The nation’s capital went from the obscure GambetDC app to national powerhouse FanDuel DC as its official sports betting partner.
DC sports betting soared in the aftermath, but Virginia and Maryland didn’t lose much momentum to their swanky new neighbor.
May was the first full month since FanDuel Washington DC went live as a potential DMV competitor. FanDuel has about 40% of the market share in the Old Dominion state. It’s a prominent option for Maryland bettors as well.
Despite FanDuel DC’s arrival in the Beltway:
- Virginia sports betting volume was up 25.2% in May 2024 compared to the same month in 2023.
- Maryland sports betting was up 34.8% year-over-year (YoY) for the month of May.
Virginia Sports Betting Numbers Remain Strong
The Virginia Lottery reported $505.6 million in May 2024 bets, which is up from $403.7 million in May 2023. Virginia sports betting operators paid out $445.6 million in winnings, which allowed them to keep 11.86% of the month’s betting transactions.
Bettors overwhelmingly preferred online sports betting over in-person bets at the casinos in Bristol, Danville, or Portsmouth. About 99% of Virginia sports betting transactions took place through the state’s 11 sportsbook sites and apps.
Virginia taxes sports betting revenue at 15%. For May 2024, the state collected $8.1 million in taxes from nearly $53.6 million in taxable revenue. About $202,000 will go to the state’s responsible gaming fund. The rest is earmarked for education as part of the general fund.
Maryland Sports Betting Surged in May
Maryland’s sports betting volume doesn’t match Virginia’s, but it grew at a faster YoY rate in May. The state’s sportsbooks collected $431.5 million in wagers in May 2024, compared to $320.2 million for the same month in 2023.
Maryland sports betting operators paid out about $51.1 million to Maryland gamblers, which means the house kept about 11.8% of the money that changed hands in May 2024.
Like Virginia, Maryland bettors typically don’t plan casino trips to place their sports bets in person. Online sports betting accounted for 97.2% of May’s transactions.
Maryland also matches Virginia’s 15% tax rate. In May, that meant the state collected nearly $7 million from Maryland’s $46.6 million in taxable revenue.
Since betting began in December 2021, Maryland has directed $82.7 million to the state’s education program and about $3.1 million to the state’s problem gambling fund.
FanDuel DC Spikes District Betting Interest
GambetDC averaged about $6 million in bets per month before FanDuel took over the DC market on April 15. After one full month, Washington, D.C., bettors placed $29.7 million in May 2024 bets at FanDuel.
Sports betting generated about $2.17 in revenue per capita with GambetDC from September to February, according to the Office of Lottery and Gaming. FanDuel, meanwhile generated about $19 per capita in its first 30 days.
Office of Lottery and Gaming Director Frank Suarez said FanDuel will give the city “access to a best-in-class sports wagering platform.”
“FanDuel’s entry into our market brings not only a reliable, customer-friendly sports wagering experience to the nation’s capital, but it also includes guaranteed revenue that will be used to fund vital city programs.”
FanDuel is available throughout the District, with the exceptions of federal lands, including:
- the National Mall
- White House
- Capitol
- Congressional office buildings
- East Potomac Park, and
- Rock Creek Park.
The app also isn’t available within two blocks of Audi Field, Capital One Arena, Nationals Park, and St. Elizabeths Arena. Those zones are blacked out to preserve retail sports betting partnerships, including Caesars and BetMGM.
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