New Jersey

Esports Entertainment Group has unveiled the grand opening of its new offices in Hoboken, New Jersey, as the group prepares for the issuance of a gaming licence in the Garden State.

This represents the firm’s latest efforts in the betting and gaming space, with the new office, which opened at the turn of the month, seeing the company expand its US workforce. 

Subsequently, EEG has also named Dan Marks as head of office, which has been done in accordance with New Jersey Division of Gaming Enforcement requirements.

The total sports betting handle in New Jersey topped $6bn in 2020, which represented an uptick of 31 per cent from the $4.5bn total handle generated one year earlier.

“We are in final preparations for our launch into the New Jersey market,” said Grant Johnson, CEO of Esports Entertainment Group

“Our application was formally accepted by the New Jersey Division of Gaming Enforcement in May, and we are now awaiting approval of our Transactional Waiver, which we expect to receive shortly. Once the Transactional Waiver is approved, we can begin taking live bets in the state.

“Securing access to what is currently the largest market for sports betting in the US is very exciting and will provide a strong advantage as we look to expand into additional markets in the US moving forward. 

“According to a study from data firm Interpret, over 50 per cent of US 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 near term.”

Earlier this month, EEG struck a multi-year alliance with venture capital firm Game Fund Partners, which it said would open up “a new path for substantial growth and added economic firepower”.

This sees the group become part of Game Fund Partners’ Venture Capital Arm, and a new planned $300m dollar game fund that will explore several new joint projects and investment vehicles to help fuel rapid growth in the areas of gaming, data, blockchain, online gaming and joint casino hotel investments.