In a big boost for eSports betting in New Jersey, now state’s casinos and racetracks will be allowed to place their bets on several eSports’ tournaments in a legal manner. Earlier this month, the state Division of Gaming Enforcement has finally given its consent to sportsbooks. The move is going to create huge scope for New Jersey as its main priority soon after obtaining the approval is to widen its fast-growing sports betting market. It is likely to enter the massive $1 billion video game tournament market.
Meanwhile, betting on esports is not a new phenomenon in the United States. Earlier, in the year 2016, the Las Vegas-based Downtown Grand has created an eSports lounge and successfully organized various tournaments.
Leading gambling companies that have carved their niche in the eSports betting segment have invested in a big way in eSports facilities and tournaments. These companies include Caesars Entertainment and MGM Resorts.
Soon after the addition of eSports, various casinos and racetracks will be able to have a far reach to cater to their new target audience.
The latest form of betting may not arouse the interest of the regular sports bettor but it is likely to attract a younger generation of video game buffs. The move may offer an opportunity for sportsbooks and New Jersey State to bring revenue from various demographics.
Borgata President and COO Marcus Glover said,
We are grateful to the New Jersey Division of Gaming Enforcement for their partnership in helping advance such an innovative initiative.
Apart from New Jersey, Nevada has also legalized sports betting soon after Supreme Court’s 2018 verdict made it possible.
New Jersey’s sports betting bill, however, does not include electronic sports and competitive video games.
Of late, the betting industry has expressed its keen desire in video games. Revenue generated from video games surged by 18 percent to $43 billion in 2018. The viewership of eSports has also registered a significant rise.
According to market research firm Newzoo’s estimate, eSports is a $1.1 billion market all across the world. eSports may generate $1.8 billion in economic activity by 2022.