FanDuel is less than a week away from making its debut in Washington, D.C.
The fantasy and sports betting operator has announced that it will go live with online sports wagering in the nation’s capital on April 15 as part of its takeover of GambetDC. FanDuel is entering the D.C. gaming market after the district’s Office of Lottery and Gaming (OLG) announced the operator as a subcontractor of Intralot last month.
Since 2019, Intralot has powered GambetDC, which holds exclusive rights to online wagering in D.C. GambetDC has received complaints from bettors across D.C. for unfavorable odd and poor performance. As a result, the OLG has enlisted FanDuel.
FanDuel will continue to operate in D.C. under its closed market, which restricts the use of non-exclusive sportsbooks outside a two-block radius of the district’s pro sports facilities. The venues including Capital One Arena, Audi Field, and Nationals Park. As part of FanDuel’s takeover, the operator will also have takeover GambetDC’s retail operations.
The changing of the guard is estimated to create new economic opportunity in D.C.
Intralot is required to pay the OLG an initial $5 million within FY2024. Since 2020, GambetDC has added $4.3 million to D.C.’s economy compared to a projected $84 million.
Lawmaker aims to give FanDuel competition
Last month, council member Kenyan McDuffie announced plans to introduce a bill, the Sports Wagering Amendment Act of 2024, to create an open betting market in D.C.
McDuffie’s bill proposes to amend D.C.’s lottery and gaming law to include a new class of wagering licenses for online operators. Under the measure, the Class C licenses would be granted in partnership with pro sports teams. Operators that are awarded a license are required to pay a $2 million fee for a five-year term. To renew, operators pay $1 million.
A 30% tax on sports betting revenue will also be levied against licensed operators.
