ESPN Bet will expand its mobile sports wagering operations to Washington, D.C. through a new strategic partnership with Monumental Sports & Entertainment, owned by billionaire Ted Leonsis.

The partnership, pending regulatory approval, will enable ESPN Bet to operate its online sportsbook in the nation's capital. This collaboration aims to enhance fan experiences through integrated marketing initiatives.

Monumental Sports & Entertainment owns several major sports franchises, including:

• NBA Washington Wizards
• NHL Washington Capitals
• WNBA Washington Mystics
• Capital One Arena
• EagleBank Arena
• Monumental Sports Network

The deal includes media presence rights at Capital One Arena, though the arena's retail sportsbook will remain operated by Caesars Entertainment. Washington D.C. will become ESPN Bet's 20th operating jurisdiction in the United States.

Key Partnership Details:

• Sports betting license fee: $500,000 (one-time)
• Annual renewal fee: $250,000
• Revenue tax rate: 10%

This expansion follows Penn Entertainment's $1.5 billion, 10-year agreement with ESPN to use the sports media company's brand for its betting operations. The timing is particularly favorable as D.C. recently ended Intralot's GambetDC online monopoly, opening the market to more operators.

Despite D.C.'s relatively small population of 702,000, the market shows promising potential. November 2023 saw $68.2 million in sports betting handle, with FanDuel leading the market at $35.5 million through its online and retail operations at Audi Field.

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