Esports Entertainment Group Inc is solidifying its presence in New Jersey in preparation for the issuance of its gaming license in the US state.
The online gambling and esports company announced it is opening a new office in Hoboken, where CFO Dan Marks will be Head of Office in accordance with Division of Gaming Enforcement (DGE) requirements.
New Jersey is among the largest markets in the country for sports betting, topping $6 billion last year – a more than 30% increase from the $4.5 billion generated in 2019.
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Esports CEO Grant Johnson told shareholders that the company is in final preparations for its New Jersey launch.
"Our application was formally accepted by the New Jersey DGE in May, and we are now awaiting approval of our Transactional Waiver, which we expect to receive shortly,” Johnson said. “Once the Transactional Waiver is approved, we can begin taking live bets in the state."
New Jersey won a US Supreme Court case in 2018 allowing all 50 states to offer legal sports betting.
"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," CFO Marks added.
According to a study from data firm Interpret, over 50% of US esports fans said they are likely to engage in esports betting, which Marks said gives the firm confidence 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."
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