Esports Entertainment Group has outlined a launch strategy for online sports betting within New Jersey. The move happened after they signed a partnership with Twin River Worldwide Holdings. This collaboration would lead to the development of Esports Entertainment Group’s proprietary mobile sports betting product within the Garden State, which depends on Twin River obtaining the necessary regulatory approvals.
Progressive and continuous market growth
Grant Johnston, the CEO of Esports Entertainment Group, said they’re excited to bring mobile sports betting to New Jersey’s promising and growing market. One of the outlined 2020 goals was to expand their operations in the US, and with this partnership, they hope to deliver on that goal.
New Jersey sportsbooks notice progress in revenue numbers after the global health disruption. We reported just a month ago that June’s revenue figures included $165 million revenue from sports betting. That number was even higher in July, about $315 million, 94% of which was from mobile sports betting. However, next to the revenue numbers are also the outlined launches and betting initiatives, i.e. the entering of Playtech in Jersey’s iGaming market. Even though the official launch is yet to be announced, they’ve already received the approval to start supplying operators within New Jersey with online casino products.
Twin River based in Rhode Island, operates and manages nine casinos in the US – three in Colorado, two in Mississippi and Rhode Island which are the only ones in the states, and one in Delaware and Missouri. Upon the acquisition, Twin River acquires the right to three online sports betting skins in New Jersey, leading to the partnership announcement.
The CEO of Twin River, George Papanier, agreed that Esports Entertainment would be a great addition to the growing partnerships with sportsbook leaders around the world. Bringing a unique offering to the market with a prominent gaming partner is one of the exciting changes that are announced in the months to come.
Esports betting – the imposed change
Betting on esports grows in popularity with every single day passed. That is not a surprise since the market showed up to be very adaptive to changes. The market is vibrant and diverse, with online video games that are considered the new generation of sports such as League of Legends and Counter-Strike. The current esports industry is valued at over $1 billion, and predictions are that it will grow even more in the next five years. How the most prominent betting operators used this information, and how can you use it to your advantage?
The demand for esports betting increased in recent years and experienced its culmination just a few months ago. The potential was recognised, and bookmakers rushed to implement a feature that allows gaming enthusiasts to bet on the outcome of the greatest video gaming tournaments. It works similarly to traditional sports betting, meaning you’ll get the odds based on team statistics.
Finally, esports leagues and events can quickly adapt and provide a steady source of content, not depending on the current betting market situation. This alternative not only changed the perception of sports betting in general but showed how a niche could adapt to the changing operational landscape.