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NJ Approves Businesses to Accept Wagers on Competitive Video Games – CBS Philly

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ATLANTIC CITY, NJ (AP) — New Jersey has approved its first company to accept wagers on competitive video games, a fast-growing activity known as esports and popular with young people around the world, officials said Monday.

The New Jersey Division of Gaming Enforcement approved Esports Entertainment Group to accept wagers on esports games. It will be affiliated with the Bally’s Atlantic City casino license but will only accept bets on esports.

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The company will launch its VIE.gg betting platform after a five-day “soft play” period beginning Tuesday afternoon.

It is based in London and has offices in Hoboken, New Jersey and Malta.

“We couldn’t be happier to be the first operator dedicated to the sport and granted the right to begin operations in New Jersey,” said Grant Johnson, the company’s CEO. “We are thrilled to play such an important role in this rapidly growing market with the launch of our first eSports betting offering in the United States.”

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Johnson estimates esports betting will reach $205 billion by 2027.

Market research firm Newzoo projects the sport will generate $1.6 billion in global revenue by 2024, up from just over $1 billion last year.

Customers on the Esports Entertainment Group platform can bet on other players playing games like Call of Duty, League of Legends and others.

New Jersey regulators have issued approvals for individual events or tournaments involving esports on a case-by-case basis. This approval is the company’s first for an ongoing game plan that does not require individual approval.

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