As with other competitive markets in the US, the esports betting sector is rapidly expanding as more US states open their doors to regulated gambling, and Grant Johnson, CEO of Esports Entertainment Group, has witnessed this first hand.
Speaking to RedChip Companies, the CEO of the Nasdaq-listed company identified one of the most crucial elements behind his firm’s rapid growth in the esports betting and traditional sports betting sector as an effective recruitment and human resources policy, with the maintenance of strong contacts critical to achieving this.
“The most valuable resource any company can have is its people,” Johnson explained. “We’ve gone from in the last 14 months that’s our listing on NASDAQ from a revenue of a couple $100,000 to $100 million in guidance. We’ve gone from having one licence to six tier one licences, and with staffing we’ve gone from 12 to 250.
“It’s been quite a radical change. And you can only do that with quality people. My background in the online gambling business goes back to the mid 90s. 1995 and 1996 was when I got involved, so I have a lot of deep contacts in the industry.”
The esports sector represents a unique opportunity for betting operators, he explained, due to the huge popularity of it as well as the significant sums of money involved, both with regards to tournaments and the players involved.
“Those are two separate products and we make money on both,” he explained. “The Vie.Bet product which is currently operational in the European markets and Latin American markets. That’s an esportsbook, for lack of a better expression.
“It’s where fans of eSports can go and they can bet on teams who are playing League of Legends, Dota, Counter Strike – these professional teams professional players who play in tournaments, they’re looking for purses of over a million dollars, and it gives the fans a chance to bet on those teams just like traditional sports.”
He added: “The Dota championship can have a purse of up to $28 million – which is larger than most, if not all, traditional pro-sports.”
Having acquired a New Jersey betting licence – with the northeastern state being one of the most prominent for wagering in North America – through its partnership with the leading casino and sportsbook operator Bally’s Corporation, one would think that EEG was also eyeing up the burgeoning traditional sports betting market.
However, for Johnson, esports remains the focus: “It is a sports licence, so technically yes we can offer sports, but we’re going to launch with our VIe GG product, which is an esportsbook, so fans of esports will be able to bet from the state of New Jersey on esports titles.
“Any esports professional event that we can, we’ll be showcasing it on that site. When we go live in New Jersey we will be the first licenced regulated eSports gambling site in North America.”
Source – RedChip Companies YouTube Channel
