Esports Entertainment Group forms New Jersey subsidiary

Esports Entertainment Group announced on Tuesday the formation of a new wholly-owned subsidiary, "GMBL New Jersey Inc.", for the express purpose of commencing its strategy to pursue gambling licenses throughout the United States that will further the company’s esports gambling market.

The licensed online gambling company with a focus on esports wagering and 18+ gaming expects to make its first such 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.

Additional $1.9 million from warrant exercise

Investors participating in the Esports Entertainment Group’s public offering of securities which was consummated on April 14, 2020  exercised a total of 439,844 warrants at a price of $4.25 per share for gross proceeds of approximately $1,860,000 as of May 22, 2020. 

Combined with the Company’s announcement on May 15th in which, the underwriters of the April Offering partially exercised and closed on their over-allotment option and purchased an additional 209,400 shares of common stock from the Company for gross proceeds of $885,762,  the company received an aggregate of approximately $2,750,000 to date in the month of May significantly 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," said Grant Johnson, CEO of Esports Entertainment Group.  "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."