Esports Entertainment says New Jersey Division of Gaming Enforcement formally accepts subsidiary GMBL’s gaming license application

Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) said subsidiary GMBL has been notified by the New Jersey Division of Gaming Enforcement (DGE) that its application has been formally accepted.  

In a statement, Esports said the agency’s acceptance will allow the company to submit its software to the DGE testing lab and apply for a Transactional Waiver. 

The company added that it expects to complete this process and be live taking bets in the state by the end of its fiscal first quarter. 

READ: Esports Entertainment rides on recent acquisitions and existing brand growth to $5.4M in fiscal 3Q revenue

“This is a major step for us in our growth strategy in the US,” said Esports CEO Grant Johnson.

“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. Securing access to what is currently the largest market for sports betting in the US is very exciting. We are also in discussions with partners and regulators in additional jurisdictions to continue our expansion plans.”

The company noted that New Jersey won a US Supreme Court case in 2018, allowing all 50 states to offer legal sports betting should they so choose. 

The state has 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, Esports said.

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Story by ProactiveInvestors