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.