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1. Golden Nugget Online Casino Play For Fun
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3. Golden Nugget Online Gambling
4. Golden Nugget Online Casino Stock
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Golden Nugget Online Gaming (NASDAQ:GNOG) went public on Dec. 30, after merging with a SPAC (special purpose acquisition company) called Landcandia Holdings II. Based on my calculations, GNOG stock is worth considerably more, up to 65% more, based on a simple comparison with Draft Kings (NASDAQ:DKNG).

Golden Nugget online casino is an impressive platform that could certainly get us to give it a try thanks to the large game selection and list of promotional offers. The casino is easy to navigate, quick to join and new players start unlocking up to $1,000 in welcome bonus money from the moment they make a real money deposit and start playing. Golden Nugget online casino is an impressive platform that could certainly get us to give it a try thanks to the large game selection and list of promotional offers. The casino is easy to navigate, quick to join and new players start unlocking up to $1,000 in welcome bonus money from the moment they make a real money deposit and start playing. If you or someone you know has a gambling problem and wants help, call 1-800 GAMBLER.1-800 GAMBLER. A golden ticket Landcadia is trying to bring Golden Nugget Online Gaming (GNOG) public through the merger with the SPAC, a maneuver that has gained popularity this year and brought public numerous. Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America.

Keep in mind that Golden Nugget Online Gaming is not in any way related to Golden Nugget Casinos (based in Las Vegas and Laughlin).

That company is privately held by Tilman Fertitta. However, Fertitta’s interests do own about 52% of GNOG stock, but we don’t yet know the exact amount of shares for two reasons.

Golden Nugget Online Gaming Merger

First, it appears that Golden Nugget Online Gaming does not even have its own investor relations website yet. Its NJ gaming site does not have any information on the company as a public entity. Second, the company has not filed with the SEC its final share count information, nor have Fertitta’s interests filed.

Moreover, this deal was a little different than most SPAC mergers. There was no PIPE deal (private investment in public equity) with institutional investors. That is a great thing for the public investors since they now own about 46% of the GNOG stock. This is based on nothing more than page 5 of the company’s investor presentation from July.

It is also the reason why it took two shareholder meetings in December for the deal to close. Moreover, this is making the stock a bit more volatile than most other SPAC mergers. For example, it appears a lot of investors have been selling their shares in GNOG since the merger closed on Dec. 30.

Nevertheless, after carefully studying the company’s presentation and its Q3 earnings report, GNOG stock is worth considerably more than its present price. Here is why.

What Golden Nugget Online Gaming Is Worth

GNOG stock is trading for about 12 times its revenue on an enterprise value basis. But DKNG stock trades at about 19.5 times EV-to-sales.

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Therefore, assuming both companies should have a similar or fairly similar valuation as the only two online gaming stocks, GNOG should move up in value. This implies that GNOG stock should trade about $33.92 per share or 65% above its price on Jan. 5 ($20.59).

Here is how I came up with this valuation calculation. First, the slide presentation from the original June 29 announcement indicates on page 5 that about 68.3 million shares will be outstanding. Therefore at today’s price, the market capitalization for GNOG stock is $1.406 billion.

Next, to derive the pro forma enterprise value, we need to add in the net debt after the merger closed. We won’t know the final numbers until its Q4 earnings release later this month. But the presentation indicates there will be $150 million in debt and $88 million in cash. That works to net debt of $62 million. Therefore, the enterprise value (EV) is $1.468 billion.

Now we can estimate the company’s pro forma 2021 enterprise value-to-sales ratio. Based on its presentation, again on page 5, Golden Nugget Online Gaming will make $122 million in sales during 2021. This also corresponds with its Q3 numbers where it made $25.9 million in net revenue. On a run-rate basis, that works out to $103.6 million. the 2021 estimate of $122 million in gaming sales assumes 17.7% growth during 2021.

As a result, we can derive the EV-to-sales ratio by dividing $1.468 billion (EV) by $122 million (2021 sales estimate). That works out to 12 times.

This is significantly below DraftKings’ EV-to-sale ratio. Based on my estimates their valuation is 19.5 EV-to-sales.

What to Do With GNOG Stock

Based on this information we can multiply 19.5 times the $122 million in 2021 sales. That gives GNOG stock a $2.379 billion EV. After subtracting the $62 million in net debt, the target market cap should be $2.317 billion. Now, since we know there are 68.3 million shares (see above), the price should be $33.92. This price is 65% above its $20.59 price on Jan. 5.

Online sports betting is slowly gaining acceptance on a state-by-state basis. Recently Golden Nugget Online signed up sports betting hotel deals in both West Virginia and Michigan.

Moreover, GNOG is gaining a reputation as having some of the best “matching” deposit rates. Apparently, if you deposit $1,000, GNOG will match those amounts in matched play up to $20,000. This is going to make online gaming extremely popular in the states where it is approved.

Once the company announces its Q4 earnings, we will have more detailed financial information to value the stock. At that point, I believe it will become apparent how cheap GNOG stock is compared to DKNG stock. The arbitrage between the two stocks’ valuation will likely quickly close.

Moreover, Golden Nugget Online Gaming made it clear it wants to have access to capital by being public. Here is what that means on a practical basis. They are going to push up the stock before selling equity.

In effect, this was a very smart move by Fertitta. He did not follow the typical route of giving PIPE hedge funds a discount at $10 per share like most SPACs. By selling shares at a much higher price, there will be less dilution and a higher upside for GNOG shareholders.

So, if you believe my calculations, you now have an early insight into what will likely happen. The bottom line is GNOG stock is worth at least 65% more or $33.92 per share.

On the date of publication, Mark R. Hake did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.

Mark Hake runs the Total Yield Value Guidewhich you can review here.

Bonuses and Promotions

Slot Depth & Variety

Deposit & Cash Out

Mobile App

Bottom Line

Michigan players now have access to one of the world’s finest online casino platforms. Golden Nugget Online Casino launched in Michigan on January 22, 2021.

Widely considered by industry experts as the gold standard in online casino gaming, Golden Nugget Casino offers an unparalleled player experience. New Jersey players have enjoyed access to the platform, and Michigan now stands as the second US state in which Golden Nugget online casino operates. Michigan bettors also have access to a Golden Nugget Sportsbook within the same app as the casino.

When did Golden Nugget launch in Michigan?

As of January 22, 2021, Michigan bettors now have access to Golden Nugget’s impressive selection of over 700 slots. Golden Nugget was one of eight online casino apps approved to launch in Michigan on January 22.

See Golden Nugget In Action

Golden Nugget Michigan Online Casino Bonus Code 2021

With Golden Nugget Casino now live in Michigan, players will receive $30 free play with no deposit necessary along with a 100% deposit match bonus up to $1000. Use the Golden Nugget Michigan bonus code: SHARP30 to claim.

Terms and conditions apply.

Golden Nugget Bonus & Promotional Grade

Golden Nugget Casino offers some of the more generous bonuses and promotions in the US legal online casino market.

New players get $30 free play with no deposit necessary. Just sign-up with our Golden Nugget bonus code SHARP30 or use any of our links (like this one) and your account will be automatically credited. Players can also take advantage of a 100% deposit match, which can yield up to $1,000 in bonus money. This offer comes with a 20x playthrough requirement.

To unlock the full $1,000 bonus, you would need to deposit $1,000 (or more) and wager a total of $20,000 ($1,000 x 20).

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Wagers on certain games count more toward the bonus than others, so be sure to check the terms and conditions for more on the playthrough requirements. After making an initial deposit, you have 30 days to try to unlock as much of the bonus as possible.

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This new player bonus also unlocks 200 free spins on the 88 Fortunes Megaways slot.

Other Bonus Offers

Referring a friend to sign up for a new Golden Nugget Casino account yields a $50 referral bonus. This bonus covers up to ten new referrals, yielding a potential $500 in bonus money.

The deposit match bonus takes quite a bit of grinding to fulfill the playthrough requirement, but overall Golden Nugget Casino offers solid bonuses.

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Golden Nugget Market Depth and Variety Grade

The slot selection at Golden Nugget Casino offers a variety of games on par with any other legal online casino in the US. With more than 700 different games to choose from, Golden Nugget Casino should appeal to slot enthusiasts, no matter what kind of slots you’re looking for.

The Pillars of Asgard slot features six reels and 4,096 ways to win. Players can bet anywhere from $0.25 to $40 on a single spin, and max bets can win up to a $1,000,000 jackpot.

Progressive slots offer more ways to win potential seven-figure jackpots. Two of New Jersey’s most popular progressive slots, Divine Fortune and Mercy of the Gods, find a home at Golden Nugget Casino.

MegaWays And Vintage Favorites

The MegaWays series of slots feature more than 100,000 ways to win on a single spin. Golden Nugget Casino’s new player deposit bonus includes 200 free spins on the 88 Fortunes MegaWays slot, which is one of 11 different selections in the MegaWays series.

Time-tested games like Double Diamond, Wheel of Fortune, and Slingo, stand among the familiar favorites offered on the casino’s massive menu of slots.

New Jersey hosts the most competitive online casino market in the US. Many of the state’s mobile casinos feature a world-class selection of slots, and Golden Nugget Casino stands as one of the best in this category. We don’t anticipate anything less in Michigan.

Golden Nugget Deposit and Cashout

Ways To Deposit

Players looking to deposit funds to their Golden Nugget Casino account can find numerous ways to do so.

Visa, MasterCard, and American Express credit and debit cards are accepted by the casino. The Play+ Prepaid card links directly to your Golden Nugget Casino account, and virtually all other prepaid cards can be used for deposits as well.

ACH/eCheck and PayPal offer two more reliable ways to fund a casino account. Cash deposits are available through PayNearMe, or by visiting the casino cage at Golden Nugget Atlantic City.

Other deposit methods include VIP Preferred (an ACH/eCheck option), Safekeeping (for players with an account at Golden Nugget Atlantic City), and wire transfer.

Aside from wire transfer, all of these methods make deposited funds instantly available on your Golden Nugget Casino account.

Withdrawal Methods

Golden Nugget Casino offers plenty of different ways to cash out as well. Withdrawal methods include the Play+ Prepaid card, which allows instant processing of cashouts.

Other ways to withdraw include PayPal, VIP Preferred, Safekeeping, casino cage pick up, and wire transfer.

For both deposits and withdrawals, Golden Nugget Casino offers a comprehensive selection of convenient methods. As an added bonus, the cashier menu gives detailed explanations of min/max amounts and turnaround times for each method.

Golden Nugget Casino Mobile App

Both iOS and Android users can download Golden Nugget Casino as a mobile app. For iOS devices (iPhone and iPad), the app can be found as a free download from the App Store.

Android users must go directly to the Golden Nugget Casino website to download the app, as the Google Play store doesn’t allow for the download of real-money gambling apps.

For both kinds of mobile devices, the Golden Nugget Casino app offers all of the same features as the browser-based client. A few of the games from the desktop version of the platform are unavailable on the mobile app.

Most of the games are intact, however including nearly 700 different slots.

Golden Nugget Casino Mobile App Games

The mobile-app versions of Golden Nugget Casino’s games feature the same crisp graphics and interface found on the desktop platform.

All of the table games found on the desktop-based platform can be accessed on the Golden Nugget Casino mobile app. This includes live dealer games, featuring blackjack, roulette, Three Card Poker, and Casino Hold’em.

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Save for a handful of missing slot titles, the Golden Nugget Casino mobile app offers all of the games and features found on the browser-based version of the platform. Compared to other mobile apps offered by online casinos, Golden Nugget ranks as one of the best.

Overall Score

The game selection and presentation at Golden Nugget Casino puts the platform in the elite category of legal mobile casinos in the US. With more than 700 slots, a healthy selection of live dealer games, and a wide variety of table games, Golden Nugget Casino offers just about anything a player could want.

We anticipate that Golden Nugget Michigan will see the same level of success that bettors see from the casino in New Jersey. We also anticipate that Golden Nugget Online Casino will launch in Pennsylvania as well in 2021, making its US gaming footprint that much bigger.

Playing at Golden Nugget online casino offers the same level of legitimacy and security as playing at a legal land-based casino. Here are a few reasons why:

Owned And Operated By Golden Nugget Online Gaming

Bettors know the Golden Nugget brand because of its reputation for operating quality land-based casinos in cities like Las Vegas and Atlantic City, New Jersey. The Golden Nugget brand’s reputation is built on decades of history as one of the world’s most respected and trusted casino operators.

The online casino featuring the Golden Nugget name operates with a vested interest in keeping that reputation intact.

The Golden Nugget brand is only growing stronger in 2021. After a 2020 merger, which will be finalized in early 2021, Golden Nugget Online Gaming will become the second fully online-only gambling operation on the NY Stock Exchange. Merger news has been coupled with an intention to expand both its casino and sportsbook operations across the US.

Competes In A Robust Online Casino Market

Golden Nugget Online first launched in New Jersey, the undisputed leader of all US states in the legal online gambling industry. Players in the Garden State enjoy access to many different high-quality mobile platforms offered by Atlantic City casinos.

Golden Nugget, along with all of its competitors, must operate as legitimate enterprises regardless of which market they enter. Any kind of reported illegitimate activities from an online casino could greatly hurt their chances to compete in the local market. The same is true of the Golden Nugget online casino in Michigan and in Pennsylvania when it launches there.

Licensed By State Regulatory Agencies

The Michigan version of the Golden Nugget platform falls under the oversight of the National Indian Gaming Commission. This is because Golden Nugget Michigan is partnered with a local, Michigan tribal casino.

Responsible Gaming Resources Offered At Golden Nugget Casino

Golden Nugget offers a collection of responsible gaming resources. Clicking on the “Responsible Gaming” tab at the bottom of the main lobby brings up links to resources like Gamblers Anonymous and 1-800-Gambler.

The casino also offers players the chance to use a gaming limit setting, available under the “My Account” tab.

Multiple Deposit And Withdrawal Methods

Most major credit cards and banking institutions allow deposits at Golden Nugget Casino, yet another sign that the casino operates as a legitimate business.

Golden Nugget Online Casino Stock

Why Choose Golden Nugget Over Illegal Casino Sites?

Any online casino offered in Michigan that doesn’t bear the MGCB seal is operating illegally. Illegal or offshore casinos might look like legitimate products, but playing on these sites presents a risky proposition. Golden Nugget Michigan is approved and licensed by the MGCB so it is inherently more trustworthy.

Illegal Online Casinos Are Unregulated

Golden Nugget, and all other legal online casinos in Michigan, fall under the jurisdiction of the MGCB or the National Indian Gaming Commission. This government oversight obliges casinos to operate with transparency, accountability, and a commitment to customer safety.

With MGCB regulations in place, players can depend on a platform like Golden Nugget Casino to offer fair games, protection of customer information, and prompt payouts. None of these things are guaranteed at an offshore/illegal gambling site.

Your Money Might Not Be Safe At An Offshore Casino

State-regulated mobile casinos like Golden Nugget offer the security of player funds. Legal online casinos are obligated by law to operate fair games and allow customers to withdraw funds when they wish.

Illegal gambling sites do not operate with any obligation to pay out players when they win. Without oversight from a regulatory agency, there’s no telling what actually happens to deposits made at an offshore or illegal gambling site.

Playing At Offshore Sites Could Lead To Legal Consequences

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Offshore online gambling sites operate illegally in the US. As such, playing on these sites constitutes illegal activity, and can leave players open to potential legal ramifications.

In addition to that, all banking transactions related to offshore gambling sites are also illegal.

WHY CAN YOU TRUST GOLDEN NUGGET CASINO WITH YOUR MONEY?

Golden Nugget Casino uses top-level encryption to ensure the security of player funds and personal information. As part of a multi-billion-dollar industry, legal online casinos protect player money, as well as house funds, with the highest-level banking security available.

Any kind of security breach that potentially puts player funds in danger would be disastrous for a platform like Golden Nugget. With that in mind, players can count on legal online casinos to use cutting-edge security and protect customer money at all times.

The banking security technology used by Golden Nugget offers the same level of protection employed by major banking and retail institutions. This security is on par with companies like Amazon, Chase Bank, PayPal, and other similar companies.

Security of player funds poses some of the biggest risks associated with playing on illegal gambling sites. Once you’ve deposited at an offshore site, there’s a possibility that you’ll never see that money again.

Players can deposit, play, and withdraw from legal online casinos with the assurance that their funds are secure.

GOLDEN NUGGET CASINO FACT SHEET

Golden Nugget Michigan Online Casino FAQ

Yes, as of January 22, 2021, Golden Nugget will be available for players 21 and over and located within the state. Golden Nugget online casino operates as a legal online platform, regulated by the Michigan Gaming Control Board.

Golden Nugget will display the MGCB seal on the desktop and mobile app versions of the platform. Any online casino not bearing an official endorsement from a state regulatory agency is operating illegally.

Ojibwa Casino acts as the retail license partner for Golden Nugget Casino Michigan.

Golden Nugget offers one of the biggest game selections of any legal online casino. Players can choose from more than 700 slots, including progressive jackpot games.

Other games available at Golden Nugget include video poker, blackjack, baccarat, roulette, and other casino table games.

Live dealer games are offered as well, including multiple variations of blackjack. Roulette, and baccarat, and Three Card Poker and other casino table games are offered as live dealer games as well.

Yes. Golden Nugget Casino is available as a mobile app for both iOS and Android devices. These devices can be used to play from anywhere within Michigan’s borders.

For iPhone and iPad users, the iOS app can be downloaded from the App Store. Android users can find the app on the Golden Nugget Casino website, as the Google Play store doesn’t allow real-money gambling apps.

No, you just have to be located within Michigan borders while playing on the platform. All players 21 and over, and located within Michigan, will legally be able to play in Michigan

Online casinos use geolocation technology to determine a user’s location. Players must be located in Michigan, but residency in the state is not required.

The Michigan version of Golden Nugget Casino will be available to anyone within Michigan borders, as long as they’re 21 or older.

Yes. PayPal can be used for both deposits and withdrawals at Golden Nugget Casino. PayPal deposits offer one of the most reliable ways to fund a casino account and come with a nearly 100 percent success rate.

Yes. Golden Nugget Casino offers an extensive selection of live dealer games in New Jersey. This includes multiple variations of blackjack, as well as roulette, baccarat, and three-card poker. We anticipate they will have a similar offering in Michigan.