Golden Nugget Online Gaming (GNOG) has announced it will discontinue operation of its online sports betting service in Virginia this week, a result of the company being acquired by DraftKings Sportsbook.
“The combined company will offer a single sportsbook brand in Virginia — which will be the DraftKings Sportsbook,” Golden Nugget said in an email to customers. DraftKings Sportsbook Virginia was one of the first to go live in the commonwealth.
The deal between the two companies was completed Thursday, according to a news release. DraftKings will integrate Golden Nugget Online Gaming employees across its businesses.
The two companies announced in August they had entered into a definitive agreement for DraftKings to acquire Golden Nugget Online Gaming in an all-stock transaction valued at approximately $1.56 billion.
Golden Nugget obtained its temporary permit to operate in Virginia in March 2021 and went live on Sept. 30.
What Happens to Customer Deposits?
“Beginning approximately one week before the anticipated closing date, Virginia patrons will no longer be able to deposit, wager, or take part in promotions on the Golden Nugget Online Sportsbook,” GNOG said in the customer email. “Please note that you will still be able to make withdrawals of any available funds in your account.
“Beginning on the date on which the transaction is consummated, which we currently expect to occur on or about May 5, our customer service will be provided through the DraftKings Sportsbook.”
Within 60 days of site closure players may withdraw funds and check account history on the Golden Nugget Online Sportsbook website for a period of 60 days after the closing date, the company said. During this period, it will send periodic communications by email and push notifications. “Please note that players cannot place new wagers on the Golden Nugget Online Sportsbook during this period,” the email says.
If funds remain in player accounts beyond 60 days after the closing date, Golden Nugget Online Sportsbook will attempt to manually revert the funds back to the player through a recent deposit method. “After this attempt, we will communicate via email to players whose balance has been reverted as well as players who still have remaining funds that could not be reverted,” GNOG said.
Following attempts to manually revert funds to players through the original deposit method, the Golden Nugget Online Sportsbook website and platform will be formally shut down, but a landing page with details on how to contact customer service will remain active for an additional 120 days.
More Sportsbooks Coming to VA
GNOG was one of 12 mobile sportsbooks available in Virginia. The state's sports betting market has reached over $4 billion in handle since its start in January 2021. Virginia had about $469.5 million in handle in March, the second-highest total for Virginia behind January 2022.
The current market now consists of FanDuel Sportsbook Virginia, DraftKings, BetMGM, BetRivers, Caesars Sportsbook, WynnBET, Unibet, BarStool Sportsbook, Bally Bet, PointsBet and Hard Rock Sportsbook.
Two additional sportsbooks are expected to join the commonwealth's market this month. Sports Illustrated's SI Sportsbook could go live any day now as the 13th to open in Virginia followed by Betway scheduled to go live May 18.
There are currently more than two dozen states along with the District of Columbia that offer legal online sports gambling in the U.S. market. This includes Arizona, Colorado, Illinois, Indiana, Iowa, Michigan, Nevada, New Hampshire, Louisiana, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia and West Virginia, among others,
