Following DraftKings’ announcement anticipating a launch in Washington, D.C. earlier this week, the Boston-based sportsbook operator is now officially live for sports bettors to wager on in the District of Columbia.
DraftKings has now launched in its 29th betting market in North America after successfully leveraging its market access agreement with D.C. United, a professional soccer team competing in the MLS.
“DraftKings has officially launched its online sportsbook in Washington, D.C. In addition to generating meaningful tax revenue to the District of Columbia and local communities in the area, we are thrilled to be able to offer our engaging platform complete with responsible gaming safeguards that encourage responsible play,” the company said in a statement Thursday night. “Thank you again to the entire D.C. Council for their support in expanding mobile sports betting in the nation’s capital, and to D.C. United for their collaborative efforts to further elevate fan engagement.”
A new era of sports betting in Washington, D.C.
Last week, a new era of D.C. sports betting began in Washington, with FanDuel leading the way after replacing GambetDC in April. After going dark following a brief budget dispute with the D.C. mayoral office, FanDuel is now joined by DraftKings, BetMGM, and Caesars Sportsbook.
DraftKings, Caesars, and BetMGM all entered the D.C. marketplace thanks to recent regulatory changes following the Sports Wagering Amendment Act of 2024 being passed in May. This resulted in expanding the D.C. marketplace to include other online sportsbooks, following an underwhelming four-year period exclusively offering GambetDC to D.C. sports bettors.
Caesars and BetMGM were previously only available in a two-block radius around their retail sportsbook locations in D.C., located at Capital One Arena and the Nationals Park. Now, with DraftKings entering Washington, D.C. via their market access agreement with D.C. United, sports bettors in the nation’s capital have four prominent licensed and regulated online sportsbooks to place bets via mobile app and website.
FanDuel shattered Gambet DC’s revenue after taking over during its first month of operation in D.C. back in April, recording $36.4 million in betting handle, leading to $5.63 million in revenue with a 15.5% hold rate. In comparison, GambetDC’s highest-performing monthly revenue hit $4.43 million in November 2021. GambetDC only brought in $4.3 million in tax revenue in four years, while FanDuel hauled in $544,600 in tax revenue during April, with a year-to-date total valued at $1.4 million.
By bringing in three other highly reputable sportsbook operators, Washington, D.C. officials should be optimistic about the projected tax revenue the District of Columbia will earn in 2024 and beyond. GambetDC’s four-year tax revenue estimations were set at $84 million back when it launched in 2021, so there’s roughly $80 million in revenue to collect, which appears to be on track with operators like DraftKings and FanDuel finally entering the marketplace.
