Golden Nugget Online Sports Betting Nj
Golden Nugget Online Sportsbook is available on desktop, mobile and tablet devices across the state of New Jersey. The Sportsbook offers great odds and a huge variety of markets across the United States and International sports. Pre-match and live betting (in-game) are available across more than 14 sports, including NBA.
Golden Nugget Online Gaming (GNOG) is no longer a single-state operator. Besides the Garden State, the parent company of Golden Nugget online casinois live in Michigan.
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However, when talking about preliminary 2020 financial results, the numbers are 100% New Jersey. And like previous quarters, they are extremely strong.
GNOG announced some of the preliminary financial results via a press release. Here are a few of the highlights for the 12-month period ending Dec. 31, 2020:
- Total revenue of between $90 and $91 million compared to $55.4 million in ’19, an increase of approximately 63%
- Gross Gaming Revenue of between $101 and $102 million, compared to $60.9 million, an increase of approximately 67%
Operating income is between $23 and $24 million for an increase of about 38% compared to the $17.6 million.
However, according to the release, it was between $28 and $29 million before factoring approximately $4 to $5 million in costs related to the business combination with Landcadia Holdings II, Inc.
Tilman J. Fertitta, chairman and CEO of GNOG, was pleased with another year of rapid and profitable growth.
“2020 was a transformational year for GNOG, which went public, reached $100 million in GGR and signed market access agreements in multiple states,” said Fertitta.
“We look forward to replicating our New Jersey success in many other states and taking advantage of the strong growth of online gaming in the US.”
Golden Nugget 2020 New Jersey recap
Any conversation regarding NJ online casino revenue is typically led by Golden Nugget.
For 2020, the land-based partner of Golden Nugget online casino finished first among the seven license holders with $318.9 million in revenue for an 80.1% year-over-year increase.
Keep in mind the number includes revenue from its three other online casino partners:
- Betfair NJ online casino
- BetAmerica
- SugarHouse online casino
However, it is Play NJ’s understanding that Golden Nugget online, as a brand, is responsible for the majority of the result.
As a whole, 2020 NJ online casino revenue came in at $970.3 million, setting a new all-time high. Golden Nugget, as a license-holder, had a 33% market share.
Golden Nugget Online Sports Betting Nj Online
GNOG ‘thrilled to be live in Michigan’
So New Jersey essentially set the foundation for GNOG’s much bigger national plans.
This includes the Jan. 22 launch of Michigan online operations. Golden Nugget is operating in partnership with the Ojibwa Casino.
Thomas Winter, president of GNOG, said “we are thrilled to be live in Michigan and are optimistic on the revenue opportunity.”
“We have just launched our marketing campaign and are already recording close to $2 million dollars in daily casino wagers. Michigan is embracing online gaming at a rapid pace and we anticipate that our business in the Great Lakes State will exceed our earlier expectations,” said Winter.
New addition to GNOG management team
Besides the preliminary earnings and Michigan outlook, Golden Nugget announced the hiring of online gaming industry veteran Kevin Vonasek as its vice president of corporate development.
He is the former chief product officer Americas at NYX Gaming Group and Vice President of business development Americas at Scientific Games Digital.
Winter said Vonasek “will play a key role in our ambitious expansion plans.”
GNOG previously announced plans to expand into Pennsylvania, West Virginia and other markets. So the company has no plans of slowing down its growth.
The future of Golden Nugget Online got a little more clear with the expectation of a completed merger. On Monday, Golden Nuggetannouncedthat the Landcadia Holdings and Golden Nugget Online merger could be official in the coming weeks. The vote was originally expected to take place on Dec. 11 but was pushed back to Dec. 29.
Assuming the vote goes through on Dec. 29,Golden NuggetOnline (GNOG) will hope to finalize the merger before the year-end. Shareholders will be able to vote on the transition but it is expected to go through without a hitch. So far, 99% of votes have been in favor thus far.
Golden Nugget Online will be just the second online-only gaming operation on the stock exchange.DraftKings Sportsbook(NSDQ: DKNG) is the only other purely online casino and sportsbook. GNOG is owned by Houston Rocket Owner Tillman Fertitta. He also owns Golden Nugget casinos and the Landry Inc. restaurant brands.
Golden Nugget Online Shows Promise In New Jersey
Currently, Golden Nugget Online is only operating its online sportsbook inNew Jersey. In order to gain momentum with their product, Golden Nugget Online must develop itself as a real player.
Well, they showcased that during theinvestor presentationin June of 2020. Golden Nugget Online reported a 13% market share in New Jersey. This would make it tied for the second-largest iGaming platform in the Garden State.
An iGaming spinoff of their land-based casinos,Golden Nugget Onlineoffers a full assortment of virtual poker, blackjack, slots, and more on their online casino platform. They also are offering an assortment ofsports bettingoptions on their platform. This is going to be the biggest area of improvement in the future.
Compared to 2019, Golden Nugget Online grew 93% in gross revenue for September 2020. Their net revenue also grew by 92% compared to 2019. Their growth is strong but their bandwidth will hinder them going forward. This will need to change in order for Golden Nugget Online to be truly successful.
Golden Nugget Online 2021 Expansion Plans
Golden Nugget Online Sports Betting Nj
Following the successful merger, Golden Nugget Online will look to grow its bandwidth across multiple states. Golden Nugget operates casinos in New Jersey, Nevada, Mississippi, and Louisiana.
Nevada
- They are not currently operating a mobile sportsbook or casino in Nevada. This should be the first place that they move forward with an online sportsbook launch. West Virginia
West Virginia
- Golden Nugget Onlinesecured accessto West Virginia in November. This could be their biggest opportunity to get into the state quickly. West Virginia granted them a license on Monday. The appears to be imminent in West Virginia.
Michigan
- Golden Nugget Online was issued a provisional license in Michigan. They are expected to launch sports betting and anonline casinoin Michigan in early 2021.
Lousiana
- Lousiana is poised to launch sports betting in 2021 afterquickly approving its rulesearly last Friday. This will be an immediate opportunity for Golden Nugget Online because they already operate a retail casino in the state.
Mississippi
- Currently, Mississippi does not offer mobile sports betting within the state. There isn’t much momentum to legalize mobile sports betting in the state. These could be easy targets for Golden Nugget Online to rapidly expand their markets if legalized sports betting becomes reality because they operate a retail casino in the state.
New York
- New York has not legalized mobile sports betting at this time. However, Gov. Andrew Cuomo opened the door for an early 2021 launch. If there is an opportunity to launch in New York, Golden Nugget Online will look to gain access quickly. They do not operate a casino in New York at this time so they will need to agree with a casino partner.