Esports Entertainment Group (EEG), a Malta-based online gambling firm, has set up a subsidiary to obtain gambling licences throughout the United States.
GMBL New Jersey Inc., a corporation based and operating in the Garden State, plans to broaden its existing position on the esports market. EEG will apply in “the near future” for its first licence in New Jersey and will submit updates on pending requests in other jurisdictions.
In its original public offering on 9 April, Esports Entertainment Group issued around $2,750,000 ($2,184,572.50) in common stocks and warrants and stock on 31 May. The company states that investments will help provide the “resources required to implement its business plan.”
It is licenced to accept wagers in more than 149 jurisdictions, including Canada, Japan and South Africa and owns and operates a VIE.gg platform. The wagering platform now provides worldwide support for fantasy, pools, fixed odds and 18 + games.
While the driving factors behind the law on esports betting are New Jersey ‘s deals for esports have fallen far behind. The DGE approved the first exemption from state esports in November 2019 by authorising wagers in the final of the Legends World Championship. On the other side, Nevada allowed its licensees, including Counter-Strike: Global Offensive; Dota 2, iRacing, Overwatch, and Call of Duty, to take on bets on a variety of sports.
In March, the Tourism, Gaming and the Arts Committee of the New Jersey Assembly put forward a bill for a full-time permit for esports betting. The A637 proposal was first proposed in January and is now referred to as the Speaker.
“The annexation today marks yet another major milestone and offers even more insight into the market as far as our growth strategy is concerned,” commented Grant Johnson, CEO of the Esports Entertainment Group. “The United States market presents us with a great opportunity, and we intend in 2020 and beyond to pursue it aggressively thanks to the continued support of our valued shareholders.”