Golden Nugget’s online casino brand continues to report huge revenues thus consolidating further its dominance in the New Jersey market. Golden Nugget Online has been on the up and up this year, having managed to spin off into a public company valued at $745 million. This move effectively made Golden Nugget Online Gaming the 2nd pure publicly traded online casino company in the country.
And that’s not all that it has to be proud of. Gross gaming revenue for Q3 came in at $28.9m, which is almost twice the amount that was generated in the same period during last year’s 3rd quarter. Not only has this fantastic news amplified Golden Nugget’s online’s momentum in the Garden State, but in the entire country as a whole.
Golden Nugget online’s revenue will keep growing as long as the increased player activity persists. The group’s sustained advertising investments and strategy will also ensure that it keeps governing the industry. If things keep going as they have, Golden Nugget online has the potential to generate impressive gross gaming revenue of as much as $100m in the Garden State just this year alone.
Just a couple of months ago, Golden Nugget raised its profile by going public on the Nasdaq exchange. Golden Nugget Online Gaming went public thanks to a special purpose reverse merger with well-known business Landcadia Holdings II as we’ve discussed extensively here. Its decision to go public demonstrates just how profitable online gambling is and will be.
Golden Nugget Online well positioned for further growth
In particular, online gambling has proven its prominence and significance through this tough pandemic. Even if the growth slows once retail casinos can operate in full capacity again, online gaming will continue to be an immensely vital vertical for the gaming industry.
Golden Nugget’s continued quest for expansion has added more fuel to an already burgeoning N New Jersey betting market. As it needs assistance to keep shining, the Golden Nugget’s lead among online casinos in New Jersey has also been padded by sports betting.
New Jersey’s thriving sports betting market managed to do the impossible once again, blowing past its national record in September 2020. As a result, the Garden State recorded an impressive $748 million in wagers from sports bettors in the state. Thus far, casinos and tracks in the state have recorded more than 3 billion in sports bets alone, which surpasses what Atlantic City used to make in a whole year from casinos.
Plus, casino games, the betting industry in the Garden State recorded more than $320 million in September, a boost of 6.5% compared to the same period last year, during which casinos were still operating at full capacity. Once the cure is found and the outbreak curbed and casinos are operating at full occupancy once more, this number is expected to double. Overall, online gambling revenue for September was $87.6 million, an increase of 113% from the $41.1 million that was recorded last year in September 2019.
Thus far, the Golden Nugget is one of the best-reviewed as we’ve covered here and best-positioned organizations to capitalize on the colossal opportunities available in the gaming market. The brand’s iGaming business tops the market in New Jersey, which is currently the biggest online gaming market in North America.
Golden Nugget online has already acquired market admittance, pending regulatory support, to launch its product offerings in new markets namely Pennsylvania and Michigan by the start of 2021. As a result of its continued quest to expand, Golden Nugget Online Gaming is expected to keep making more investments not just in iGaming facilities, but also in technology and equipment. This is bound to have a considerable effect on the economy in the Garden State, as well as the overall customer experience.
Overall, Nugget’s rise to dominate the New Jersey online gaming market has been aided by an array of factors. The casino has placed a lot of emphasis on online gaming and has continued to take risks that have paid off such as becoming the first in line to offer online live dealer games. It also reaps multiple rewards as a result of its excellent and high performing partners or skins as they are more aptly referred.
To put it plainly, Golden Nugget online has been able to consistently offer a superior product that has been executed better than other operators in the market. That’s why Golden Nugget enjoys the position that it currently finds itself in and it will likely continue to generate as much revenue from online gambling long into the future.
Golden Nugget online gaming has remained the market leader in the NJ online casino market for years, and it doesn’t look like it will budge from this position anytime soon. Online gaming is a proven industry worldwide and it has taken many U.S based companies to find itself in this blossoming industry.
There is a lot of hype surrounding the estimated size of the online gambling market in the country and it appears that Gold Nugget online is smack dab in the center of the action. Although not as many states have legalized online gambling, save, of course, New Jersey, Michigan, and Pennsylvania, more are expected to enter the fast-growing market. Golden Nugget was the first to set up shop in New Jersey in 2013 and will also likely be first in other states.
As it looks towards expanding in other markets in the coming months, namely Michigan, the Nuggets’ future has never shined brighter. The online gaming market will always be there, but operators such as Golden Nugget have to keep offering customers superior products, as well as enhanced user experiences to maintain their standing as top dogs.
Are you a New Jersey resident interested in playing online in our state and taking advantage of the best offers? Check out our curated list of NJ casinos, NJ sportsbooks, and online bonuses. And if you are a poker player, please check our list of Best Poker Sites in New Jersey.