Golden Nugget Online Gaming (GNOG) announced record revenue earnings for the second quarter of 2020, as the Golden Nugget NJ online casino platform continues to flourish in the New Jersey market.
GNOG second-quarter Gross Gaming Revenues reached $28.2 million, representing an 85 percent increase over the company’s 2019 Q2 earnings ($15.3 million). Net revenue for the online gaming brand came in at $24.8 million for Q2 2020, a 78 percent increase over the previous year ($13.9 million).
In late June, the company announced that it would go public. Beginning in July for Q3 2020, Golden Nugget Online Gaming began trading on the Nasdaq exchange under the GNOG symbol.
GNOG posted record-setting revenues for the brand going into that public launch.
“Our second quarter beat our target, supported by record players activity and Average Revenue per User (ARPU),” said GNOG Senior Vice President and General Manager Thomas Winter in a press release.
“Our online play has remained strong in July and into August, and we are confident that we will exceed our revenue and operating income forecast in New Jersey this year.”
Record Revenue Driven By Golden Nugget NJ Online Casino
New Jersey logged $250.8 million in internet gross gaming revenue for Q2 2020. The $28.2 million Gross Gaming Revenue figure for GNOG represents an 11.2 percent share of the New Jersey market, which includes more than 20 different legal online gambling brands.
Most of the company’s revenue in the Garden State comes from a single source: the Golden Nugget NJ online casino platform. GNOG also operates an online sportsbook under the Golden Nugget brand in New Jersey, but sports betting revenue makes up a minute portion of overall Gross Gaming Revenue for GNOG.
DraftKings, one of the biggest competitors to GNOG in the legal US online gambling market, announced $75 million in pro forma revenue for Q2 2020. DraftKings, however, operates at a much bigger scope.
The DraftKings revenue numbers come from a portfolio that includes DraftKings Sportsbook platforms operating in seven states, as well as the DraftKings Casino brand offering an online casino platform in two states.
Given the disparity in size and reach between the two brands, the fact that Golden Nugget managed to rack up nearly 40% of DraftKings’ Q2 revenue total showcases the potential for GNOG’s flagship platform in New Jersey to make major waves in the online gambling market.
Both Michigan and Pennsylvania are slated to get their own versions of the Golden Nugget Online Casino platform. The launch of the product in both states is TBA.