If this application is successful, the giant esports betting operator will be free to offer their services to the New Jersey based betting community. Through the betting site, VIE.gg, the bettors in New Jersey will access esports-focused betting.
Between the time when the application was made and throughout the application process, other gambling destinations around the world will not be able to access the site. This does not however mean that EEG has cut out the rest of their customers from esports betting. Those that still want to continue betting during this time when the main platform has been frozen, the alternative is to login to Vie.bet.
This website will operate under license from Malta Gaming Authority is legal and accessible from any location. According to EEG projections, the wait for a license may go on for a couple of months – It is expected that the licensing body will issue a report on the result of the application any time before the end of June 2021.
The online sports betting story of New Jersey
As far as internet enabled sports gambling is concerned, New Jersey is among the best performing markets in the world. After the 2018 legalization of sports betting, the state has gradually risen to the top of the list in performance. The fact that New Jersey receives millions of visitors every year and reports impressive revenues year-on-year are testament to the success of this market.
Naturally, many people who conduct any form of transactions online do so to avoid the hustle of doing it in person. If the sign up process involved appearing at a physical location for any step, many existing players might not have proceeded. This is especially true for the duration of the Covid-19 pandemic when social distancing regulations discourage unnecessary movement in outdoor spaces.
Sports’ betting in New Jersey is synonymous with PointBet and FanDuel, a collaboration that has taken up control of the market. The two providers are currently riding on their partnership with Meadowlands that hold a license to operate in the market. This means that any revenue collected from sports betting from Meadowlands is split.
Although the balance sheet for both FanDuel and PointBet reflect a good performance, the popular vote goes to FanDuel. Clearly, EEG is in the right market for this type of business but the truth is that some serious competition exists here.
Is esports betting legal in New Jersey?
Due to the great demand in the market, esports betting is one of the newest products for online gamblers to hit the market. The task at hand for New Jersey legislatures is to legitimize this new gambling sub-sector. If the bipartisan bill coded A637 will make it through the senate without being shot down, it will be added to the existing state laws on regulated sports betting.
The lower house already did their part in passing this bill by unanimously supporting it in July of 2020. The same result is expected from the senate before the end of 2021. The current excitement around this bill stems from the fact that market research reports have indicated a high demand for esports betting.
According to Grant Johnson who is the SEO of EEG, the company’s efforts at licensing are being guided by reports from Interpret data firm. The report indicates that more than half of esports fans based in the United States had plans to engage in esports betting in the future. The DGE holds the key to unlocking this trade potential for EEG and the operator is keenly awaiting a positive outcome for their application.
Although EEG is keen on expanding into the vast US market, the strategy to use will be influenced by how easily they set their foot into New Jersey. This market is relatively new but the performance has already outdone other jurisdictions where gambling was legalized way before. Currently, New Jersey comes second in ranking after Las Vegas in countrywide standings.
The gamblers population in the entire US region is estimated to be around 160 million and esports is playing a big role in shooting this number up. In a country such as the US where laws are formulated and enforced at the state level, it is quite a challenge speaking about the legality of betting in general. For states like New Jersey and Nevada that have already initiated legislative processes to legalize different aspects of gambling, the answer is a bit straightforward.
Other jurisdictions that are on their way to regulation but not there yet are Arkansa, Oregon, Montana, New York, New Mexico, Washington DC, Rhode Island, Pennsylvania, Illinois, Mississippi, Iowa, and Delaware. Up until such a time as when there will be clear laws on esports, the number of betting services operators in some of these states is going to be limited.
To bet on any of the sportsbooks operating in New Jersey, players need not make a physical appearance for registration. This has to a large extent made it easy for sports betting enthusiasts to get into the system and participate at their own convenience.
Many casino investors are looking at New Jersey with hope; it is not only a vibrant market for those who wish to do business, but also a source of revenue for the state government. So far, more than five sportsbooks have set up camp in this state and the results are impressive. While 2020 was not such a great year for casinos, the impact was felt across board but the hope is still alive.
The period beyond the pandemic is for sure going to pick up; casino establishments have been revamped and those that only operated brick and mortar betting points have developed apps to complement their income. For the many casinos out there that might have struggled to survive during the pandemic, hope could just be on the other side of the border in New Jersey.