FanDuel is officially Washington D.C.’s exclusive provider of regulated sports betting.
The daily fantasy sports and gambling giant has launched operations in the nation’s capital as part of its takeover of GambetDC. FanDuel made its debut in D.C. on April 15 following approval by the Office of Lottery and Gaming (OLG) as a subcontractor of Intralot. The Greek gaming solutions supplier powered GambetDC, which received complaints from bettors in the district over complexity and poor performance. As a result, the OLG tapped FanDuel to be its exclusive operator.
“With FanDuel’s launch, D.C. residents and visitors will have access to a best-in-class sports wagering platform,” said OLG Executive Director Frank Suarez. “FanDuel’s entry into our market brings not only a reliable, customer-friendly sports wagering experience to the nation’s capital, but it also includes guaranteed revenue that will be used to fund vital city programs.”
FanDuel’s presence in D.C. is projected to generate up to $119 million in tax revenue over the next five years, which includes a $5 million conversion fee paid to the district’s General Fund this year. FanDuel could spend between $2 million and $4 million annually on sports betting operating expenses, including marketing, promotions, and retailer commissions.
Bettors placing wagers on FanDuel in D.C. will have to do so outside of federal land as the operator is restricted at the National Mall, White House, Capitol, and Congressional office buildings. FanDuel is also prohibited at East Potomac Park and Rock Creek Park.
The operator will also be replacing GambetDC’s retail betting terminals across the district. 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.
FanDuel is poised for success in D.C. as the operator continues to drive profits in neighboring markets.
The operator generates roughly $265 million in gross gaming revenue annually in Maryland behind a 50% market share. In Virginia, FanDuel generates approximately $256 million in revenue each year with the same market size.
