Hoboken, New Jersey--(Newsfile Corp. - September 13, 2021) - Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the "Company"), an esports entertainment and online gambling company, is pleased to announce the opening of its new office in Hoboken, New Jersey in preparation for the issuance of its New Jersey gaming license. In addition to the new office, which opened September 1st, the Company is also expanding its US workforce and has named CFO Dan Marks as Head of Office, in accordance with DGE requirements.
"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 (DGE) 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."
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.
The total sports betting handle in New Jersey topped $6 billion in 2020, up 31% over the $4.5 billion total handle generated in 2019.
"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," added Marks. "According to a study from data firm Interpret, over 50% 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."
About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
FORWARD-LOOKING STATEMENTS
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.
Contact:
U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com
Media Inquiries
brandon.apter@esportsentertainmentgroup.com
Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com
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