Online Betting Platform Landry’s Now On Nasdaq
Given Fertitta’s interests in the National Basketball Association (NBA), the State of New Jersey originally restricted Landry’s users to make any bet on any NBA games. However, the state later amended its decision and finally allowed users to bet on any NBA games, but restricted all Houston Rockets games.
This is a widely held decision since all owner of major sports franchises are barred from making any bets for any pro league in which their team is a part of.
A bright future for Landry’s
The deal was able to push through after Fertitta made a black check entity in order to acquire the Golden Nugget Online Gaming company, according to an SEC filing dated June 29. The filing also revealed that Fertitta used Landcadia Holdings II to acquire Golden Nugget.
As of this writing, Google Nugget is an active stock on the Nasdaq and is traded under Landcadia Holdings II (LCA). The filing also stated that the company is working to use its official Golden Nugget name and will later use the ticker GNOG on the trading platform.
The SEC filing revealed that Landry’s is now valued at $745 million. With the recent acquisition, Landcadia will retain its 52 percent stake of Golden Nugget stocks.
A great time for online casinos
In 2018, the United States Supreme Court lifted its ban on sports betting. Following this decision, sports betting was legalized in 18 states with four states awaiting approval. Market experts suggest that states are scrambling to open up sports betting in order to capitalize on the surge of demand from an industry projected to grow to as much as $8 billion by 2025.
On the other hand, Fertitta is more optimistic with regards to his view about the online gambling industry. He predicts that the industry has the potential to grow by as much as $90 billion by 2025. He argues that interests on this particular industry is high because of the massive tax revenue that it brings to any state that legalizes it.
It appears that Fertitta might have a point. Recent survey has revealed that there is a surge in online gambling activities because people are currently locked in their houses due to the coronavirus pandemic. Due to the lockdown and shut down of many major sports leagues around the globe, people are now starting to notice the advantage of online gambling.
Although some casinos and gambling houses have now reopened, social distancing protocols have forced them to cut their capacity by nearly half. Moreover, people returning to casinos are not exactly feeling the same way as before because of the forced social distancing measures.
With the surge of demand for online gambling, it will only be a matter of time before this platform will reach the mainstream consciousness.
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