DraftKings Plans to Join DC Sports Betting Market
Leading gambling operator DraftKings has announced its plans to launch its platform in Washington, DC’s newly regulated mobile sports betting market.
Washington DC online betting transitioned from a monopoly to a competitive model on July 17. (Source: Thuan Vo, Pexels)
LISTEN TO THIS ARTICLE:The operator has plans to start offering its online sports betting services throughout the District upon the switch from a monopoly to a competitive market. However, the official launch date is yet to be released as the operator awaits regulatory approvals. The transition was supposed to happen on July 15 but was shortly delayed by the city’s FY2025 budget negotiations.
On July 17, BetMGM and Caesars Sportsbook became the first operators to go live citywide with their mobile sportsbook services. Hitherto, the two operators could only offer their services to users within a two-block radius of their retail sportsbooks. On the same day, FanDuel, which had been operating citywide since April, resumed its online betting operations.
Once live in D.C., DraftKings would be live in 29 jurisdictions across North America. The operator secured market access to the city through a partnership with DC United, DC’s Major League Soccer team. The club is also partnered with FanDuel. BetMGM joined forces with the Nationals (MLB), while Caesars allied with the NHL franchise Capitals, NBA’s Wizards and Mystics in the WNBA.
We would like to thank the DC Council for creating a path to bring DraftKings’ top-rated sportsbook to the nation’s capital,” DraftKings. Together with DC United, we look forward to delivering fans a best-in-class experience through our customer-friendly product.
More Business News
From Monopoly to Competition
Until recently, Intralot, the DC Lottery's provider, held a monopoly on the DC market. In May 2020, it launched GamBet DC platform but couldn’t meet users' expectations due to its poor user experience, which led to financial struggles.
In March, Intralot decided to switch to FanDuel as its new subcontractor. FanDuel saw a remarkable 450% increase in handle in its first month compared to GamBet DC's year-over-year performance. FanDuel also generated $4.9 million in revenue, compared to GamBet DC's $711,282 in May 2023.
FanDuel was previously charged a 40% tax rate as the sole operator. However, since the market has switched to a competitive model, FanDuel’s agreement with the city is no longer valid, and it will now pay a 20% tax rate, the same as other operators in the market.
RELATED TOPICS: Business
Latest News
Most Read
Virginia, Arkansas, and Missouri to Vote on New Gambling Initiatives
Nov 05, 2024Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for DraftKings Plans to Join DC Sports Betting Market