DraftKings Finalizes Acquisition of Golden Nugget Online Gaming
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DraftKings Completes Purchase of Golden Nugget Online Gaming
DraftKings has expanded its presence in the vibrant iGaming market after completing its acquisition of Golden Nugget Online Gaming. Jason Robins, chairman and CEO of DraftKings, said the purchase would give the online sports betting operator “meaningful” opportunities for revenue growth. The company said in a press release that with this deal, DraftKings will save money on vendor services, advertising spending and more.
The iGaming acquisition also presents an opportunity for DraftKings online casino to expand its offerings, including the excellent live dealer game on the Golden Nugget Online platform.
Houston-based Golden Nugget Online Gaming was the first mobile site to provide a live dealer casino, allowing players to interact with other players and a real dealer in a live setting. Golden Nugget Online Gaming operates in Michigan and New Jersey and is trying to enter iGaming markets in Illinois, Pennsylvania, Virginia and West Virginia.
Golden Nugget Casinos not part of deal
The iGaming purchase does not include Fertitta Entertainment’s physical Golden Nugget casinos, including the iconic resort on Fremont Street in downtown Las Vegas.
According to the Las Vegas Review-Journal, in addition to the historic Las Vegas property, Golden Nugget owner Tilman Fertitta is planning to construct a resort on the east side of the Strip close to Planet Hollywood hotel-casino. Golden Nugget resorts are also located in New Jersey, Louisiana, and Mississippi.
Golden Nugget Casino Sportsbooks to take DraftKings name
Per the terms of the acquisition, DraftKings and Fertitta Entertainment will brand sportsbooks inside certain Golden Nugget casinos as DraftKings Sportsbooks.
This has already happened in Louisiana. The retail sportsbook inside the Golden Nugget riverboat casino displays the DraftKings brand.
iGaming revenue higher than Sports Betting
For a long time, some casino executives were against efforts to legalize online casinos, worried that customers would not come onto the property if they could access slots and table games at home on computers.
However, that resistance looks like it is softening as gambling companies look for opportunities to reach a significant number of tech bettors, including those who don’t have much interest in sports betting. iGaming is extremely popular in a lot of states. For example, in Connecticut, the amount of money spent on iGaming is far higher than the amount bet on sports.
The iGaming handle in Connecticut for February topped $743.8 million, much larger than the $115.6 million bet on sports.
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