ST. MARY’S, Antigua, May 15, 2018 (GLOBE NEWSWIRE) — Esports Entertainment Group, Inc. (OTCQB:GMBL) (or the “Company”), a licensed online gambling company with a specific focus on esports wagering and 18+ gaming, is pleased to inform shareholders of a decision made by the Supreme Court Of The United States (“SCOTUS”) yesterday in which the Court ruled 6-3 to strike down the Professional and Amateur Sports Protection Act (“PASPA”). The 1992 law barred state-authorized sports gambling with some exceptions and made Nevada the only state where a person could wager on the results of a single game.
Esports Entertainment Group enthusiastically welcomes this decision, which will have a paradigm shifting impact on the growth of the Company’s newly launched esports wagering platform VIE.gg, the industry’s most transparent esports wagering platform and the only dedicated esports bet exchange in the world.
ANTICIPATED IMPACT OF SCOTUS DECISION
A Bloomberg article covering the decision stated as follows:
- Americans place $150 billion in illegal sports bets every year.
- The U.S. Supreme Court freed states to legalize gambling on individual sporting events, unleashing a race to attract billions of dollars in wagers and heralding a new era.
- Sports gambling could begin in a matter of weeks with the number of states potentially reaching double digits by the end of the year.
With esports betting expected to reach $20 Billion by 2023 prior to yesterday’s SCOTUS decision, the Company now expects this estimate to increase by several more billion dollars.
3 USA ESPORTS TEAMS SIGN AFFILIATE MARKETING AGREEMENTS WITH VIE
Over the past several weeks, VIE has announced the signing of Affiliate Marketing Agreements with 36 esports teams, an accomplishment that has never before been achieved by any esports wagering platform in the world. The Company anticipates more Affiliate Marketing Agreements with esports teams in the coming weeks. Three of these esports teams are based in the United States as follows:
The Company welcomes these pioneering esports teams and looks forward to helping them achieve great success.
As a result of yesterday’s SCOTUS announcement, the Company will significantly increase its focus on esports teams located in the United States.
WHY ESPORTS TEAMS ARE SIGNING WITH VIE
Esports teams want to offer their fans a fair and transparent esports wagering experience. As the world’s only dedicated esports bet exchange, our P2P wagering model means players never play against the house with odds dictated by the house. Rather, players set their own wagering terms between themselves, resulting in a player always winning.
VIE features wagering on the following esports games:
- Counter-Strike: Global Offensive (CSGO)
- Dota 2
- Call of Duty
- StarCraft II
- League of Legends
Grant Johnson, CEO of Esports Entertainment Group stated “This Supreme Court decision is another great victory in 2018 for esports wagering enthusiasts, which began with the launch of VIE earlier this year. It is also another great milestone for our loyal shareholders that will now see a very large market open up to the Company. Given the fact that VIE has already been so well received by 60 esports affiliates and 36 esports teams in such a short period of time, we expect that success and acceptance to accelerate on the heels of this decision. We are very excited at the possibilities created by this landmark decision.”
This press release is available on our Online Investor Relations Community for shareholders and potential shareholders to ask questions, receive answers and collaborate with management in a fully moderated forum at https://agoracom.com/ir/EsportsEntertainmentGroup
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About Esports Entertainment Group
Esports Entertainment Group Inc. is a licensed online gambling company with a specific focus on esports wagering and 18+ gaming. Esports Entertainment offers bet exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience, currently excluding the US and EU. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company holds licenses to conduct online gambling and 18+ gaming on a global basis, currently excluding the US and EU, in Curacao, Kingdom of the Netherlands and the Kahnawake Gaming Commission in Canada. The Company maintains offices in Antigua, Curacao and Warsaw, Poland. Esports Entertainment common stock is listed on the OTCQB under the symbol GMBL. For more information visit www.esportsentertainmentgroup.com
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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