The deal negotiated by Golden Entertainment and J&J Ventures Gaming focused on both Montana and Nevada, with the Silver State’s Nevada Gaming Commission seconding the opinion of the Nevada Gaming Control Board and confirming that the transaction may proceed.

Nevada Oks Long-Anticipated J&J-Golden Entertainment Dela

The operations in Montana had already been acquired for $109 million and $5 million in purchased cash in September, in line with the initially stated transaction window.

J&J Ventures Gaming is spending $213.5 million to pay for the acquisition along with $34 million in purchased cash. The deal is yet to be finalized, though, and will probably be completed by the end of January 2024.

There are customary regulatory filings to now be provided as part of the deal before the transaction can be finalized. The Nevadan sale will create a five-year agreement between the two parties, with J&J Ventures Gaming supporting Golden Entertainment branded establishments in the Silver State.

J&J is, however, hoping to synergize its broader operations with its newly-acquired business in Nevada in due time and derive an even greater value from the acquisition.

The deal was partially orchestrated by Oaktree Capital Management, the majority owner at J&J Gaming and not least owing to familiarity between Golden Entertainment president and CFO Charles Protell and Oaktree’s managing director Matthew Wilson, who attended the same college.

Confidence in Golden Entertainment’s Tavern Business

Protell himself sold 35,946 shares in Golden Entertainment earlier this week, gaining $1.46 million on the sale. Golden Entertainment owns and operates casinos and taverns as well as distributed gaming solutions in Southern Nevada.

The change of leadership is nothing that Golden Entertainment fears with the company confident that the product it built over years of hard work serves well to both companies and especially shareholders.

J&J’s decision to support the Golden Entertainment tavern portfolio attests to the high degree of professionalism and result-driven businesses that the latter company has been running. The companies have also felt confident in working together and seeing this deal through.

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Novig, an innovative sports betting market that seeks to redefine the wagering sector, has been greenlit to launch in Colorado by the Colorado Division of Gaming. Now boasting an Internet Sports Betting Operator license, the company will be able to make a foray into the lucrative US market.

Colorado will notably be Novig’s first state. The company plans to launch there next month in partnership with Full House Resorts and its Bronco Billy’s Casino property in Cripple Creek.

Coloradoans will soon be able to experience Novig and its exciting wagering markets. The Noivg app will be available to both iOS and Android users, providing players with tons of betting excitement at their fingertips.

However, at least initially, Novig will serve as a regular sports betting operator, instead of as an exchange. Should the CLGC greenlight exchange wagering, Novig plans to launch its flagship exchange wagering options in the state as well.

At first, the Novig app in Colorado will offer wagering options for some of the biggest leagues in North America, including the NFL, NBA, MLB, NCAAF and NCAAB. The company plans to further diversify the markets it offers in the state in 2024.

Novig Looking Forward to Launching in Colorado

Jacob Fortinsky, Novig’s co-founder and chief executive officer, commented on the launch in Colorado, praising it as a major development for his company. He thanked the Colorado Division of Gaming for its incredible help throughout the entire licensing process.

Fortinsky added:

We’re committed to building an unparalleled, community-led betting experience, and we look forward to becoming the go-to destination for sports fanatics and sharp bettors alike.

Jacob Fortinsky, co-founder & CEO, Novig

Founded by Fortinsky and Kelechi Ukah, Novig is backed by a number of major investors, including Joe Montana, Lux Capital and Y Combinator. Novig hopes that exchange wagering will secure approval from the CLGC, allowing the company to launch the first commission-free, high-frequency sports betting exchange in Colorado.

A month ago, Novig forged a new comprehensive agreement with US Integrity, a leading technology-driven sports betting monitoring company. This move proved Novig’s desire to fortify the foundational elements of its products and protect the integrity of the sports betting sector.

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The Colorado Division of Gaming (DOG) has launched a new statewide self-exclusion scheme, providing locals with a way to control their gambling habits. In line with Colorado’s responsible gambling rules, the program allows locals to be excluded from all regulated gambling in the state.

As a result, excluded persons will be unable to access online sports betting and will not be allowed to enter casinos and sportsbooks in Colorado.

Coloradoans who wish to exclude themselves from gambling can do so for a period of one year, three years or five years. Consumers can sign up for the program by applying online, submitting an application form via email or mail, or applying in person.

Excluded individuals will not be automatically removed from the exclusion list even after the exclusion period ends. Individuals who wish to be removed from the list will have to file a request.

DOG Called the Scheme an “Exciting Advancement”

The launch of the new self-exclusion scheme is in line with Limited Gaming Rule 29 and Sports Betting Rule 9, which introduced new responsible gaming duties and requirements for casino and sports betting operators in the state.

The rules also established the DOG as the custodian of the self-exclusion list. Prior to the launch of the current program, self-exclusion in the Centennial State was managed by the Problem Gambling Coalition of Colorado (PGCC).

DOG director Christopher Schroder commented on the launch of the new self-exclusion scheme, highlighting the division’s commitment to promoting responsible gambling across Colorado. He called the launch of the program an “exciting advancement” for the state.

Schroder also thanked the PGCC for everything it has done so far, praising the organization as a reliable ally.

We appreciate all of the work that the PGCC has done to get the Self-Exclusion program to this point. They are an excellent partner in this important work.

Christopher Schroder, director, Colorado Division of Gaming

The regulator hopes to establish a modern tech-driven website that would make self-exclusion easier and more intuitive for customers in Colorado. The DOG is planning to work on this site over the next year.

In the meantime, the division said that the self-exclusion list has now been disseminated to gambling industry bodies across Colorado, allowing them to turn down self-excluded individuals.

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