Featured image link:
Washington DC has struggled to build up its sports betting industry, and the April numbers highlighted this fact. While April sports betting numbers are expected to drop throughout the United States, Washington DC was hit exceptionally hard.
One trend that is unique to Washington DC is that retail sports betting continues to be the most popular betting option, and that gap continues to grow. GambetDC is the online sports betting option in the district, and it posted record-low numbers in April.
GambetDC reported just $2.74 million in total sports betting handle for the month, lower than even the pandemic-era numbers. The total sports betting handle for April in DC was $10.74 million, and that accounts for both retail and online.
William Hill offers retail sports betting at Capital One Arena, and that site brought in $8 million in wagers during April. That was a drop of nearly $3.5 million from March, but the NCAA Tournament provided a big boost to the entire US sports betting industry.
2021 was expected to be a strong year for the online sports betting industry in Washington DC, but the numbers have been going in the wrong direction since January. Online sports betting handle for January was $5.2 million, and it has dropped every month since.
The retail sports betting handles have also been declining, and it has failed to keep up with some surrounding states. Sports bettors in DC are simply choosing to travel to states like Virginia, where they can place a mobile bet at a top operator.
There have been some attempts by lawmakers to change the sports betting rules and regulations, but nothing appears to be imminent.
GambetDC Not a Fan Favorite
Customers have continued to complain about the odds on the GambetDC app as they are not as fair as some other sites. Since GambetDC is the only online option, it does not have to compete with other sites when setting odds.
The hold rate at GambetDC in April was nearly 20%, and the national average is somewhere less than 8%. William Hill also posted a high hold rate for April, but that hasn’t been the case in past months.
Intralot powers the GambetDC app, and that company has faced criticism in other states with sports betting as well.
Increase in Tax Revenue
The most important figure for the government in Washington DC is the tax revenue that is brought in, and April actually represented a big month. It’s unclear how much tax revenue was paid by GambetDC, but the other sports betting options saw a better month of April.
According to this report, sports betting tax revenue from sportsbooks other than GambetDC was $155,147. This is an increase of nearly 35 percent from March and signals more competition coming for GambetDC.
Retail sportsbooks are starting to be offered at professional sports stadiums and arenas, and these prove to be better options than facing the high vig at GambetDC online.