The sports betting market in New Jersey continues to be a leader in the industry, and the market is gaining a new entry in the coming weeks. Esports Entertainment Group has reached an agreement with Twin River Worldwide Holdings to enter the highly-competitive market.
Twin River is also in the process of acquiring Bally’s Atlantic City Hotel & Casino, and that process will have a significant impact on this deal. Esports Entertainment Group will not complete its partnership with Twin River until that company has the approval to take over Bally’s.
This agreement was announced Thursday, and it is a multiyear deal according to both companies. Once the deal is completed, Twin River will have the right to three sports betting skins in the state, and Esports Entertainment will have access to one of them.
Esports Entertainment Group has already jumped into the sports betting industry in the US, but they have been looking to expand in recent months. Joining the thriving market in New Jersey is a great place to expand, according to their CEO, Grant Johnson.
ESports Entertainment Group Details
ESports Entertainment Group is based in Malta, but it holds a sports betting license in the United States. The company trades on the NASDAQ under “GMBL.”
The company focuses on esports betting and 18-plus wagering, but the company is looking to expand into the sports betting market as well. The company has an office that is located in New Jersey, which was another reason that this state was chosen.
Esports Entertainment mainly focuses on pools for esports events, but it also offers fixed-odds sports betting and fantasy sports. Twin River believes that adding ESports Entertainment to its list of clients will help expand its portfolio.
iGaming Not New to Twin River
Twin River recently announced a deal with PointsBet on Aug. 6 that was centered around iGaming. Through that deal, PointsBet received the primary skin for iGaming from Twin River in New Jersey.
PointsBet has been a popular sportsbook in the state since its launch, and the Australian-based company has been looking to expand its offerings. This new deal will give PointsBet the ability to jump into the iGaming industry, which is growing throughout the United States.
This deal between PointsBet and Twin River is also contingent on the acquisition of Bally’s, but that deal is expected to go through.
New Jersey Posting Huge Sports Betting Numbers
The entire sports betting industry in the United States saw a decline during the COVID-19 pandemic, but sportsbooks in New Jersey were able to survive. July sports betting handle totaled up to $315,118,805, and 94 percent of that total came from mobile sports betting.
July brought on a 91 percent increase from the total handle reported during June, and it’s clear that the industry is back on the rise. The numbers from July 2020 were also up more than 25 percent from the numbers posted in July 2019.