Golden Nugget Online Gaming has announced that it has secured online market access in New York. Golden Nugget has reached a 20-year partnership with Tioga Downs Race Track, and this will allow the company to unveil all of its online gaming options in the future.
This deal will not be official until New York officially expands betting to online options, and it will also have to be approved by the state. The legislature could complete the deal as early as this spring, or it could be years away from being finalized.
Through this deal, Tioga Downs will receive a portion of the net gaming revenue Golden Nugget generates. There are seven tribal or commercial casinos in New York at this time, all of which should allow Golden Nugget to turn significant profits.
Total iGaming Package Coming
Online sports betting is gaining significant attention throughout the U.S., but Golden Nugget will offer online casino gambling and online poker as well. Golden Nugget has market access in nine states now after this deal, but only a handful of states in the U.S. allow for an entire iGaming suite of options.
Golden Nugget Online Gaming is publicly traded on the NASDAQ under the ticket “GNOG.” This company came as part of a deal with Lancadia Holdings II, but the Golden Nugget name has been around in the U.S. for years.
Still Waiting on Mobile Betting
The state of New York was able to launch sports betting in 2019, but all betting must still be done in-person. The in-person betting requirement has kept the New York sports betting market from having much growth, especially compared to some of the top markets in the U.S.
Governor Andrew Cuomo supports online sports betting and is urging lawmakers in the state to get a deal passed. There have been some bills presented in the state legislature, but nothing appears imminent at this time.
Cuomo is hoping to run the online betting through the New York Lottery, but running that way could present some problems for online sportsbook companies. Lawmakers are hoping to follow the example set by New Jersey, which would allow sports betting to thrive in the coming years.
Penn National Also Targeting New York
Gold Nugget’s announcement comes just days after Penn National Gaming announced that it had secured market access in the state of New York. Penn was able to strike a deal with the Rivers Casino & Resort Schenectady, which could become a major player in the U.S. sports betting industry.
Penn National purchased 36 percent of Barstool Sports a year ago, and there are now Barstool sportsbook apps in both Pennsylvania and Michigan. Illinois will get a Barstool app at some point in the next 30 days, and the company plans to be live in at least 10 markets by the end of 2021.
This deal has not been officially approved, and it won’t go into effect until online sports betting is available.