eSports Betting and eWagering Gets Official Go-ahead in Growing Number of States

PALM BEACH, Fla., Dec. 1, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - More and more states are getting into eSports. Recently, New Jersey's Governor signed a bill into law that allows betting operators to start accepting wagers on competitive video gaming. The bill effectively paves the way for esports betting in one of the youngest and most populous states in the country. Now, Connecticut as stepped into the ring. According to Gambling News, eSports betting legislation just got another leg up in Connecticut with HB 6451 introducing legal sports gambling in the state and acknowledging esports as an official "sporting event." While the debate whether video gaming constitutes a form of athletic competition rages on, to Connecticut lawmakers the issue has been settled insofar as wagering opportunities go. Under HB 6451, esports is an official contest that you can bet on, a fact that is going to give the esports betting industry another claim to legitimacy at a time when competitive video gaming has repeatedly proven its staying power. What this means is that licensed Connecticut operators can legally accept wagers on esports competitions, and while Dota 2 The International 10 is now in the books and the League of Legends World Championship is almost over, there are exciting opportunities up ahead.  The article said the highlights of the bill were that Connecticut's newly-launched betting industry features esports that can be bet on a professional and collegiate level which should thereby cause more sports fans to turn to esports options.  Active companies in the markets today include:  Esports Technologies (NASDAQ: EBET), Engine Gaming and Media, Inc. (NASDAQ: GAME), Corsair Gaming, Inc. (NASDAQ: CRSR), Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX), Penn National Gaming, Inc. (NASDAQ: PENN).

The Gambling News article continued: "The idea of allowing esports as an official betting contest in the United States isn't new. When the pandemic hit in early 2020 and then stretched out throughout the year, New Jersey and Nevada scrambled to their feet to introduce more contests to bet on. Besides, tennis table in Europe, regulators quickly began licensing individual esports events on a per-case basis, giving a bit of a broader scope to available betting.  Many sports fans switched to betting on FIFA and NBA2K, two-sport simulators developed by EA. Yet, few states so far have embraced esports as an option to bet on, and that is where Connecticut bucks the trend. The state expects each operator to establish its own esports betting platform and provide a diverse range of game titles and markets.  The state doesn't intend to limit the scope of esports betting either and intercollegiate esports events are also allowed to wager on. In fact, the United States has one of the biggest collegiate esports networks… Esports has proven a particularly tempting opportunity to many (with companies) developing a plug-and-play esports betting platform for sportsbooks interested in integrating a ready-to-go esports betting solution."

Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Completes Acquisition of Aspire Global's B2C Business with $1.86 Billion in Annual Wagers and $183 Million in Cash Deposits - Revenue Grew 43% in Most Recent 12-Month Period from 1.25 Million Customers -  Esports Technologies, a leading global provider of award-winning advanced esports wagering products and technologies, announced today the successful closing of its acquisition of Aspire Global's (STO: ASPIRE) B2C business for $75.9 million.

Under the terms of the deal, Esports Technologies has now closed on the acquisition of Aspire's portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP. Additionally, Esports Technologies secures gaming licensing in Tier 1 regulated markets including the United Kingdom, Germany, Ireland, Malta, and Denmark.

Strategically, Esports Technologies plans to leverage the increased market access from the multiple-brand acquisition to cross-sell esports wagering opportunities to increase its esports revenue, player bet transactions, and customer base.

In the most recent 12-month period ending September 2021, Aspire Global's B2C revenue was $78.3 million and its EBITDA was $7.9 million, a 43% and 30% gain over the same period in the prior year, respectively. During the same period, the B2C business recorded wagering of $1.86 billion and $183 million in cash deposits from 1.25 million customers.

Aspire Global will serve as the back-end provider for the acquired B2C brands, ensuring operational continuity, and will offer Esports Technologies wagering products on its platform.

Aaron Speach, CEO, Esports Technologies, said, "Acquiring Aspire Global's portfolio of innovative B2C brands, access to new markets, and its 1.25 million deposited customers is a strategic leap in our journey to become a world leader in esports wagering. We look forward to our partnership with Aspire as we continue to scale."

Tsachi Maimon, CEO of Aspire Global, said, "Esports Technologies has rapidly established itself as one of the foremost innovators in esports wagering. Acquiring the world-class B2C portfolio we've built will further expand their reach in this skyrocketing global market."  CONTINUED…   READ THIS AND MORE NEWS FOR EBET BY VISITING:  https://esportstechnologies.com/news/

In other technology recent news of interest:

Engine Gaming and Media, Inc. (NASDAQ:GAME), an esports/sports gaming and next-generation media solutions company, recently announced that the TSX Venture Exchange (the "Exchange") has accepted the Company's Notice of Intention to implement a normal course issuer bid ("NCIB").

Pursuant to the NCIB, Engine may, during the 12-month period commencing November 1, 2021 and ending October 31, 2022, purchase up to 777,165 common shares, being approximately 5% of the outstanding common shares of the Company. The NCIB shall terminate on the earlier of October 31, 2022 and the date on which the maximum number of common shares purchasable under the NCIB is acquired by the Company.

Corsair Gaming, Inc. (NASDAQ: CRSR), a leading global provider and innovator of high-performance gear for gamers and content creators, recently announced financial results for the third quarter ended September 30, 2021.

Year-to-Date 2021 Highlights Were: Net revenue for the nine months ended September 30, 2021 was $1,393 million, an increase of 21.6% year-over-year. Gamer and creator peripherals segment net revenue was $470.3 million, an increase of 35.3% year-over-year. Gaming components and systems segment net revenue was $923.1 million, an increase of 15.6% year-over-year; Net income for the nine months ended September 30, 2021 was $76.2 million, or $0.76 per diluted share, compared to net income of $60.2 million in the same period last year, or $0.69 per diluted share; Adjusted net income for the nine months ended September 30, 2021 was $110.2 million, or $1.10 per diluted share, compared to adjusted net income of $91.9 million in the same period last year, or $1.05 per diluted share; and Adjusted EBITDA for the nine months ended September 30, 2021 was $159.6 million, an increase of 13.6% year-over-year.

Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) recently announced it has acquired Outplayed, Inc. (the "Acquisition"), owners of U.GG, one of the largest League of Legends fan communities in the world. All dollar amounts are in U.S. dollars unless otherwise stated.

The total consideration is approximately $45 million (the "Purchase Price") in cash and stock paid at closing and to be paid through a schedule of deferred Anniversary Payments (as defined below), plus earnouts of potentially up to $12 million (the "Earnouts"), subject to certain performance milestones being achieved within a two-year period from the date of closing.

Penn National Gaming, Inc. (NASDAQ: PENN) recently announced that it expects to open Hollywood Casino Morgantown to the public on Wednesday, December 22^nd, at Noon, pending final regulatory approvals. Hollywood Casino Morgantown is conveniently located at the intersections of three major roadways: the Pennsylvania Turnpike (I-76), I-176, and the Morgantown Expressway (Rt. 10). The Morgantown Category 4 casino represents Penn National's fourth facility in Pennsylvania, joining Hollywood Casino at Penn National Race Course in Grantville, Hollywood Casino at the Meadows in Washington and Hollywood Casino York, which opened in August.

"The countdown to our grand opening begins today," said Marc Guastella, Vice President and General Manager for Hollywood Casino Morgantown. "We're very excited to soon welcome patrons to this beautiful new property, where they'll be able to experience premier gaming, dining and entertainment."

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