Esports Entertainment Group, a licensed next generation online gambling company focused on esports, has announced that it has established a new US-facing subsidiary, GMBL New Jersey.
According to the group, the new subsidiary will soon make its first application for a betting license in the state and will submit briefs for each of its license applications as they are submitted.
Grant Johnson, Chief Executive of Esports Entertainment Group, commented that the announcement marks yet another significant milestone and provides the market with even greater insight as to their growth strategy.
Johnson also said that the US market represents a very big opportunity for them and thanks to the continued support of their valued shareholders they intend to aggressively pursue it in 2020 and beyond
Forming the new subsidiary marks the latest in a number of expansion efforts for Esports Entertainment which was formerly known as Vgambling.
The group has also reported that it received an additional $1.9 million in funding from a public offering of securities which came after raising an amount of $885,762 earlier this month for total fundraising of $2.8 million.
The operator also signed a binding letter of intent this month to acquire LHE Enterprises, the holding company of online betting and gaming operator Argyll Entertainment.
Although the terms of the deal have not yet been disclosed, Johnson revealed that with Argyll generating annual revenue of around $12.0 million (£9.7 million/€11.1 million), the acquisition would have a ‘major positive impact’ on the business.
The rise in esports betting comes as a result of the suspension of almost all traditional sports due to the novel coronavirus (Covid-19) pandemic.
