Exploring the Impressive Growth

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Betting news report that May has stood out for Washington, D.C.’s betting industry, particularly in terms of the DC sports betting handle. With the state opening its doors to new operators, the betting landscape has transformed, significantly increasing handle and revenue. This growth in the DC sports betting handle is a promising sign for the future of sports betting in the state.

Record-Breaking Growth in May

Washington, D.C., witnessed an unprecedented surge in its sports betting handle in May, reaching $35.4 million, a staggering 183% increase compared to May 2023. This new record highlights the impact of welcoming new operators into the market. Revenue also hit a new high at $5.4 million, with tax receipts totaling $544,600.

FanDuel’s introduction of a new sports betting app for the D.C. Lottery played a crucial role in this growth. The app dominated the market, capturing 84% of Washington D.C.’s sports wagers. The D.C. Lottery saw $30.6 million in wagers, with $29.7 million coming from the FanDuel app and $898,671 from the previous GambetDC app. Following FanDuel, Caesars reported $2.7 million in wagers, and BetMGM took $1.6 million.

FanDuel’s strong performance in May, its first full month as the D.C. Lottery’s primary sports betting operator, significantly contributed to the record-setting figures for the DC sports betting handle.

DC sports betting handle: An Expanding Market

The Washington D.C. Council included the Sports Wagering Amendment Act of 2024 in its Fiscal Year 2025 budget, which would allow multiple sports betting apps to operate in the district.

The 2025 budget, which aims to create a competitive online gambling market, has paved the way for market expansion. However, this budget still requires Mayor Muriel Bowser’s signature and a 30-day congressional review. Once approved, BetMGM and Caesars Sportsbook can extend their offerings beyond their current brick-and-mortar locations, increasing their market presence which means betting online will be easier and residents will have more options.

For betting news, odds analysis, and more, visit Point Spreads Sports Magazine.

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