Esports Entertainment To Enter NJ Sports Betting Market
Esports Entertainment Group will be joining the thriving New Jersey mobile sports betting market through a partnership deal with Twin River Worldwide Holdings, which is in the process of acquiring Bally’s Atlantic City Hotel & Casino.
It’s the second deal Twin River has reached in two weeks with companies seeking New Jersey market access.
The Esports multiyear agreement, announced Thursday, is pending Twin River obtaining state regulatory approval to complete its acquisition of Bally’s. Once the sale receives approval, Twin River acquires the right to three online sports betting skins in New Jersey.
In April, Twin River reached an agreement to buy Bally’s from Caesars Entertainment, as well as Eldorado Resorts properties in Louisiana and Nevada. Caesars and Eldorado sold the properties as part of the recently completed merger.
“We are excited to partner with Twin River as we bring mobile sports betting to the New Jersey market,” Grant Johnson, CEO of Esports Entertainment Group, said in a news release. “When we completed our IPO on Nasdaq earlier this year, it was with the intention of expanding our operations in the U.S. With this partnership, we’re delivering on that goal.”
New Jersey sportsbooks are thriving after the coronavirus pandemic. It posted July total sports betting handle of $315,118,805, 94% of which was from mobile sports betting. The July handle was a 91% increase over June’s $165,014,553 and up 25.4% year-over-year from July 2019’s $251,371,272.
Twin River & iGaming
Twin River and PointsBet, which already operates a sports betting platform in New Jersey, announced on Aug. 6 that they had reached a “primary skin” agreement for iGaming. It allows PointsBet to enter the iGaming market there as well.
The multiyear deal is also contingent on Twin River closing the Bally’s acquisition.
Twin River, based in Lincoln, Rhode Island, owns and manages nine casinos — three in Colorado; two in Rhode Island (the only ones in the state) and in Mississippi and one each in Delaware and Missouri, according to the news release. In addition to the casinos in Colorado, it owns Arapahoe Park racetrack with 13 authorized OTB licenses.
Shares of Twin River are traded on the New York Stock Exchange under the ticker symbol "TRWH."
What Is Esports Entertainment Group?
Esports Entertainment Group is a licensed online gambling company with a focus on eSports wagering and 18+ gaming, according to the news release. It is based in Malta and trades on Nasdaq under “GMBL.”
It offers fixed-odds wagering, fantasy sports and pools on various eSports events. The partnership with Twin River will lead to the launch of Esports’ mobile sports betting product in New Jersey, where it has a U.S. office.
“Esports Entertainment will be a great addition to our growing partnerships with sportsbook leaders around the world,” George Papanier, president and CEO of Twin River, said in the news release. “Bringing this new, unique offering to the A.C. market with a prominent gaming partner is one of the many exciting changes we have in store for Atlantic City in the months to come.”
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