Esports Entertainment Group is all set to start accepting esports wagers in the Garden State. Esports Entertainment Group received the green light from the state’s Division of Gaming Enforcement. The Gaming enforcement granted Esports Entertainment the transactional waiver it needs to accept and process wagers in the state. This has made esports entertainment the first brand in the US and New Jersey to accept and process esports wagers.
Esports Entertainment will debut for 5 days first during its soft play period before it goes ahead to launch its IE.gg esports betting platform for locals. The soft play period will make sure limitations are applied to the online betting experience so that proper regulatory operations can be maintained throughout. During the soft play period, the limitations will be applied to the online experience to ensure that the right regulatory operations are maintained.
Once launched successfully, punters in the state will be allowed to bet on an array of well-known esports including Dota 2, Counter-Strike: Global Offensive, as well as the League of Legends. During the soft launch, the signups will be controlled at 100 t0 200 signups daily.
As the very first esports dedicated operator to be given the right to operate in the Garden State, esports entertainment has a lot to prove. If everything goes according to plan, Esports betting could be at par with sports betting before the year ends. According to experts, international esports wagering is expected to exceed $250 billion before the end of 2027.
This means that Esports Entertainment is now responsible for the growth of esports betting all over the country. Legislators in New Jersey passed the legislation to legalize esports betting in July 2021. As a result, licensed operators in the Garden State are now allowed to accept wagers on esports that are up to $100.
Punters stand the chance to win as much as $500. However, this amount could increase gradually if the Division of Gaming Enforcement sanctions it. Before this approval was granted, Esports Group had been trying to secure a license in New Jersey by as early as 2020. Esports Entertainment, which is a NASDAQ-listed company opened its office in Hoboken.
Right before the year came to a close in September, Esports Entertainment Group announced that it had entered into a multi-year partnership with well-known venture capital company Game Fund partners. As a result of this partnership, Esports Entertainment is now part of the venture capital arm, as well as a new $300 million game fund.
Being included as part of the fund will go a long way in helping esports entertainment Group involve itself in numerous projects in the gaming space, as well as beyond. This investment will also allow the brand to finance and team up with major projects and sports teams in the booming gaming industry. As more states such as Ohio continue coming up with esports gambling regulations, Esports Entertainment Group will rely heavily on this partnership for continued expansion.
The Esports Entertainment Group plans to invest as much as $2 million to advance its mission to become the leading operator in the esports market. The fund will be used for the growth of Blockchain, data, and online gaming. It will also be used to forge partnerships with various casino hotels and operators all over the country. The brand has worked hard to be at the forefront of this new gaming vertical.
EEG is already a leader in the online gambling and gaming software sector. It is also heavily involved in cryptocurrency investments. Last year, EEG also partnered up with NFL’s Indianapolis Colts. This partnership will see EEG and Indiana Colts team up for cobranded esports tournaments through the esports’ gaming platform.
What we cover
The Growth of Esports
The competitive video gaming market has grown exponentially in the last few years boasting millions of fans, as well as billions of dollars on offer for participants and punters. Streaming services, as well as live events all over the world, have transformed casual gamers into serious well-known and celebrated athletes capable of earning as much as 7 figures and massive endorsements from brands.
Esports has now become one of the most competitive and organized video gaming betting verticals. Competing teams gave off against each other in some of the most well-known games with tournaments often attracting viewing crowds and fans that rival most traditional sports tournaments and leagues. Case in point, in 2017, the League of Legends World Championship attracted an excess of 80 million viewers, which made it one of the most-watched esports competitions in history.
Later on, both ESPN and Disney XD entered into a multi-year deal that will allow the broadcast of the Overwatch League, which is an international league that is centered on the multiplayer FPS game Overwatch. While it is true that the esports market is still relatively young, its continued growth has been nothing short of impressive.
Even better, this growth has helped to attract sponsors and stakeholders that have been keen on capitalizing on the emerging market such as Esports Entertainment. Now that esports is legal in New Jersey, esports entertainment is expected to generate at least $ 1-3 million, which is said to be a conservative estimate for New Jersey. The Garden State already has a huge base of esports wagering fans that have been opting to place bets through different offshore websites.
Final Thoughts
Now that esports entertainment has debuted its sports betting product in New Jersey, the opportunities for growth in the rest of the country are colossal. New Jersey is currently one of the most successful sports betting markets in the country, which has provided the brand with a strong advantage that will make it so much easier to expand into new states as time progresses.
Plus, New Jersey has always been a strong supporter of the esports market. This was recorded first hand in an initiative that was backed by the NJ Economic Development Authority. This was an initiative that was spearheaded to support any businesses that wanted to accelerate the growth of the esports market in New Jersey.
