Golden Nugget Online Gaming, also known as GNOG, has today revealed an increase in revenue and high levels of profit margins for the twelve month period of 2020 despite the unprecedented times brought about by the pandemic.
Along with a full year report for last year, the company also revealed its financial figures for the remaining quarter of the year, which saw a revenue increase of almost fifty percent compared with the same period in 2019.
The global pandemic has impacted the gaming and betting industry in more ways than most other industries. But the online gaming market, in many instances, has been positively impacted across the globe.
In light of this, Golden Nugget Online Gaming has reported a revenue of more than $90 million for the entire year, which is an increase of more than sixty-percent when compared to the previous year.
Additionally, despite the challenging times for the firm amongst others, they are praising the year as an achievement and are proud of the results, with business growth recognised as being faster than in previous years, allowing the corporation to maintain high levels of profit margins.
With the foundations firmly laid within the iGaming industry, Golden Nugget Online Gaming is becoming a reputable and trusted online operator and will use the latest financial report to validate its focus and strategy within this sector.
Furthermore, the company is expected to continue increasing its footprint across new and existing regulated markets and is looking to take advantage of the surging market, which it anticipates to be worth a potential $30 billion.
It is no surprise to see such an established brand reaping the rewards and benefits of such a sophisticated digital strategy during a time that has witnessed the rapid decline of offline land-based gaming around the world due to the ongoing health crisis.
However, the financial report and figures have validated the company’s strategy and will be used as the basis for going forward through the rest of 2021 and beyond.
Last year, Golden Nugget Online Gaming experienced an eventful year, which continued in to the first quarter of this year, including the launch of a new online casino and sportsbook in Michigan and New Jersey, securing market access in Illinois, West Virginia and New York, and received an a temporary permit for online sports betting in the state of Virginia amongst others.