Sports Betting Industry NewsSports News

Washington DC Sees October Sports Betting Increase

Washington DC has had an interesting run in the legal sports betting industry, but it appears that things are finally trending in the right direction. The return of NFL football brought a boost to that market, and there was another jump in handle for October.

The total sports betting handle for the month of October was $26.3 million, a record in that jurisdiction. That was an increase of more than 27.2 percent from the $20.7 million that was recorded in September.

There are now three sports betting options in the state, but two of the biggest names in the industry are leading the way. Washington DC did see a new retail option open in October as the Grand Central sports bar is now accepting wagers.

Despite a massive jump in the total handle for the month, the gross gaming revenue actually went in the opposite direction. The revenue was just over $938,000, which was significantly lower than the $3.3 million in September.

Gambet actually reports its gross gaming revenue separately, and that operator did have a 6.1% increase in revenue. Tax revenue from the operators not named Gambet was also down more than 70 percent, and that could spell a troubling trend.

Washington DC initially believed that Gambet would be the leader in the district, but it didn’t take bettors long to notice all of the flaws with that option. With the start of the NBA and NHL in October, DC could be looking at another record-setting total in the final two months of the year.

Caesars Sportsbook Sets the Tone

It has not taken long for Caesars to emerge as the sports betting leader in the Washington DC area. William Hill used to be one of the lone options in DC, but Caesars has rebranded the sportsbook after agreeing to purchase William Hill.

The total handle for Caesars in October was $19.1 million, and that was the total at both the online app and at the retail sportsbook. Caesars has a sportsbook inside of Capital One Arena that has become popular.

BetMGM actually posted a loss for the month of October, but its partnership with the Washington Nationals will pay dividends this Spring.

DC Following a Trend

It wasn’t a surprise to see a large jump in the total sports betting handle in DC, as other states have already set that trend. September was a record-setting month for a number of states in the US, and it appears that October will be just as prosperous.

Indiana and Iowa in the Midwest are two states that always announce totals early, and each state set another record in October. The jump in Iowa was especially noteworthy as the total sports betting handle jumped by nearly 34 percent.

New Jersey is expected to announce its October numbers soon, and all eyes will be on the report. This state went over $1 billion in monthly handle in September and could be on track to shatter that record.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *