Summary: Another player is in the online gambling market of New Jersey, as the Golden Nugget has launched their online sportsbook.
The New Jersey online gambling market continues to grow and is showing no signs of slowing down. While some analysts felt that the market might become over-saturated as new sites launch, that has not been the case, according to growing revenue figures in the state. The online gambling market has now grown larger as the Golden Nugget just announced the launch of their digital sportsbook via their online casino platform.
Golden Nugget Enters Online Sports Betting
Yesterday, the Golden Nugget revealed their brand new online sportsbook, which is located within their highly successful online casino. This will be the 13th sportsbook to launch online in New Jersey, with the online option now offering more than the land-based locations in the state. The Golden Nugget also operates a physical sportsbook and it is of course, located within their casino in Atlantic City.
With the launch of the new online sports book, players will have no shortage of wagering options. The Golden Nugget is already successful with their iGaming options in casino and the poker sector, so it will not be surprising to find that they are successful in sports betting as well. The brand can offer odds on all sports except NBA games as the owner of the casino, Tilman Fertitta, is also the owner of the Houston Rockets.
Online sports betting is already booming in New Jersey with the state seeing a total of $15.5 million in revenues for January. The online sector was responsible for 82% of the total sports betting revenues earned in the state. The percentage clearly shows that players want to have access to online options and prefer to place their wagers via mobile devices or computers rather than via land-based venues.
Will Success Continue?
Now that the Golden Nugget has launched an online sportsbook, will their success continue? The brand continues to be the top earner in the online sector, setting new records month after month. The Golden Nugget is basically unstoppable. They are the license holder and online gambling is operated via sub-brands the Golden Nugget, Betfair and SugarHouse.
In December, the brand was able to hit the $10 million mark for online gaming earnings. By January, the company was reporting $12 million in revenues. This came at a time when the company had no online sports book. So how much can the brand earn with the new option?
February totals will include online sportsbetting but it will only be for a few days. It will not be until March when we can fully see just how the new online gambling option can support the brand and just how much will be contributed in online gaming revenues.
It would not be surprising to see the brand continue to increase their monthly earnings now that online sportsbetting is in the mix.
New Jersey is amazingly on trenad to reach the $400 million projection or more by the end of this year. In January, the state earned $33.6 million in revenues and are not showing any signs of slowing down. As more operators become involved, the monthly totals should only continue to soar.
The state is in a league of their own as their neighbors do not offer online casino, poker or sports betting. Pennsylvania is set to start offering services soon, but they are not launched. For now, New Jersey will continue to be the top earner and it would not be surprising to see that they hold on the top spot for many months to come.
We will stay on top of all new revenue data and report findings as provided by the New Jersey Gaming Control Board.