he esports entertainment and online gambling company Esports Entertainment announced Monday the opening of its new office in Hoboken, New Jersey, which opened September 1st, as it prepares for the issuance of its license to operate in the state. In an expansion of its US workforce, the company also named CFO Dan Marks as Head of Office, in accordance with DGE requirements.
In an official press release, Grant Johnson, CEO of Esports Entertainment, spoke about the company’s new New Jersey headquarters and said that “we are in final preparations for our launch”.
“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”.
As Johnson stated, once the Transactional Waiver is approved, the company can begin taking live bets in the state.
Grant Johnson, CEO
The new Head of Office, Dan Marks, added: "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% 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", he explained.
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 its regulatory framework based on player protection and business stability, the New Jersey gaming industry has had considerable growth in recent years, with the total sports betting handle in New Jersey topping $6 billion in 2020, up 31% over the $4.5 billion total handle generated in 2019.
As part of their expansion plan, EEG announced on Friday that it will invest approximately $2 million shares into 20% of a general partnership with Game Fund Partners to become a part of their Venture Capital Arm, and a new planned $300 million dollar game fund. The company aims to explore several new joint projects and investment vehicles in areas of gaming, data, blockchain, online gaming and joint casino hotel investments.