The DC sports betting market was a two-operator industry before June. GambetDC, which is run by the local lottery, and William Hill have controlled the market since the industry launched. Although, William Hill has been virtually unopposed because of the juiced odds on GambetDC. Additionally, state-run sportsbooks typically fall short of industry conglomerates.
The tides are beginning to turn in the Washington DC market because BetMGM went live in June. BetMGM, which gained market access through a deal with the Nationals, is expected to give William Hill trouble in the jurisdiction. It will also likely remove revenue from GambetDC, but this was expected when BetMGM was granted a share of the market.
BetMGM has a lot of work to do before William Hill starts seeing an effect on its numbers. The sportsbook did not perform well in its first 21 days versus William Hill. Nevertheless, it takes time to build a following, and the launch of BetMGM will indefinitely shake up the industry in the future.
June Financial Breakdown
William Hill has consistently dominated the DC market, and this has not changed in 2021. The company’s total handle was $15.7 million in 2021, which accounted for 80.4% of the June market share.
GambetDC collected $3.4 million in bets, and this accounted for $517,990 in revenue. $15.7 dwindled to $1.592 million in revenue, which was nearly three times GambetDC’s total. GambetDC is available throughout the jurisdiction on mobile devices. This is not the case for William Hill or BetMGM.
William Hill can only be used at Capital One Arena’s sportsbook or on mobile within two blocks of the stadium. BetMGM is available on mobile as long as bettors are within a two-block radius of Nationals Park.
BetMGM struggled in its first month because of its limited availability. There is no retail sportsbook currently at Nationals Park, so bettors had to travel to the stadium to place a wager within the legal limits.
BetMGM collected most of its bets when the Nationals had a home game. In 21 days, the sportsbook collected $376,662 in bets with $81,070 in revenue. The total handle for all three books was $19.5 million, which resulted in $2.191 million in revenue.
BetMGM Needs a Sportsbook
It was not surprising to see BetMGM struggle in its first month in Washington DC. BetMGM and William Hill require bettors to be in a specific area of the jurisdiction to wager. William Hill is partnered with Capital One Arena, and the groups just launched a luxury sportsbook.
Before this, there were betting kiosks set up at the facility. This location was the first retail sportsbook inside a professional sports venue, so it has attracted many residents of DC. BetMGM does not have a sportsbook yet, and the platform just launched.
The sportsbook must garner a following, but this will happen in time. A retail sportsbook is expected to open outside the centerfield gate by the end of the summer. This property will operate all year with a full-service bar and restaurant. BetMGM’s numbers should improve in the coming months, especially once the gambling facility is opened.