The company is working on launching Pennsylvania next with a projected iGaming market size of $900 million. GNOG now has access to two markets with forecasted 2025 combined market sizes topping $1 billion each. Michigan went live on January 22 as the company launched both for iGaming and for sports betting. While GNOG isn't getting the same hype as DraftKings, the company has the same growth opportunity. Despite being public for over a month now, financial sites such as Yahoo! Finance have limited news articles on the online gambling stock. The data suggested the stock would see some similar hype as DraftKings, yet GNOG has already dipped from a pre-merger high of $23 to only $18 now. The company came public with a focus on the New Jersey iGaming market and an annual revenue run rate approaching $100 million while promising quick entry into Michigan and Pennsylvania. Image Source: Golden Nugget Online website Big Pictureĭespite all of the hype in online gambling with DraftKings ( NASDAQ: DKNG) soaring above $50 and a $22 billion valuation, the market has almost completely ignored GNOG. My investment thesis remains very bullish on GNOG as the stock dips down to $18. The online gambling company recently launched service in a second state and is poised for additional expansion. Despite closing the SPAC business combination back on December 29, Golden Nugget Online Gaming ( GNOG) has seen very limited media coverage in January.
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