Esports betting is coming to New Jersey after the Director of the New Jersey Division of Gaming Enforcement had signed off on an order that approved a Transactional Waiver for the Esports Entertainment Group, Inc. (EEG) to allow the company to begin offering its esports betting service in the state.
The waiver essentially means that the EEG are now able to offer esports betting across New Jersey legally.
Residents of the Garden State won’t have too long to wait to experience what the EEG has to offer. The company is preparing to launch its esports betting service VIE.gg in New Jersey later today (Tuesday afternoon).
It means that following on from last year’s successful skill-based wagering tournament co-hosted by the EEG and the Hard Rock Casino in Atlantic City, residents of New Jersey will be able to bet on a host of top esports such as CS:GO, League of Legends, Dota 2 and more.
And with the EEG being one of the NBA2K League sponsors, it looks a good bet that this will certainly be a key feature of the site too.
The initial service will include a five-day ‘soft play’ introductory period, which will ensure that the platform is set up correctly to adhere to the restrictions in place in New Jersey and it will also be an opportunity for the company to iron out any bugs or similar in the system before the site goes fully operational thereafter.
The decision was not unexpected. Back in July 2021, New Jersey officials had passed legislation that ensured that esports betting became a constituent part of the state’s legal sports betting industry.
Then in September, EEG announced it was opening a new office in the state, in preparation for the release of its esports betting service.
Limits On Betting
While esports betting will be legal in New Jersey, there are some limits in play into the size of bets and payouts that EEG can accept and make from and to customers.
In terms of betting, the company can accept esports bets no greater than $100 and the maximum payout that a lucky punter can receive from their bet is $500.
New Jersey approves Esports Entertainment Group to take bets on competitive video games https://t.co/YvLYv5rcA0 via @phillyinquirer
— Esports Entertainment Group (@EsportsEntGroup) January 24, 2022
However, the company can apply to the New Jersey Division of Gaming Enforcement to have these limits appraised and if the division agrees, those limits could be increased in the future.
Other US States Paying Close Attention
Given the somewhat slow roll out of esports betting across the United States, compared to the somewhat more rapid spread of legalised sports betting, there is no doubt that many other states will be watching what happens in New Jersey very closely.
With the somewhat ad-hoc and piecemeal offering of esports bets at the present moment in the country, it is likely that if the EEG’s release of VIE.gg in New Jersey proves to be a success, in financial terms as well as in terms of popularity with punters, then other states are going to want to follow suit.
The US market is ripe for huge growth in the sports betting and esports betting industry in the next few years, which is why so many companies are positioning themselves to become a part of it over the next year or so. EEG’s move into New Jersey may just be the start of a busy year for esports operators across the United States.