Esports Entertainment Group Inc, an esports entertainment and online gambling operator, has submitted their application for a gaming licence with the New Jersey Division of Gaming Enforcement. They believe that will become the first esports-vertical focused sportsbook with a state license in the US once New Jersey has accepted their application and approved the licence.
Comments from the company
Grant Johnson, CEO of Esports Entertainment Group, said in a press release:
“This is our first gaming license application in the US, and once approved, we believe we will be the first esports-vertical focused sportsbook with a state license in the US. According to a study from data firm Interpret, over 50% of U.S. esports fans said they are likely to engage in esports betting so we are confident that demand will be strong. We are ready to move quickly with our esports-focused wagering platform rollout once the DGE permits us to do so, which we expect in the second quarter of this year. Securing access to what is currently the largest market for sports betting in the US will provide a strong advantage as we look to expand into additional markets in the US moving forward. We look forward to updating our stakeholders on continued progress on these initiatives in the months ahead.”
Esports Entertainment Group
Esports Entertainment Group, or EEG, is a licensed online gambling company like Unikrn or Luckbox that focuses on the growing esports betting sector, their biggest claim to fame is that they are the only esports company listed on the NASDAQ under the symbol GMBL. In fact, on Monday they saw their stock surge. At the time, there was no explanation for the sudden surge in the stock value but it is clear that it was in anticipation of the announcement of the New Jersey gaming licence application.
As an international sportsbook, they operate offices in New Jersey, the UK, and Malta. They offer a Player-to-Player (P2P) wagering system that allows esports bettors the ability to bet against one another in support of their favorite ePremiere League (ePL) teams.
New Jersey sports betting
By applying for a gaming licence in the state of New Jersey, they have chosen one of the fastest growing sports betting markets in the United States. After New Jersey won a U.S. Supreme Court case in 2018 all 50 states could offer legal sports betting if they wanted to. This placed New Jersey at the front of the pack in East Coast sports betting, closely trailing behind well established US gambling hub Nevada.
Expansion of their operations
They are well placed to expand their US operations. New Jersey took the national lead for monthly sports wagering in August of last year with $668 million in bets, and every month since August has set a new record for highest monthly sports wagering in the state, December 2020, monthly sports wagering reached almost $1 billion. December was the second month in a row that the Garden State reached over $900 million in total sports handle.