FanDuel Posts Impressive June Numbers in D.C. Amid Market Expansion

After years of disappointing returns, Washington D.C.’s sports betting market has finally taken off.

June revenue numbers for the nation’s capital are out, and they are impressive. The district revealed that they saw a handle of $29.6 million in June. Those numbers were driven by the addition of FanDuel, which accounted for $23.2 million of that total. The month represented a 166% increase from 2023, leading to $1.5 million in tax revenue.

The impressive totals show how effective FanDuel has been in the growing market. A few months ago, the district made a deal with the industry leader to become the only online operator. The move came after issues plagued the D.C. Lottery’s GameBetDC platform. Users reported problems using the platform and were unimpressed by the odds and promotions offered.

The district’s City Council decided to ditch the embattled platform for an established operator, which is where FanDuel stepped in. The platform’s reputation was enough to bring bettors back, leading to an impressive spike in numbers. 

FanDuel’s Short Run as Lone Operator Ends

June marks the final month that FanDuel will be the online operator available across the district. Despite its deal to take over the market, the City Council recently created additional operating licenses to bring in other platforms. FanDuel decried the move, calling it a betrayal after it had made a significant investment in the district.

Several other sportsbooks have gone live in the district over the last month. DraftKings, Caesars, and BetMGM are all now licensed for online sports betting, three of FanDuel’s top competitors.

The question now is how the market will respond to the quick expansion. FanDuel has argued that more sportsbooks will not lead to more revenue, given the market's small size. However, proponents believe a more competitive market will give bettors more reason to place their sports bets online.

Other small US markets will closely watch the district’s market response to the expansion.