Washington D.C. Sees Rise in Sports Betting Revenue for January

Sports Betting

Washington D.C.’s sports betting handle witnessed another decline to start the new year. This is a continuation from last year that commenced in November of last year.

Sports Betting Numbers Drop to Open the New Year

The District’s handle for January brought in a combined total of a bit over $18.6 million. The figures noted a decrease of 3.1 percent when compared to December’s numbers that saw a total of over $19.2 million.

Percentage-wise, the difference in that category has gotten better as the calendar flipped to the new year. December’s handle signified a decline of 10.3 percent from November’s handle, which sportsbooks accepted a little over $21.4 million in wagers.

However, Washington D.C.’s Lottery Sportsbook, also known as Gambet, took in approximately $5.7 million compared to December’s $4.97 million. Even after a relatively slow month, gross gaming revenue increased over a month which is a good sign of momentum.

The Nation Capital’s Sports Betting Revenue Increases Despite a Lower Handle

A sportsbook operator that conducts business in the District brought in revenue that exceeded $1 million just compared to $732,989 in the month before. Gambet brought in $952,918 in January while only being able to accumulate $665,718 to close out 2021. That noted an increase of 43.1 percent.

More revenue translates to more taxes for the District. In January, Washington D.C. was able to net a total of $100,934 in taxes compared to just $73,299 in December. The figures depict an increase of 37.7 percent.

January’s numbers for some states also declined as there were fewer college football and NFL games to choose from. Other reasons could be hometown teams like the Washington Nationals are not in season.

Another factor is that neighboring states like Virginia have been a strong market in the industry with a wide variety of sportsbooks to choose from. Bettors across the state have wagered $3.2 billion since the market launched last year.

Taking a Look at February’s Sports Betting’s Potential

February could be a great month for Washington D.C. as the sports betting handle is going to factor in the Super Bowl wagers placed. Sportsbooks have the opportunity to offer promotions for the game to attract typical and casual sports bettors before the event.

Washington D.C.’s sports betting market might have hurt its chances of seeing a much larger handle for the month. The District’s sports betting market is far from perfect, but GamBet was functional before and during the biggest game of the year on Apple devices.betmgmlogo

That meant bettors had to resort to using two other sportsbooks. BetMGM opened a retail sportsbook at Nationals Park towards the end of January. The other operator that has a retail location in the D.C. area is Caesars.

There was a problem that came with using these retail sportsbooks. The law states that people who want to use these sportsbooks to place wagers on an event throughout the year need to be within a two-block radius of the respective venue to place wagers on the Super Bowl.