In November, Washington DC experienced a notable decline in its Gross Gaming Revenue (GGR), which plummeted to $1.2 million, marking a substantial drop from the $1.9 million reported in September and the $2 million generated in October.
This decline was rather surprising given that the total betting handle increased to $17.1 million from the $16.4 million recorded in October.
Despite the increased betting activity, it was a month of triumph for bettors, as the average hold percentage stood at a mere 7.17%.
Consequently, tax revenue also took a hit, plummeting to $122,801, marking its lowest point since August.
Comparing year-on-year statistics, Washington’s betting handle for November saw a significant decrease of 20.1%, accumulating $21.4 million in wagers in November 2022.
The GGR for November suffered a substantial 53.8% decline from the $2.6 million achieved in the same month the previous year.
The tax revenue for November 2023, at $122,801, paled in comparison to the $264,169 recorded in the corresponding month of the previous year.
This decline follows a pattern, with Washington DC’s sports betting market also experiencing a year-on-year decline in October.
Despite the somewhat disappointing November figures, there is still an improvement when compared to August of the same year when only $8.1 million was wagered in Washington DC.
Notably, Caesars Sportsbook, with an average revenue hold of 6.34% for November, although slightly below the Washington DC average of 7.17%, continues to be a strong contender in the state.
Caesars reported an impressive $6.1 million in handle for the previous month, surpassing BetMGM’s $3.9 million and Flutter Entertainment-owned Fanduel’s $804,438.
It is also noteworthy that Caesars outperformed Gambet, which is operated by the DC Lottery and powered by Intralot, in terms of handle.
Despite Caesars maintaining its position as the market leader, it did experience a year-on-year decline, with its handle being 9.9% lower than in November 2022.
Additionally, its GGR was less than half of the $919,830 it generated in the same month the previous year.