Golden Nugget Atlantic City could finally be allowed to take wagers on NBA games after a bill on the matter passed its final hurdle in the New Jersey Legislature earlier this week.
The piece is now headed to Gov. Phil Murphy who can either sign it into law or veto it. The legislation was introduced earlier this year and unanimously passed the State Assembly in June. All members of the Senate but one voted in favor the measure earlier this week.
If enforced, A5463 would allow owners “of 10 percent or more of member team of sports governing body to place or accept wagers on certain sports events in which other member teams participate.”
The final approval of the bill would effectively annul a ban introduced last year that prevented Atlantic City casinos whose owner also own a sports team to accept bets on events within the league that team competes in.
Golden Nugget was the only Boardwalk casino affected by that previous ban. Its owner, Tilman Fertitta, also owns the Houston Rockets basketball team. This means that the Marina District casino has not been able to take wagers on NBA games since it entered New Jersey’s sports betting scene in August 2018.
The recently approved bill would enable the casino to handle bets on NBA games that do not involve the Houston Rockets. Golden Nugget’s sister properties in Nevada are able to take NBA wagers under the same rule.
It Could Have Been Even Worse
The fact that Golden Nugget cannot take bets on NBA games is not even the worst scenario that could have been deployed by New Jersey legislators. The state legalized sports betting in June 2018, just a couple of weeks after the US Supreme Court struck down the PASPA ban.
For a while, a bill prohibiting casinos whose owners owned sports teams from taking sports bets circulated the Legislature, bu Mr. Fertitta successfully lobbied lawmakers to relax the proposed total ban.
As mentioned earlier, Golden Nugget went live with retail sports betting precisely a year ago. The property launched this past February an online sportsbook to complement its existing offering.
However, it cannot be said that the property’s sports gambling product has performed splendidly over the past year. According to stats by the New Jersey Division of Gaming Enforcement, Golden Nugget took in just over $500,000 in sports betting revenue this year. Harrah’s Resort was the only Boardwalk casino to report less revenue.
Golden Nugget’s inability to take bets on NBA games has certainly affected its profitability. Basketball is huge in New Jersey, as official data constantly shows. Since legal sports betting arrived in the state in mid-June 2018, more money has been wagered on basketball (over $850 million) at New Jersey’s brick-and-mortar and online sportsbooks than on any other sport, figures released by the local gambling regulator show.
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