Washington DC sportsbooks see handle drop for second straight month

By Gambling Insider

December 2021 has seen a decline for the second consecutive month for larger sports betting operators in Washington DC, in terms of total wagers accepted. In addition, larger sports betting operators within the city saw a dip in revenue and hold percentages. Whilst, in contrast, the smallest sportsbook in the area continues to rise in terms of success. 

As a total, the district’s four sportsbooks accepted $19.2m from bettors; this represented a 10.3% drop from November’s $21.4m in wagers; and an even larger fall from October which saw a record-setting $26.3m handle.  

Revenue from Washington DC sportsbooks saw a 68.5% drop from November’s $4.4m winnings, down to $1.4m in gross gaming revenue from the $19.2m handle.

Hit the hardest was Caesars by William Hill, a retail sportsbook at Capital One Arena, as well as GambetDC, a local online betting operator. Combined, they possess almost 85% of the market share but both saw a drop in total handle, revenue and hold percentage. 

Caesars gained $572,583 from a handle of $11.4m which equals a 5% hold alongside a drop from the month before. It also recorded a $13.9m handle and a 21.8% hold in November, leading to revenue of $3m

GambetDC also saw declines but of a less dramatic nature to Caesars. It reported a handle of $5m and revenue of $665,718 equally a 13% hold. These stats for December follows a previous month which saw a $5.2m handle, $1.1m revenue and a 20.5% hold. 

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