
If you place a winning bet with William Hill, you will make a profit of $90.90 with -110 odds. However, if you place the same bet with GambetDC, your profit will only be $84.70 due to its -118 odds. When you multiply this saving of $6.20 over a month or an entire season of bets, it accumulates significantly.
It’s hardly surprising that both casual and recreational bettors are flocking to William Hill and Capital One Arena downtown. The mere convenience of GambetDC online seems insufficient to lure them in.
Inside William Hill’s August revenue in DC
William Hill reported $1.4 million in revenue for August, which represents a 15.6% hold out of the total $9.1 million in handle.
In comparison, GambetDC generated $278,141 in revenue from a total wagered amount of $2.1 million, resulting in a hold rate of 13%. Notably, in June, the holds increased slightly to 16.5% with $223,730.09 wagered, and in July, they further rose to 19.2% with $741,499.63 wagered.
GambetDC had a two-month advantage as it launched on May 28, while William Hill opened for bets on July 31.
William Hill is witnessing an increase in both the frequency and size of bets from bettors in Washington, DC, and Virginia.
The average bet placed at William Hill in August was $132.16, whereas GambetDC’s average wager was a mere $31.90.
Despite the absence of live sports or entertainment, Capital One Arena in downtown DC is rapidly gaining popularity among DC sports bettors as a favored destination.
Nevertheless, its customer base in northern Virginia is expected to dwindle soon as the commonwealth plans to inaugurate Virginia sportsbooks in January.
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