Positive First Month In DC For FanDuel Despite Retail-Only Offering

Written By Matthew Waters on August 15, 2022
FanDuel

The first month of operations for FanDuel in DC left the company “very happy” despite its retail-only offering.

FanDuel Sportsbook at Audi Field took $710,362 in bets during July. The sportsbook held its grand opening July 8 but technically opened for a soft launch June 30.

“We have been very happy with our first month of legal sports betting in the District of Columbia,” said a spokesperson.  “… The FanDuel Sportsbook at Audi Field is quickly becoming a go to destination for sports fans looking for a great location to watch an event. It has also been a popular destination for DC United fans during game days with our pitch side views of all the great action.”

FanDuel opted against launching a geofenced mobile app, which would have allowed online DC sports betting to anyone within two blocks of Audi Field. There is no timetable for a mobile launch.

How did FanDuel compare to other operators?

While FanDuel had an impressive debut, it is far from a market leader just yet.

SportsbookHandleRevenueHandle ShareRevenue Share
Caesars$4,283,451$378,66237.8%32.5%
GambetDC$3,279,752$457,61728.9%39.2%
BetMGM$2,758,615$154,73224.3%13.3%
FanDuel$710,362$127,3606.3%10.9%
Grand Central (Elys)$313,998$47,8402.8%4.1%
Total$11,346,178$1,166,210100.0%100.0%

Caesars, as usual, led all DC operators by handle, according to Monday’s private operator report.

The DC Lottery’s Intralot-powered GambetDC, meanwhile, led all operators in revenue and had a 14% hold. The brand reportedly changed to a 90% payout model in February from 80% to better compete with private operators in DC.

Since then, hold has only fallen below 10% once. March’s hold rate was 8.2%, which is still above the post-PASPA national average of 7.1%.

Can FanDuel grab decent share without mobile?

FanDuel tends to be first or second in most US sports betting markets, but it is unclear if that will be the case in DC.

The brand is at a disadvantage when it comes to in-person events compared to the Caesars at Capital One Arena and BetMGM at Nationals Park. For example, there were four game days at Audi Field in July compared to 13 at Nationals Park.

Even with equal game days, though, bettors still have to make their way into FanDuel Sportsbook to physically place a bet, as opposed to simply being within a two-block radius to use the BetMGM or Caesars apps. That might not be as appetizing to a bettor just looking to place bets at a better price than GambetDC offers throughout the District.

If the sportsbook is turning into a go-to destination for fans as FanDuel says, though, then NFL betting could turn the leadership tides quickly.

Second-highest bet average at Audi Field

FanDuel took the fewest bets in July with 7,496 but had the second-best average bet behind Caesars.

Bettors at Caesars averaged $96.52 per bet while FanDuel bettors averaged $94.77.

Those are both a far cry ahead of GambetDC’s average. The brand took 49.2% of all bets for the month at an average of $25.77 per bet, the lowest of all five operations.

BetMGM averaged $38.87 per bet while the Elys-run kiosks at Grand Central restaurant averaged $36.26 per bet.

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Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

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