Not only could the Washington DC area lose two sports teams, they may also not have one of the best places to wager. Washington Capitals and Washington Wizards owner Ted Leonsis recently unveiled plans to relocate both teams to Alexandria, Virginia by 2028.
This move could have significant implications for the popular Caesars Sportsbook, which currently accounts for 36 percent of all DC sports betting dollars. However, there may be a glimmer of hope for the sportsbook, as Leonsis suggests that the Washington Mystics, a WNBA team also owned by his Monumental Sports Group, could potentially fill the void left by the Capitals and Wizards.
In a press conference, Leonsis expressed his commitment to expanding women’s sports and revealed his intention to host women’s games at the Capital One Arena. If the Mystics were to move to the arena, it is likely that they would continue their partnership with Caesars, providing an opportunity for the sportsbook to maintain its presence in DC. This would also give the Mystics, the only professional team in DC without an in-person sportsbook, a chance to embrace the world of sports betting.
“I also need to explain to everyone that we own Capital One Arena,” Leonsis said. “We also own the Washington Mystics. Women’s sports is transcendent. My belief is that at Capital One Arena we can host women’s sports. Our intention is to expand here, and keep Capital One Arena in DC a great place.”
In comparison, the District’s own mobile sports betting app, GamBetDC, held a 34 percent market share during the same period. While GamBetDC has the advantage of not being confined to a physical location, it still lags behind Caesars’ in-person betting location. The success of Caesars in DC is unparalleled, with their physical sportsbook outperforming even mobile sportsbooks, a rarity in the U.S. sports betting landscape.
While Caesars enjoys a dominant position in the DC sports betting scene, it does face competition from other major players in the industry. BetMGM and FanDuel, two renowned sportsbook operators, have established in-person sportsbooks at other arenas in the city. However, their mobile app offerings are limited to specific geofenced perimeters around their physical sportsbook locations.
BetMGM’s mobile app is currently restricted to users within the vicinity of Nationals Park, while FanDuel has yet to launch its mobile app, which will likely be limited to a perimeter around Audi Field. Neither location is in close proximity to the Capital One Arena, giving Caesars an edge in terms of convenience and accessibility for sports bettors.
The proposed relocation of the Capitals and Wizards to Alexandria, Virginia, not only affects the sports betting landscape in DC but also has the potential to impact the burgeoning market in Virginia. With the blessing of Virginia Governor Glen Youngkin, Leonsis’ plan could pave the way for two additional sportsbook operators in the state.
Virginia currently has two available sportsbook licenses, and if the relocation plans come to fruition, these licenses could be utilized by operators looking to expand their presence in the region. This could be an exciting opportunity for the likes of Kindred and WynnBet, who are either withdrawing or scaling down operations in other parts of the country.
