D.C. Managed To Lose $4 Million on Its Own Sports Betting App

D.C. Managed To Lose $4 Million on Its Own Sports Betting App
"Despite having a near-monopoly on districtwide betting, poor decisions and mismanagement led to millions in losses on GambetDC.
In gambling, the house always wins. Unless the house is the Washington, D.C., government.

...After the D.C. Council approved sports gambling in the district in 2018, it further authorized a single company to develop the GambetDC app, at a cost of $215 million over five years. 

In return, the District hoped to see annual tax revenues of $20 million from bets placed.

...In fact, after adjusting for the cost of advertising the app, the government actually lost more than $4 million last year.
How is this possible?...Read all!