Washington DC Sports Betting Handle Lags Again In February
· 2024-03-25

Washington DC Sports Betting Handle Lags Again In February

DC Lottery reported a total sports betting handle just shy of $12 million for February, the second consecutive month wagering has been down by a double-digit percentage compared to the previous year.

Handle was down 18.2% compared to the $14.6 million worth of accepted wagers in February 2023 and 24.9% lower from the $16 million handle to start 2024. The $27.9 million wagered for the first two months of the year is $6.8 million less than the same span in 2023, a decline of 19.6%.

The slow start comes as both DC Lottery and the D.C. City Council debate ways to jump-start activity. The district’s gaming agency wants to make FanDuel its primary sports betting app, but council member Kenyan McDuffie has proposed an overhaul of the current system that would include mobile access for BetMGM and Caesars Sportsbook as well as FanDuel.

Despite the downturn in handle, operators combined for $1.2 million in adjusted gross revenue and fashioned a collective hold of 10.2% for February. It was the seventh time in eight months the four Group A and two Group B licensees combined for a double-digit hold, which has helped year-to-date revenue increase 17.3% versus the first two months of 2023.

Though DC Lottery is often an easy scapegoat for the lack of traction for sports betting in the nation’s capital, largely due to consumer dissatisfaction with Intralot as its betting platform and GambetDC app, it does not deserve every sling and arrow fired its way.

DC Lottery has accounted for more than 60% of the tickets written and 44% of the handle in both January and February, and its 14.4% year-to-date dip in handle to $12.5 million is less steep than the overall decline.

Caesars, which has a retail presence at Capital One Arena — home to an 11-win Washington Wizards team and a Capitals squad scrapping to make the postseason, has totaled just $7.7 million worth of wagers the first two months. Its $3.3 million handle for February was its lowest since last August.

Caesars has seen a decline of 11.7% in tickets written and a 35.6% drop in handle, with the average wager amount $64.22 in January and February compared to $79 for all of 2023.

In contrast, BetMGM — operating out of Nationals Park where the Washington Nationals play — has seen handle increase 20.6% the first two months to $5.9 million. More importantly, it has generated $756,100 in revenue compared to paying out $91,000 above handle to winning bettors in the opening two months of 2023.

That $847,000 swing to the positive is the primary reason the district’s overall year-to-date revenue numbers are higher versus 2023.

March figures to have some bounce to the numbers as both FanDuel and Class B licensee Grand Central DC opened venues Thursday. FanDuel will have kiosks at Sports & Social DC on U Street, an area with heavy foot traffic, while Grand Central opened its second location on H Street.

Grand Street’s first spot in Morgan Adams has been open since October 2021 and has posted an impressive 14.1% hold all-time to claim $1.8 million in winnings from $12.6 million handle. Year-to-date handle is down 17.2% but revenue is up 16.9% thanks to a 13.4% win rate on $561,400 worth of bets.

熱門文章
橫跨全球6個城市,灰度8場派對邀你共看世界盃,重塑高質量社交新場景
灰度頭條
越南博彩管控逐步放寬,惟本土需求仍顯乏力
東南亞資訊
西班牙監管機構警告在線賭博平臺存在身份盜竊行為
合規與政策
英國確認各垂直行業的賭博稅稅率
合規與政策
JILI 宣佈與全球板球傳奇 AB de Villiers(ABD)達成重磅戰略合作
體育遊戲
菲律賓博彩技術賽道迎來新變局,B2B 供應模式加速滲透
東南亞資訊
印第安納州在線賭場法案在眾議院委員會停滯不前
合規與政策
印度最高法院受理公益訴訟,要求全國禁封「偽裝」成社交遊戲的賭博平台
合規與政策
斯里蘭卡博弈產業大轉型,官方:劍指南亞拉斯維加斯
合規與政策
巴西擬將博弈稅率提高至24% 稅收將用於社保與醫療領域
合規與政策
超級PAC籌資4800萬美元:體育博彩勢力加碼
合規與政策
菲律賓網絡賭博和加密貨幣仍構成持續的洗錢風險
東南亞資訊
越南在線博彩業政策收緊 催生市場新機遇
東南亞資訊
哈薩克計劃對線上賭場促銷活動進行處罰
合規與政策
新澤西州7月博彩收入創6.06億美元新高,頒布禁令
合規與政策
首頁
遊戲
合作
發現
我的