Date of Update: 12/16/2020

Golden Nugget Online Gaming

Ticker: GNOG

Theme: iGaming

Country: United States

Sector: Consumer Services

This is not a recommendation to buy or sell securities.


Company Description:

Golden Nugget Online Gaming is a leading online casino company. The company, led by entrepreneur Tillman Fertitta, pioneered Live Dealer and Live Casino Floor games in the U.S. online gaming market. As of 2020, the company operated exclusively in New Jersey, where it was the market leader.

Golden Nugget Online Gaming was spun out of Golden Nugget into a special purpose acquisition company in December 2020.

3 Company Facts:

  • In December 2020, Golden Nugget Online merged into Landcadia Holdings II to become a publicly-traded company.
  • Golden Nugget Online Gaming expects to expand into new markets over time, starting with Michigan and Pennsylvania in 2021.
  • According to company management, GNOG is targeting ~10% market share of an expected $22 billion iGaming market at maturity.1

3 Industry Facts:

  • As of 2020, regulated iGaming (online casino) was only live in four states -- New Jersey, Pennsylvania, West Virginia, and Delaware -- generating an estimated $1.2 billion in gross gaming revenues.2
  • Online casino players are 7 times more valuable than online sports bettors, as measured by monthly hold.
  • Online casino is expected to capture 33% of New Jersey’s total casino gross gaming revenues in 2021.3

Related Companies: Evolution Gaming, Scientific Games, LeoVegas

3 Key Metrics:

  • Average revenue per user
  • User lifetime value
  • New market pipeline

This is not a recommendation to buy or sell securities.

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