A platform dedicated to esports betting is making its NJ sports betting debut.
The New Jersey Division of Gaming Enforcement awarded Esports Entertainment Group with the state’s first approval for a platform dedicated to esports betting. With the transactional waiver, EEG soft-launched its VIE.gg platform in the New Jersey sports betting market last week.
“We couldn’t be more pleased to be the first esports-dedicated operator to be granted the right to commence business in New Jersey,” EEG CEO Grant Johnson said in a statement.
Previously, NJ bettors could wager on individually permitted esports events at regulated sportsbooks.
Esports betting options in NJ
EEG’s platform started in a standard five-day “soft play” launch, which allowed regulators to approve its operations. The company has a commercial relationship with Bally’s Atlantic City Hotel & Casino.
The platform allows bettors to wager on esports competitions, including games like Call of Duty and League of Legends.
Johnson said the global market for esports betting could reach $205 billion by 2027. Johnson expects to make up to $2 million in revenue from NJ in the first year, according to New Jersey Business Magazine.
“We are thrilled to be playing such an important role in this fast-growing market,” he said in the statement.
EEG started in 2008 and trades on the Nasdaq under GMBL.
The company aims to connect the world of sports with esports. It has a long-standing relationship with the NBA 2K League, which it renewed earlier this month.
The company also has partnerships with professional sports teams like the Los Angeles Chargers and New York Rangers, in part to help host co-branded esports tournaments.
NJ sports betting gold standard
In July 2021, legislators passed a bill to include esports in the legal sports betting market. Prior to the bill, regulators approved esports events individually. Many legal markets do not explicitly mention esports.
While it appears New York sports betting will soon become the largest legal sports betting market, NJ is still a model many new markets will look to emulate.