Fanatics Sportsbook announced Thursday it has gained access to the Washington D.C. mobile sports betting market through a partnership with the Washington Spirit of the National Women's Soccer League (NWSL).
The District of the nation's capital overhauled its mobile sports betting dynamic earlier this summer when it opened sports betting beyond the previous system run by the DC Lottery. Fanatics is the latest mobile operator to set up shop, along with DraftKings, FanDuel, BetMGM and Caesars. The latter three had been in the District previously, but were only allowed to operate within a two-block radius of their arena or stadium tether when the DC Lottery used Intralot to power its much-maligned GambetDC product.
“As we continue to build out our sports betting business, we are excited to partner with the Washington Spirit,” said Ari Borod, Chief Business Officer, Fanatics Betting and Gaming. “We will look to grow the Fanatics Sportsbook alongside the growing popularity of women’s soccer and women’s sports generally across the country.”
Both District-area soccer clubs now have partnerships with sportsbooks. FanDuel partnered with DC United of Major League Soccer to offer retail sports betting at Audi Field starting in July 2022.
"We're excited to announce our groundbreaking partnership with Fanatics Sportsbook," said Washington Spirit CEO Kim Stone. "This is another indication of the momentum surrounding the Spirit and women's sports. This collaboration gives us the chance to enter the sports betting space with a trusted brand, all while staying true to our commitment to integrity, empowering women, and creating great experiences for our fans."
A Continually Evolving Sports Betting Marketplace
Fanatics entering the nation's capital for online sports betting gives the District five sportsbooks for bettors to choose from, all notably better than Gambet DC. DC Lottery earlier this week pivoted to have Caesars operate its 50-plus kiosks across the District. FanDuel had the opportunity to be a de facto monopoly after being sub-contracted by Intralot for DC Lottery, but moving into a competitive market and knocking down its tax rate in half to 20% proved too good an opportunity to pass up.
The Office of Lottery and Gaming has yet to publish August figures beyond those of Gambet's, so it is uncertain how market share is being attained by the District's operators. In July, FanDuel's accounts tethered to Audi Field generated $10.2 million handle, while it reported another $9.9 million in accepted wagers operating via the DC Lottery.
Despite all the upheaval, there have been substantial year-over-year increases in both revenue and handle in the nation's capital. Sports betting revenue in the first seven months of 2024 has more than doubled to $21.4 million, while wagering is up 65.4% to $162.8 million.
Taxes, though, are $748,600 off last year's pace at nearly $4.3 million. That gap, though, could shrink fast with marketplace leaders DraftKings and FanDuel paying 20% levies on their revenue.
