The time has finally come – the SugarHouse sportsbook will soon accept bets on NBA games. However, this time comes with another big change for the sports betting operator.
SugarHouse has been operating their NJ sports betting app through Golden Nugget’s license but that’s about to change, after the company announced they will no longer be working with the AC casino.
They will be operating their online sportsbook via the Monmouth Park license from now on, as Rush Street Interactive – the SugarHouse online casino managers – reported.
The good news? This all means that the SugarHouse Sportsbook can now finally accept NBA wagers!
Why Couldn’t The SugarHouse Sportsbook Accept NBA Bets Before?
As soon as the NJ sports betting market opened in June, Golden Nugget realized that not all doors would open for them. The reason is that their owner, Tilman Fertitta, is also the owner of the Houston Rockets. According to regulations, that meant that the casino could not operate a sportsbook.
They got lucky, though, when the legislation was updated and allowed for the casino to accept sports bets anyway – just not for NBA games.
Now with the NBA season underway, SugarHouse have decided to switch their sports betting license from Golden Nugget to Monmouth Park – and with good reason. This could greatly expand their profits during the season. But SugarHouse’s ties with Golden Nugget won’t be completely cut off – this only applies to the SugarHouse sportsbook website and app. The comapny online casino will still be making use of Golden Nugget’s gaming license.
SugarHouse Are Trying To Catch Up To Other NJ Sports Betting Apps
The SugarHouse Sportsbook got off to a good but mediocre start. Officially launched on August 23rd, it was the third NJ sports betting app to join the market.
In its one week of August operations, it made $103,324 in NJ sports betting revenue. The good news is it was twice as much as playMGM made, despite them launching a day earlier. The not so good news? The DraftKings Sportsbook reported a revenue of $3 million – and despite them launching an entire month ahead, it’s way more than what SugarHouse made even if you divide it by four.
When September came, SugarHouse was still ranking third after DraftKings and FanDuel with $619,030 – on behalf of Golden Nugget’s license. The good news was that all the online sportsbooks combined made $104.9 million altogether, as opposed to $79 million made by retail sportsbooks.
It’s no surprise that SugarHouse is aiming to close the revenue gap with its competitors by tapping into the NBA betting market, which used to be unaccessible. There’s good chances they might succeed with the help of Kambi Group, who’ve gained a lot of attention for their in-play wagering on NBA games.
More About Monmouth
Monmouth Park have been in the sports betting business long before New Jersey made it into the picture.
Monmouth Park have made $6 million this year thanks to their retail sportsbook, but that doesn’t mean they didn’t need an online partner. They have been operating side by side with William Hill US who presented an NJ sports betting app at the beginning of September.
The mobile sportsbook reported $70,000 in September revenue, which in turn Monmouth had to split with William Hill’s other partner – Ocean Resort Casino.
What About Golden Nugget?
The casino seems to be in a binder as far as New Jersey sports betting is concerned. Their Las Vegas property offers NBA wagers, excluding Rockets games, but there’s no sign of a similar arrangement for its NJ casino.
They can still rely on a successful retail AC sportsbook, but the end of their partnership with SugarHouse leaves them with no mobile product to offer. However, Reuters reports rumours of an upcoming merger with Caesars Entertainment.
That would be good news for Golden Nugget, since Caesars not only has two on-site sportsbooks in AC (Bally’s and Harrah’s) but also a mobile one.