This week’s casino news starts off in New Jersey where the appetite for legalizing in-state college sports betting is tepid at best. However, after a closer look, the poll might be skewed to more non-bettors than actual bettors. Then we talk about the insanely bullish Golden Nugget stock.
College Sports Betting Gets Little Support In New Jersey Poll
While sports betting is thriving in New Jersey, the one aspect that’s prohibited is betting on college teams that are in the state. New Jersey has long banned any form of sports betting on in-state college teams and it appears that it will stay that way.
There was recently a new amendment that would have allowed this type of gambling on college teams like Rutgers as it was passed about a month ago through the New Jersey Legislature.
However, a recent poll found that only 25 percent of people supported this new change while 49 percent believed that the ban should stick around.
- The poll only asked about 800 people but it still could present some worry over the bill.
- The poll was further broken down into multiple categories but none of those statistics bode well for college sports betting on the in-state teams.
- All of which opposed the measure except for adults ages 18 through 34.
- It’s likely that non-bettors are against it while sports bettors either don’t care or would rather have the rule changed to allow it.
- When looking at gender, 36 percent of men supported it compared to the 14 percent of women who felt the same way.
Golden Nugget Online Stock 2x Soon, According To Some Experts
One of the best-performing gaming stocks could be on the rise again, according to some experts. After going up nearly eight percent lately, Golden Nugget Online Gaming has the potential to double their stocks in the coming weeks as David Bain of B. Riley analysts projects the company could have a buy rating of $27, which is over double the amount of their current rating of $12.
Bain doesn’t see anything wrong with those projections either as he believes that the estimations are relatively conservative. If Golden Nugget is, in fact, able to rise to their projections later in the year, those would outpace what much of the rest of Wall Street believes as their general projections are about $24.
Bain highlights the fact that much of the attention right now is on DraftKings, but Golden Nugget is well-positioned to thrive in casino gaming. On top of that, they will continue to grow with the market as more and more states become legalized for online sports and casino betting.
If that happens and Golden Nugget continues along its current path, that would be how the stock can reach the lofty targets of $24 or even $27 at some point.
Engine Media Presents DraftKings With Lawsuit
It wasn’t a fantastic day for DraftKings as they are now being sued by Engine Media Holdings. The company claims that DraftKings Sportsbook infringed on certain patents that were owned by their WinView unit. The suit, which was filed down in New Jersey, is going to be examined within the next few weeks.
Engine Media claims that the sports betting giant is synchronizing data for their live betting services, which infringes on one or more of the statements that the 243 patent covers. The 243 patent allows a method to equalize latency differences in games of skill while simultaneously synchronizing the game with the broadcast.
DraftKings has been taking step after step in the ever-growing sports betting world. Back in 2019, they had created a new product after working with Wimbledon and then signed a new live wagering accord with the NBA. Every opportunity that DraftKings has found has been jumped on quickly, which may have ended up getting them right in the middle of this mess with Engine Media.
Even if Engine Media wins this lawsuit, don’t expect it to slow down Draftkings momentum. It doesn’t seem like much will these days.