Washington DC's December Betting Handle Shows Decline
LISTEN TO THIS ARTICLE:In December, the sports betting landscape in Washington, D.C., painted a picture of contrasting trends. The total sports betting handle for the month stood at $15.3 million, marking an 18.2% decline from the figure of $18.7 million recorded in December 2022. Moreover, this decline also represented a 10.5% dip from November 2023's handle, which amounted to $17.1 million.
However, amidst this apparent setback in betting activity, the approved sports betting operators managed to extract positive news in the form of an uptick in gross gaming revenue (GGR). For December, these operators collectively generated a GGR of $2.5 million, showcasing a notable 4.2% increase compared to the same month in the previous year, where the GGR was $2.4 million.
More strikingly, this revenue surge represented a staggering 108.3% rise from November 2023, when the GGR stood at $1.2 million. This remarkable increase in revenue was primarily attributed to the high operators' hold percentage, which soared to an impressive 18.9% for the month of December.
Caesars Maintains Lead in DC
In terms of individual operator performance, Caesars emerged as the frontrunner in the market for December. Caesars raked in a total handle of $5.3 million, with revenue amounting to $889,481. In the second position was Gambet, operated by the DC Lottery and powered by Intralot, with $837,595 in revenue stemming from $5.7 million in bets.
FanDuel, owned by Flutter Entertainment, reported revenue of $446,410 from $1.1 million in total wagers. BetMGM, on the other hand, managed to garner $2.8 million in bets but yielded relatively lower revenue at $284,980.
Grand Central, in collaboration with Elys Game Technology, achieved $72,627 in revenue from $417,402 in sports wagers. Cloakbook, while comparatively smaller in scale, still contributed to the market with $2,508 in revenue from $13,300 in total bets.
These statistics demonstrate the dynamic and ever-changing nature of the sports betting industry in Washington, D.C. While the handle experienced a downturn, the operators found ways to capitalize on their revenue, showcasing the resilience and adaptability of the market in the face of evolving circumstances. As the industry continues to evolve, it will be intriguing to observe how these trends fluctuate and shape the landscape in the coming months.
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