New Jersey grants betting license to Esports Entertainment Group
Sports betting is coming to New Jersey after the director of New Jersey’s gaming enforcement division signs an order that approved a transactional waiver for Esports Entertainment Group, Inc. (EEG) to enable the company to start offering its sports betting service in the state.
The waiver essentially means that EEG is now able to legally offer sports betting throughout New Jersey.
Garden State residents won’t have to wait too long to find out what EEG has to offer. The company is preparing to launch its VIE.gg sports betting service in New Jersey later today (Tuesday afternoon).
Introduction “Soft Play”
This means that following the success of last year’s skill-based betting tournament co-hosted by EEG and Atlantic City’s Hard Rock Casino, New Jersey residents will be able to bet on a host of leading esports such as CS:GO, League of Legends, Dota 2 and more.
And with the EEG being one of the NBA2K League sponsors, it seems a safe bet that this will certainly be a key feature of the site as well.
The initial service will include a five-day “soft play” introductory period, which will ensure that the platform is properly configured to meet the restrictions in place in New Jersey and it will also be an opportunity for the company to ironing out any bugs or the like in the system before the site subsequently becomes fully operational.
The decision was not unexpected. In July 2021, New Jersey officials had passed legislation ensuring sports betting became an integral part of the state’s legal sports betting industry.
Then, in September, EEG announced the opening of a new office in the state, in preparation for the release of its sports betting service.
Limits on bets
While Sports betting will be legal in New Jersey, there are certain limits at play in the size of bets and payments that EEG can accept and make to and from customers.
In terms of betting, the company can accept esports bets not exceeding $100 and the maximum payout a lucky bettor can receive from their bet is $500.
– Esports Entertainment Group (@EsportsEntGroup) January 24, 2022
However, the Company may ask the New Jersey Division of Gaming Enforcement to have these limits assessed and if the Division agrees, these limits may be increased in the future.
Other US states pay special attention
Given the somewhat slow rollout of sports betting in the United States, compared to the somewhat faster spread of sports betting legalized, there is no doubt that many other states will be watching what is happening in New Jersey very closely.
With the somewhat ad hoc and piecemeal esports betting offering in the country at the moment, it’s likely that if the EEG’s release of VIE.gg in New Jersey proves to be a success, in both financial and in terms of popularity with punters, then other states will want to follow suit.
The US market is ripe for huge growth in sports betting and sports betting industry in the next few years, which is why so many companies are positioning themselves to be part of it in the next year. EEG’s move to New Jersey may just be the start of a busy year for esports operators across the United States.