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Esports Entertainment establishes New Jersey subsidiary for US expansion

29th May 2020 7:09 am GMT

Malta-based Esports Entertainment Group has formed a new subsidiary in New Jersey as the esports betting operator looks to expand into the United States.

GMBL New Jersey has been established to enable the operator to pursue gambling licenses throughout the US, with its first license application expected to be in the state within the coming months.

The company's plans were bolstered last week when it received an additional $1.9m in gross proceeds from a warrants issue at a unit price of $4.25, taking its total fundraising for the month to $2.75m

“Today’s announcement marks yet another significant milestone and provides the market with even greater insight as to our growth strategy,” said Esports Entertainment Group CEO Grant Johnson. “The US market represents a very big opportunity for us and thanks to the continued support of our valued shareholders, we intend to aggressively pursue it in 2020 and beyond.”

Shares in Esports Entertainment Group Inc (NAQ:GMBL) soared 27.53 per cent to close at $5.42 per share in New York Thursday.

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