In a day when DraftKings (DKNG) stock price went through the roof after ESPN deal, we might have another runner in the online betting niche.
State of New Jersey released Gross Revenue report for August 2020, for both online and casino revenue. Casino revenue is as expected down compared to 2019 numbers but online betting wins are, way up. Golden Nugget internet gaming wins are up more than 84% compared to the same month in 2019. But that is not all because Golden Nugget had the most house winnings out of anyone at $27.6M.
This is a great point for all investors to take a short break and think about this article.
Twelve days ago Mr. Hake wrote that LCA shares could double once reverse merger between Golden Nugget Online Gaming and Landcadia Holdings takes place. I must concur, especially after the report by NJ.GOV.
LCA stock is to become GNOG once the merger is completed but it will probably be too late to enter the game at that point. LCA stock is selling at $17.40 an hour before the closing bell.