March Madness is one of the most exciting times of the year for sports fans, and it’s also a major revenue generator for sports betting operators. In Washington D.C., the annual NCAA basketball tournament has been a boon for the city’s fledgling sports betting industry.

In March 2021, D.C. sportsbooks reported a total handle of $39.3 million, up from $16.5 million in February. Of that total, $16.4 million was wagered on college basketball games, with the majority of bets placed on March Madness matchups.

The surge in betting activity during March Madness is not unique to D.C. In fact, the tournament is one of the biggest events on the sports betting calendar nationwide. According to the American Gaming Association, Americans were expected to wager a total of $8.5 billion on this year’s tournament, up from $4.6 billion in 2019.

But what makes D.C.’s sports betting market particularly interesting is its relative newness. The city only launched legal sports betting in May 2020, and there are currently only a handful of licensed operators offering mobile and retail betting services.

Despite these limitations, D.C.’s sportsbooks have managed to capitalize on the excitement of March Madness. The William Hill sportsbook at Capital One Arena, for example, reported a handle of $4.2 million during the first weekend of the tournament alone.

Other operators, such as BetMGM and FanDuel, have also reported strong March Madness numbers in D.C. And while the city’s overall sports betting revenue has yet to reach the levels seen in more established markets like New Jersey and Nevada, the success of March Madness bodes well for the future of D.C.’s sports betting industry.

Of course, there are still challenges facing D.C.’s sportsbooks. The city’s unique regulatory structure, which requires operators to partner with a licensed “Class A” establishment in order to offer mobile betting, has been criticized by some as overly restrictive.

Additionally, the ongoing COVID-19 pandemic has limited the number of fans attending live sporting events, which could impact the overall demand for sports betting in the city.

But despite these challenges, D.C.’s sports betting industry appears to be on an upward trajectory. And with March Madness providing a much-needed boost to revenue, operators and regulators alike are optimistic about the future of sports betting in the nation’s capital.