Newark, New Jersey--(Newsfile Corp. - May 24, 2021) - Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the "Company") is proud to announce that its subsidiary GMBL has been notified by the New Jersey Division of Gaming Enforcement (DGE) that its application has been formally accepted by the DGE. This acceptance allows the company to submit its software to the DGE testing lab and apply for a Transactional Waiver. The company expects to complete this process and be live taking bets in the state by the end of its Fiscal 1Q.
"This is a major step for us in our growth strategy in the US," commented Grant Johnson, CEO of Esports Entertainment Group. "According to a study from data firm Interpret, over 50% of U.S. esports fans said they are likely to engage in esports betting so we are confident that demand will be strong", continued Johnson. "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."
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.
About Esports Entertainment Group
Esports Entertainment Group, Inc. is an esports and iGaming company. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
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.
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