Newark, New Jersey–(Newsfile Corp. – February 9, 2021) – Esports Entertainment Group, Inc. (Nasdaq: GMBL) (GMBLW) (or the “Company”), an esports entertainment and online gambling operator, today announced it submitted its gaming license application with the New Jersey Division of Gaming Enforcement (“NJDGE”).
“This is our first gaming license application in the US, and once approved, we believe we will be the first esports-vertical focused sports book with a state license in the US,” commented Grant Johnson, CEO of Esports Entertainment Group. “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 this year,” continued Johnson. “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.”
New Jersey won a U.S. Supreme Court case in 2018 allowing all 50 states to offer legal sports betting should they so choose. It quickly dominated the East Coast market and challenged Nevada for the national lead. With a solid regulatory framework based on player protection, business stability, and growth, the New Jersey gaming industry has enjoyed exceptional growth in recent years. They took the national lead for monthly sports wagering last August with $668 million in bets, and each month since has set a new record, with December reaching nearly $1 billion. December was the second straight month the Garden State topped $900 million in total sports handle.
About Esports Entertainment Group
Esports Entertainment Group, Inc. is an esports and online gambling company. The Company operates a number of entities across three key pillars: 1) esports entertainment and infrastructure, 2) esports wagering, 3) iGaming. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
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