Washington DC Sees Slight Uptick In February Sports Betting

• Washington DC’s February sports betting handle saw an increase from January’s.
• GambetDC saw a 10.4% decline in its sports betting handle from January to February

WASHINTON – Washington DC sportsbooks bounced back to an above average monthly sports betting handle in February, but still fell short of previous records.

February Come-Back

After setting a record-breaking monthly sportsbook handle of $26.3 million in October of last year, Washington DC’s sports betting market dipped.

In January, Washington DC’S four regulated sportsbook operators reportedly only handled $18.6 million, marking a 29.2% drop from their October peak.

In February however, this number was pulled back up to over $19.1 million, marking a –% month-to-month increase.

Monthly Sports Betting Handle Comparison

• October Sportsbook Handle: $26,332,228
• January Sportsbook Handle: $18,627,789
• February Sportsbook Handle: $19,072,856

February Sportsbook Revenue Breakdown

While residents did place more wagers resulting in a higher sports betting handle, Washington’s regulated sportsbooks ended up making less overall revenue in February.

Washington DC has four regulated sportsbooks for residents to choose from, three of which are retail-only, and the last of which is online.

Individual Sportsbook Revenue

1. Caesars By William Hill Revenue: $60,924
2. GambetDC Revenue: $440,409
3. BetMGM Revenue: $189,576
4. Grand Central Revenue: $49,632

Washington DC’s online sportsbooks saw an unexpected decline in its legal sports betting handle from the previous month, only receiving $3.9 million in February. This is a 10.4% drop from the $5.7 million handle the online sportsbook experienced in January

From the $11.3 million handled by Caesars, the sportsbook only grossed $60,924, and BetMGM’s hold percentage fell from 7.8% to 5.5% month-to-month.

GambetDC saw hold percentage from online bets fall from 16.6% down to 11.2%.

The cause for this loss of profits for sportsbooks could be due to Maryland recently launching a regulated sports betting market of their own last December, meaning Maryland residents traveling to DC to place thier bets would no longer have a reason to do so anymore.

News tags: BetMGM | Caesars By William Hill | GambetDC | Grand Central | Maryland | Washington DC