Last Updated on June 30, 2020

Golden Nugget, owned by Tilman Fertitta, is splitting its online gaming from the main company and taking Golden Nugget Online Gaming (GNOG) public on the Nasdaq exchange. The company is anticipating a valuation of $745 million. This follows the very successful IPO for DraftKings ($DKNG), which has online gaming active in NJ and PA.

“Golden Nugget is one of the most time-honored brands in the gaming business today,” Fertitta said in a press release. “When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

Fertitta will be the company’s chairman and CEO as it goes public with controlling economic and controlling voting interest. The deal is expected to happen in the third quarter of 2020. The Golden Nugget online casino is currently live in New Jersey with plans to launch its online casino in Pennsylvania and Michigan soon.

The recent pause in professional sports and closing of retail casinos has pushed some bettors towards online casinos. The proof is in the numbers according to the data released by the New Jersey Department of Law & Public Safety. In the month of May, internet gaming hauled in just under $86 million in New Jersey, an increase of 124.1% over the May 2019 numbers.

As the country continues to deal with the second wave of coronavirus and online gaming becomes more accessible, expect more and more bettors to turn to his convenient option for gambling. It’s impossible to know what the new normal is going to be in 2021 and beyond. Clearly, Fertitta’s decision to go public with Golden Nugget Online Gaming is betting on a steady increase in online gaming.