Several triggers are likely to ensure that top-line growth remains stellar.įor example, President Joe Biden has signaled support for online gaming. I believe that strong top-line growth will sustain in the coming years. I mentioned earlier that Golden Nugget delivered 71% revenue growth for year-to-date FY2020. Stellar Growth Will Drive GNOG Stock Upside However, the market will be big enough in the coming years to absorb several players. Therefore, Golden Nugget does face competition from the likes of DraftKings (NASDAQ: DKNG) and GAN Limited (NASDAQ: GAN), among others.
Recently, Michigan online sports betting and iGaming went live with “ ten authorized operators launching right from start.” With more states legalizing sports betting, the market inflection point is just around the corner. Specific to the United States, a study suggests that “ 39% of adult Americans (100 million people) are either current or potential sports bettors.” Talking about the industry tailwinds, the global online gambling market is expected to be worth $127.3 billion in FY2027. For the first nine months of fiscal year 2020, the company reported revenue of $68.1 million, which was higher by 71% on a year-on-year basis. The company is focused on online casino and sports betting. Golden Nugget is a provider of online gaming in the United States.
