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Esports Entertainment forms GMBL New Jersey subsidiary to pursue gambling licenses in the US

The Malta-based company expects to make its first license application with the state of New Jersey where it will base its US operations

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The announcement it is establishing a foothold in the US comes as Esports raised $2.75 million in a financing

Esports Entertainment Group Inc (NASDAQCM:GMBL) has formed a new wholly-owned subsidiary, GMBL New Jersey Inc to commence its strategy of pursuing gambling licenses throughout the US.

The Malta-based company said its US operations will be based in New Jersey, where the online gambling company expects to establish facilities and operating personnel.

Esports said it expects to make its first licence application with the State of New Jersey in the near future and will provide updates for each anticipated application as they are submitted in each available jurisdiction.

READ: Esports Entertainment racks up affiliate partners for VIE.gg esports betting platform

The announcement that it is establishing a foothold in the US comes as the company raised nearly $1.9 million after investors exercised 439,844 warrants at $4.25 per share. 

Esports also secured an additional $885,762 via an over-allotment option for a grand total of $2.75 million, bolstering its financial strength and resources necessary to execute its business plan.

“Today’s announcement marks yet another significant milestone and provides the market with even greater insight as to our growth strategy,” Esports CEO Grant Johnson said in a statement.

“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."

Esports stock recently traded up 8% to $4.41 a share in New York.

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Quick facts: Esports Entertainment Group, Inc.

Price: 5.85 USD

NASDAQ:GMBL
Market: NASDAQ
Market Cap: $64.2 m
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