WASHINGTON — FanDuel has had a successful transition as the District's new sports wagering platform and the numbers back that up, according to the DC Office of Lottery and Gaming (OLG).
During its first 30 days of operation, the mobile sportsbook app and website garnered around $30 million in money wagered and $5 million in gross gaming revenue (GGR), which is sales minus prizes won. The first month, from April 14 through May 14, customer usage on the FanDuel saw an increase of 673% in money wagered and an 887% increase in GGR over the same period in Fiscal Year 2023.
OLG says the success conversion to the platform gives D.C. a 40% share of GGR, equaling an estimated $1.90 million in revenue.
“The transition to FanDuel, the market leader in mobile sports wagering, ensures the long-term viability of mobile sports wagering in the District,” said Frank Suarez, the Executive Director of OLG. “In addition to a 40% share of GGR and a guarantee of $5 million in revenue in its first year, the FanDuel partnership brings the benefits of a respected brand, commitment to responsible gaming, an established userbase, and a superior sports wagering experience for District residents and visitors. FanDuel’s first 30 days have not only met, but exceeded, expectations.”
From September 2023 through February 2024, the District’s per capita sports wagering revenue (tax and GambetDC revenue) was $2.71. Based on the first 30 days of FanDuel operation, OLG says it's likely that D.C.’s per capita sports wagering revenue may rise to over $19, placing it among the highest revenue generating markets in the country on a per capita basis.
In addition, GambetDC users who haven't done so already will have until Oct. 15, 2024, to withdraw their funds from the platform. The District backed FanDuel after the GamebetDC app was shown to be plagued with problems since its creation, including a glitchy system that doesn’t always work and has worse odds than those being offered by brick-and-mortar sportsbooks at Capital One Arena and Nationals Park.
If you or a loved one has a problem with gambling, the National Problem Gambling Helpline Network can be reached at 1-800-522-4700. The network is a single national access point to local resources for those seeking help for a gambling problem. Help is available 24/7 and is 100% confidential.
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