Wizards and Capitals Moves Will Impact D.C. Betting

The NBA’s Washington Wizards and NHL’s Washington Capitals will play in an entertainment area to be built in Alexandria, Virginia, according to plans released earlier this month by Monumental Sports. The two professional sports teams would no longer be able to play at Washington, D.C.’s Capital One Arena and that will impact D.C. sports betting.

“We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties, and solidifying our role as leaders at the forefront of sports and technology,” Monumental CEO Ted Leonsis, who also owns the Wizards and Capitals, said in a statement. “The opportunity to expand to this 70-acre site in Virginia, neighboring industry-leading innovators, and a great academic partner, would enable us to further our creativity and achieve next-generation, leading work — all while keeping our fans and the community at the forefront of everything we do.”

Check out the latest sports betting odds at Caesars.

Relocating the two franchises outside of the nation’s capital might have a big impact on sports betting in the District, even if it is scarcely the main topic of the proposed framework agreement. Despite Gambet having the most mobile access of any operator in Washington, D.C., Caesars Sportsbook’s retail facility at Capital One Arena is well-liked and generated a bigger betting handle ($6.1 million) in November than GambetDC ($5.9 million). The Caesars Sportsbook mobile app is limited to use while one is two blocks away from Capital One Arena.

Monumental intends to maintain Capital One Arena as an operational venue in the event that the relocation to Virginia is approved. The organization intends to move the Washington Mystics of the WNBA into the arena in addition to continuing to hold comedy shows, concerts, and other events there.

Caesars could stay in the District if it continued to use Capital One Arena, but the sportsbook would miss out on the opportunity to draw in customers for Capitals and Wizards games. The sportsbook may face particular difficulties in matching its prior handle and revenue figures in the event that non-sporting events take the place of Capitals and Wizards games.

Do concertgoers have the same interest in going to a sportsbook as do fans of professional sports? Even though Mystics games wouldn’t draw as many spectators as Wizards and Capitals games put together, might they draw enough sports enthusiasts to maintain the sportsbook’s viability?

It is unclear how Caesars Sportsbook and the D.C. economy will be affected in the near future. Since the facility probably wouldn’t open until late 2028, Caesars would have plenty of time to make any necessary adjustments to Capital One Arena. It’s also possible that if Virginia lawmakers approve the project, the framework agreement will fail.

The Wizards and Capitals’ departure from Capital One Arena may have an effect on Caesars Sportsbook, but a more significant and urgent sports betting issue is coming up in the District. Since its debut, GambetDC, the lottery’s sports betting platform run by Intralot, a third-party provider, has drawn a lot of criticism. The betting app from Gambet frequently has poorer odds than those of national operators, a confusing user interface, and unsatisfactory customer support.

Sports bettors in Washington and several previous and present D.C. Council members have long advocated for changes to the sports betting industry. Due to the lottery’s five-year agreement with Intralot expiring in July 2024, the council will need to make a decision soon about whether to stick with GambetDC or give big operators like BetMGM and FanDuel access to the District’s mobile market.

Check out the latest sports betting odds at Caesars.