So long, GambetDC, there s a new player coming to Washington, D.C.
According to the beleaguered operator, is tentatively scheduled to be operational in Washington, D.C., on Monday, April 15. The final day sports bets can be placed through GambetDC, will be Sunday, April 14.
The Office of Lottery and Gaming (OLG) announced in March it had a deal with FanDuel to be Washington, D.C.,’s lone sports betting operator, taking over for the troubled and much-maligned GambetDC.
FanDuel in, GambetDC Out
FanDuel will officially be the new sports betting subcontractor for Intralot, Inc., OLG’s lottery and sports betting system vendor.
Once it goes live on Monday, April 15, GambetDC will stop accepting sports bets from customers. According to the GambetDC FAQ section, any open bets for events prior to July 1, 2024, will remain open until the bet is settled. Any bets for events after June 30, 2024, will be cancelled and customers will be provided refunds of their stakes for those bets.
Users can withdraw funds from their GambetDC account through Oct. 15, 2024.
Under the agreement, Washington, D.C. sports betting customers will gain access to FanDuel’s sports betting app, as well as its website and retail platforms.
According to a FanDuel statement, the sports betting company guaranteed the District it will provide a minimum of $5 million in tax revenue for the upcoming contract year, July 2024 through July 2025. Every year thereafter the operator guarantees at least $10 million per year for the following four contract years, for a guaranteed total of $45 million in revenue over its first five years of operation in the District.
However, FanDuel’s own projections estimate more than $119 million for the District in tax revenue for its first five years.
As part of the deal, GambetDC’s existing in-store sports betting kiosks will be replaced by FanDuel’s on a phased basis. FanDuel will also assume $2 million to $4 million in annual sports betting operating expenses, including payment process, promotions, marketing, and retailer commissions and payouts.
New Sports Betting Bill Introduced
FanDuel may also have additional competition if one Washington, D.C., lawmaker gets his way.
Washington D.C. council member Kenyan McDuffie recently introduced the that would expand Washington, D.C. s sports betting market to potentially include up to seven online sports betting skins. A sports betting operator would be required to partner with a Washington, D.C. sports franchise that plays 90% of its home games in the district. This would leave the follow franchise and stadiums eligible for an online sports betting license under his bill:
Audi Field
Capital One Arena
DC United
Nationals Park
Washington Capitals
Washington Nationals
Washington Wizards
Currently, Caesars Sportsbook hosts a retail sportsbook at Capital One Arena, FanDuel hosts a retail sportsbook in Audi Field, and BetMGM hosts a retail sportsbook in Nationals Park. While FanDuel will soon be allowed to offer online sports betting throughout the district, BetMGM and Caesars Sportsbook can only offer online sports betting to customers who are within a two-block radius of their retail sportsbook.
