FanDuel Sets New Records in Washington D.C.
FanDuel has recently taken over from GambetDC as the district’s official sports betting operator. This transition, which began in mid-April, has already shown substantial results.
Impressive Financial Performance in May
FanDuel’s first full month of operation in May saw the platform generate $29.7 million in handle, resulting in $4.9 million in revenue with a 16.4% hold.
These figures set new records for the district’s sports betting market, which was initially launched during the COVID-19 pandemic in May 2020.
The previous record handle was $26.6 million, achieved in April, while the highest revenue recorded before FanDuel’s entry was $4.4 million in November 2021.
Impact on Tax Revenue
FanDuel’s performance in May also had a positive impact on the district’s tax revenues.
With a tax rate of 10%, the district received $486,071 from FanDuel alone. This contribution is notable, making up more than half of the $821,200 generated from all sportsbook sources in the first four months of the year.
The transition to FanDuel has increased betting activity in Washington D.C. The platform processed over 1.2 million bets in May, almost doubling the 685,800 bets from the latter half of April.
For comparison, GambetDC’s highest monthly volume was 250,685 bets in October 2022, and Caesars saw its peak at 197,952 bets in October 2021.
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