- Washington, D.C. has made $237,000 in sports betting revenue in a little over two months since the mobile sportsbook GambetDC was introduced.
- Experts believe more interest by residents will take place once additional operators are eligible to open up in the District, helping to gain much-needed revenue from the industry.
WASHINGTON – Washington D.C. and its mobile sports betting application GambetDC have shown very little interest among residents in the District as recent numbers have shown.
When sportsbooks were originally made a legal business, D.C. estimated a near $23 million profit through annual revenue. From May 30 through August 3, only $1.2 million was seen in handle and a paltry $237,000 in revenue.
That’s a little over 2 months of time which would mean at this rate, the industry would gain $2.37 million in revenue for the year.
That’s ten times less than their original projections for the market.
There are a number of contributing factors, like major sports being on hiatus until mid-July but other states have done much better with similar situations. That’s why people in the Washington D.C. sports betting industry are asking, what gives?
Why Is GambetDC Not Profiting As Well?
D.C. is home to only one source for online sports betting at the moment and that’s through the DC Lottery’s GambetDC application. GambetDC is operated by INTRALOT, who’s odds have been known to be lacking in some other state markets.
With only one sportsbook application and one that is not as popular as others, it’s been an uphill battle to get gamblers in the District interested in joining the platform since its roll out in late May.
“Because it is really much more of a monopoly, the odds that were being offered to consumers were not terribly appealing for them to want to place a bet,” said Sara Slane, the head of Slane Advisory, a sports gaming consulting firm. “I just think it’s been a lackluster experience so far and hasn’t really attracted the demand the city was hoping would be created.”
GambetDC could do better now that major sporting events have come back, however, it’s been said that when other sports betting operators begin to open up to people in the area, they will likely wager with them.
Neighboring states have also started to open up legal sportsbooks that residents could easily drive over and use, adding to that state’s revenue rather than D.C.’s.
While the opportunities in Washington grow for wagering on sports through other outlets, they will gain more revenue for the District, making the industry a more profitable one. But it will further hurt the revenue gains by GambetDC.
The Future Of DC Sports Betting
Washington, D.C. could still reach their marks in the years to come as the market grows bigger. The timing has not been the best with the outbreak of COVID-19 ceasing most sporting events.
And having only one choice for a sports betting outlet which is one that is known for having less attractive betting odds has lessened the activity by avid sports bettors.
At any rate, the District will still see more revenue from their legal sports betting industry now that William Hill sportsbook has opened in Capital One Arena and other venues are slated to open in the near future.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.