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The betting landscape in Washington, D.C., has shown signs of a modest upturn after a period of relative stagnation, but revenue dipped drastically last month.
Although November witnessed a slight 4.3% month-over-month rise in DC sports betting handle, this growth did not translate into increased gaming revenue as the state suffered a drop. The gaming commission reported a staggering 38.6% decline in revenue compared to October.
Throughout the month, bettors in the state collectively placed bets amounting to $17.1 million, marking a $0.7 million increase from the previous month’s figures. However, a year-over-year comparison reveals a decline in Washington’s recent handle, showing a 20.1% decrease compared to November 2022, which saw a total wagering amount of $21.4 million.
Washington’s Sports Betting Revenue Nosedives
According to the latest DC Lottery report, there was a slight but notable resurgence in the monthly sports betting handle within the District. The financial report indicates a 4.3% increase in November while revenue plummeted to $1.2 million, a sharp contrast to the $1.9 million accrued in September and the $2 million generated in October.
In a year-over-year comparison, the gross gaming revenue (GGR) witnessed a stark decline of 53.8%, as opposed to the reported revenue of $2.6 million in November 2022.
This significant drop in revenue directly impacted the state’s tax earnings, resulting in a total tax revenue of $122,801. This figure is less than half of the $264,169 generated in tax revenue during the same month the previous year.
While the November reports are disappointing, the figures generated are better than those reported in August — before the NFL season kicked off. Washington accumulated $8.1 million in bets during the month. The November tax revenue of $122,801 is the lowest the state has had since August.
On the other hand, bettors had a favorable month as the average hold percentage remained at a mere 7.17%.
Caesars Sportsbook Reigns Supreme in Washington
Caesars Sportsbook emerged as the leading operator in Washington, amassing $6.1 million in wagers. Catering to winning bets, the operator disbursed a total payout of $5.7 million, resulting in a calculated gross gaming revenue of $384,907 on a 6.34% hold.
Gambet, operated by DC Lottery and backed by Intralot, secured second place with a handle of $5.9 million. Despite Caesars leading in betting handle, Gambet emerged as the frontrunner in revenue generation for November, boasting an impressive $469,457 in earnings.
BetMGM recorded a betting handle of $3.9 million while disbursing payouts totaling $3.7 million within the month. The sportsbook’s hold stood at 5.43%, resulting in a GGR of $211,525.
FanDuel secured the fourth position with a November handle amounting to $804,438. The sportsbook reported revenue of $104,189, while $700,249 was distributed to bettors through prizes and payouts during this period.
