SugarHouse Sportsbook Moves to Monmouth’s License For NBA Betting
Sports Betting News

SugarHouse Sportsbook Moves to Monmouth’s License For NBA Betting

SugarHouse Sportsbook will soon add NBA betting to its sports betting portfolio.

Currently, SugarHouse manages an online NJ sportsbook thanks to its license by Golden Nugget. Soon, the sportsbook will not be connected to the Atlantic City casino anymore.

The SugarHouse online casino operator Rush Street Interactive will change its sportsbook’s license to Monmouth Park. Thanks to this transfer, the NJ sports betting company will be able to provide NBA betting.

Entering Into The Unreachable Market Of NBA Betting

When sports betting became legal in New Jersey earlier in 2018, Golden Nugget wasn’t able to offer it. The reason for that was the fact that Tilman Fertitta, the holder of Golden Nugget, was also the owner of NBA team Houston Rockets. According to authority rules, because of this connection, the casino wasn’t allowed to provide sports betting

Later, a remission of the NJ law allowed the casino to provide legal betting on all sports besides NBA games.

In a pursuit to add NBA sports betting, SugarHouse decided to leave Golden Nugget and move its license to Monmouth Park. According to a recent check in the state records, SugarHouse is still operating under its previous license for sports betting, but a message on their sportsbook website states that this will be changed soon.

However, the change doesn’t apply to SugarHouse online casino platform, which will be still operated via the Golden Nugget’s license for interactive gaming.

How SugarHouse Sportsbook Will Reach The Leaders

In August 2018, SugarHouse Sportsbook was launched, making it one of the three NJ sports betting apps in New Jersey

During the short operation time, the SugarHouse Sportsbook’s NJ sports betting revenue reached a little over $100,000, twice as much as the $50,000 reported by playMGM, launched at the same time. In comparison, DraftKings Sportsbook earned about $3 million for the full month.

In September 2018, the sum of mobile sports wagers was nearly $105 million and the retail profit was estimated at $80 million. During the same month thanks to SugarHouse, Golden Nugget was the third of 7 license holders with a revenue of more than $600,000, only after NJ sports betting apps FanDuel and DraftKings

The revenue gap can be closed now, during the NBA season. Operated by Kambi Group. SugarHouse Sportsbook is now able to provide in-play betting on NBA games, something that wasn’t possible in the past.

Bonding With The Monmouth Group In NJ Sports betting apps

Monmouth Park was always one step ahead in the NJ Sports betting apps industry with its wager partner William Hill US. The partnership of the Oceanport racetrack was of mutual benefit, as William Hill launched its NJ Sports betting app in the beginning of September 2018

The Monmouth Park retail sportsbook’s revenue for 2017 was above $6 million. Just to compare, William Hills NJ sports betting app brought a little over $70,000 in a month. The total is divided between Monmouth and its associate Ocean Resort Casino.

More Information On Golden Nugget

Golden Nugget casino in Las Vegas accepts wagers on all NBA games besides the Rockets. Owner Tilman Fertitta hopes for the same permit in New Jersey but hasn’t fulfilled it yet.

Golden Nugget may have a profitable retail sportsbook in Atlantic City, but without SugarHouse sportsbook, there will be a gap to fill. According to Reuters, Fertitta is now trying to close a deal with Caesars Entertainment.

Caesars operates 2 sportsbooks within its casinos in Atlantic City – in Bally’s and Harrah’s and a NJ sports betting app thanks integrated in the online casino.

If the deal expands further, Fertitta chances to soften state’s association regulations are definitely increasing.