Sports Betting Operators in Washington DC Absorb Losses in January

Sports Betting Operators in Washington DC Absorb Losses in January

Washington DC

In January, sportsbooks in Washington, DC, reduced their rates. While the sportsbooks’ observed decline in handling was hardly noticeable, the decline in income was much more significant and had a much bigger impact.

The present trend demonstrates that betting on sports is continuing to be the hobby of choice for millions of people living in the United States. The number of jurisdictions that allow gambling on sporting events continues to grow, which has led to a boom in the betting sector.

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Even though things are mostly good, the growth trend is not universal, and there are some exceptions. This is true despite the fact that things are generally looking up.

For example, sportsbooks opened in Washington, DC, in 2023, but they didn’t do very well. This caused sports betting revenue to go down. According to the reports, the amount of money wagered and the amount of money earned by sports betting organizations both decreased slightly.

The operators’ results were worse than what had been reported the month before, and they were worse than what had been reported during the same time last year.

A Drop Was Observed in Sports Betting in Washington DC

The total amount that players spent was $18.5 million, according to the data provided by iGaming Business. This is a drop of just 0.5% from the previous year, which isn’t very noticeable when compared to January 2022, when DC players bet a total of $18.6 million.

The total also represents a decrease of 1.1% from the previous month, which was December of the previous year and saw the DC sportsbooks bring in a handle of $18.7 million.

Even though there was just a modest decrease in player spending in the District of Columbia’s sports betting market, revenue from the vertical took a nosedive. The disclosed data suggest that gross gaming revenue from the sports betting sector was just $1.5 million. This number equates to a decrease in sales of 25% year over year and a staggering drop of 37.5% month over month.

For the sake of comparison, the total revenue generated from sports betting in Washington, DC, was $2.0 million in January 2022 and $2.7 million in December 2022. Given that the FIFA World Cup was held a month earlier, it is possible that the decline can be attributed to the seasonality of elite sporting events. If this is the case, then the explanation makes sense.

iGaming Business also published statistics on sports betting operators’ specific performance. It was discovered that Gambet, a sports betting company run by the District of Columbia Lottery and powered by Intralot, was the most successful of the three. The total amount that customers bet on sports was $8.8 million, which brought in $862,723 for the company.

With a revenue of $371,851, Caesars Entertainment was the company with the second-best overall performance. The gaming giant also recorded a handle of $6.4 million for its sports betting operations.

Following that came FanDuel, which had a total of $1.6 million in wagers placed by customers, leading to $236,139 in income for the company.

Over the same time period, Grand Central Bar reported revenue of $41,679 from a total handle of $401,724. On the other hand, Cloakbook said it had transactions worth a total of $10,524, but it only made $2,812. BetMGM was unable to post a profit and, as a result, had a loss of $20,763.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.