In April, DC’s sports betting revenue totaled $5.3 million, down 33.3% from the same month last year. The decrease was driven by a drop in football betting, which generated $4 million in revenue in April, down from $6.1 million in the same month last year.
The decline in football betting is likely due to the COVID-19 pandemic, which caused the cancellation of the NCAA Tournament and the postponement of the NFL Draft. Football is typically the most popular sport for bettors in DC.
DC’s sports betting market has been relatively slow to take off compared to other states. In its first full month of operation (September 2018), DC generated just $339,000 in revenue from sports betting. However, the market has grown steadily since then, with revenue reaching a peak of $13.4 million in March 2020.
The pandemic has caused a significant decrease in sports betting activity across the country. In Nevada, the nation’s largest sports betting market, handle (the total amount of money wagered) was down 56% YoY in April. Similarly, handle in New Jersey was down 62% YoY in April.
The decrease in sports betting has had a ripple effect on the casino industry, which relies heavily on revenue from sports books. In Nevada, casino revenue was down 60% YoY in April, while in New Jersey it was down 61% YoY.
DC’s sports betting market is still small compared to other states, but it is expected to grow significantly in the coming years. With the return of live sporting events and the opening of new casinos and sportsbooks, DC is poised for a banner year in 2021.
