The company stated that they misunderstood the market believing that casual bettors weren’t looking for highly competitive odds.
The Washington D.C. Office of Lottery and Gaming (OLG) has announced that FanDuel is the new sports wagering subcontractor for Intralot, the OLG’s betting vendor.
As part of the deal residents of Washington, D.C. will get access to FanDuel’s sports betting app as well as its website and retail platforms. GamBetDC’s retail kiosks will be replaced by FanDuel’s on a phased basis.
Frank Suarez, Executive Director of OLG said of the deal:
“FanDuel’s industry-leading offering will ensure that the District maximizes tax revenue under its existing contracts this year while delivering a best-in-class experience for 18+ residents.”
The app will launch at some point in Spring but no exact date has been provided. The deal includes a one time payment of $5 million from Intralot which must be paid within the current fiscal year.
End of a Contentious Period
In 2022, the lottery reported that GamBetDC cost the district an estimated $4 million (€3.65 million) during its first full year of operation.
The OLG has been criticized for offering poor odds on sports betting markets.
According to the Lottery, GamBetDC lost millions throughout 2021 as a result of significant investment in marketing and lower-than-predicted revenues across the year. The following year GambetDC posted $2.7 million in revenue while D.C. had originally estimated $20 million in annual revenue.
An experienced iGaming commentator and analyst based in New York City – Jenny reports on regulation and gambling industry news and events.
FanDuel, one of the leading online sports betting platforms in the United States, has announced plans to expand its mobile sports betting operations to Washington D.C. This move comes as the company continues to capitalize on the growing popularity of online sports betting in the country.
The expansion into Washington D.C. is a strategic move for FanDuel as the city has recently legalized sports betting, opening up a new market for the company to tap into. With its user-friendly interface and wide range of betting options, FanDuel is well-positioned to attract a large number of customers in the nation’s capital.
One of the key advantages of FanDuel’s mobile sports betting platform is its convenience. Users can place bets from anywhere within the city limits, making it easy for sports fans to wager on their favorite teams and events without having to visit a physical sportsbook.
In addition to its convenience, FanDuel also offers a wide range of betting options, including traditional sports like football, basketball, and baseball, as well as more niche sports like golf and tennis. This variety ensures that there is something for every type of sports fan to bet on.
Furthermore, FanDuel’s platform is known for its competitive odds and promotions, giving users the opportunity to maximize their winnings and enjoy a more rewarding betting experience. With its expansion into Washington D.C., FanDuel is poised to become a major player in the city’s sports betting market.
Overall, FanDuel’s decision to expand its mobile sports betting operations to Washington D.C. is a smart move that will benefit both the company and sports fans in the city. As online sports betting continues to grow in popularity across the country, FanDuel is well-positioned to capitalize on this trend and establish itself as a top player in the industry.
