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When it comes to the Golden Nugget online casino, the state of Michigan deserves a more impressive superlative than just “great.” In less than three weeks since the legalization of online gambling in Michigan, the Golden Nugget app and website are already enthusiastically praising the market.
Earlier this week, Golden Nugget released information regarding the previous year’s performance. Within that report was a fascinating tidbit about the exceptional success of the iGaming product in Michigan. In essence, it has proven to be a highly lucrative venture.
More on Golden Nugget online casino in Michigan
It is evident that Golden Nugget casino did not have an online presence in Michigan during 2020. The commencement of legal online gambling in the state only took place a few weeks ago, on January 22. Nevertheless, Thomas Winter, the President of Golden Nugget Online Gaming (GNOG), expressed his views on Michigan.
Winter expressed excitement about being live in Michigan and shared optimism regarding the revenue opportunity in a press release.
Our marketing campaign has recently been initiated, and we are already witnessing daily casino wagers nearing the $2 million mark. The state of Michigan is rapidly adopting online gaming, and we predict that our business in the Great Lakes State will surpass our initial projections.
The daily handle for Winter does not incorporate any sportsbook wagering and amounts to $2 million. Michiganders can expect to receive further information on the performance of GNOG in the near future. The Michigan Gaming Control Board is expected to release figures for January 2021 soon.
In addition to GNOG, a total of nine other online gambling brands commenced operations on Jan. 22. Furthermore, Fox Bet Sportsbook and PokerStars Casino have also recently been introduced in Michigan. However, the accurate assessment of GNOG’s market share will only be possible once we receive the MGCB report.
It appears likely that GNOG will experience an even more prosperous year in 2021, primarily due to the significant contribution of MI.
If GNOG thought 2020 was great, wait until it sees 2021
The brand’s overall figures from various markets were impressive. GNOG, the leading market player for online casino in its home state of New Jersey, played a significant role in its success.
- The total revenue has soared to approximately $91 million, marking a remarkable growth of 63% compared to the previous year of 2019.
- The operating income experienced a significant boost, reaching nearly $24 million, marking a remarkable 38% rise compared to the previous year.
In 2020, one significant event for GNOG was its transition to a publicly traded company. It is evident that this accomplishment cannot be duplicated in the upcoming years. Nevertheless, as the online casino market in Michigan continues to develop, it holds the potential to have a more substantial impact on GNOG’s financials.
The exact extent of participation in online gaming by the population in MI and neighboring states remains uncertain. If the percentage of participants is low, then there exists significant potential for growth in the mentioned $2 million daily casino wagers, as mentioned by Winter.
Though the legalization of online casinos in Indiana is a possibility this year, there is no assurance that the products will be available in 2021. On the other hand, there are no plans to legalize iGaming or online sports betting in Wisconsin this year.
GNOG has the potential to achieve a total revenue surpassing $200 million by the end of this year. A crucial factor in reaching this milestone will be the company’s expansion into new markets, particularly in Michigan where there is a strong demand for its products.
