Popular online gambling company Esports Entertainment Group Inc (OTCQ:GMBL), is making great strides at advancing its business with today’s introduction of pooled betting on video game contests.
The addition of pooled gambling to Esports’ VIE.gg, the world’s first video gaming betting exchange, will distinguish Esports in the arena of competitive video gaming, which is drawing interest from the likes of billionaire investor Mark Cuban and Hollywood star Ashton Kutcher who have both backed rival e-sports betting platform Unikrn.
“We’ve just launched the pooled-betting option live for the public to see for the first time. It just came out this morning,” Esports CEO Grant Johnson told Proactive Investors in a phone interview.
In pooled betting, one side wins and the other loses and the winner receives a percentage of the pooled winnings. Esports is engaged in an initial launch with 10 smaller teams, which include Burning Foxes, Red Fear Wild and GeekCase eSports, who will compete against each other.
And Johnson points out that this is the first opportunity fans of those teams will have to place bets on their games. “Their fans have never been able to bet on those teams except for on our site,” Johnson said. “We’re allowing smaller pro team fans to bet on their teams for the first time.”
“We’re the only company that has a bet exchange and now we’re offering pooled betting as a line-extension product,” he added.
Johnson expects to eventually include Esports’ roster of 175 teams in its pooled-betting program, but is getting the initiative up and running by showcasing 10 teams to start. “We’re testing it out with 10 teams,” he explained. “We didn’t want to start with 175 teams because it’s difficult to control.”
ESport’s VIE.gg wagering portal is the world’s only e-sports-focused bet exchange platform and its parent company is currently on the acquisition trial. The Antigua-based company is seeking licenses in regions as far-flung as Malta and in Asia to meet growing demand for e-sports wagering as it becomes more popular in the coming years.
READ: Esports Entertainment Group reports on global expansion plans to get licensing in Malta and Asia
Intent on establishing its foothold in Europe, Esports has applied for an online gambling license in Malta and intends to set up an office and commence online gambling operations there within the next six months.
The company is also set to introduce skill-based video-game tournaments to be played on mobile devices within the next six months.
According to Johnson, Esports’ growth mirrors that of a technology company as the gambling group is trying to be first to market and ramp up its operations by signing as many partnerships as possible.
VIE.gg offers exchange-style wagering on e-sports events in a licensed, regulated and secured platform to the global e-sports audience, excluding jurisdictions that prohibit online gambling. VIE.gg features wagering on the following e-sports games: Counter Strike: Global Offensive (CSGO), League of Legends, Dota 2, Call of Duty, Overwatch, Hearthstone and StarCraft II.
Contact Ellen Kelleher at [email protected]