ST. MARY’S, Antigua, May 17, 2018 (GLOBE NEWSWIRE) — Esports Entertainment Group, Inc. (OTCQB:GMBL) (or the “Company”), a licensed online gambling company with a specific focus on esports wagering and 18+ gaming, is pleased to announced financing in the amount of $600,000 with Denver, CO-based First Capital Ventures (“First Capital”), which first provided the Company with financing of $600,000 in March 2017.
Today’s financing announcement represents the exercise of warrants held by First Capital and demonstrates the firm’s continued commitment and confidence in the future of Esports Entertainment Group.
Gary Graham, President & CEO of First Capital stated “Prior to this week’s Supreme Court decision lifting the ban on sports betting by states, Chris Grove of Eilers & Krejcik Gaming projected that esports wagering would reach $23 billion by 2020. As a result of this decision we believe this figure will increase and that the Company’s esports wagering platform VIE.gg is ideally positioned to capitalize on this market. Affiliate marketing agreements with VIE have already been signed with 36 esports teams, as well as, 60 esports streamers representing an audience of esports viewers which collectively had over 250 million online video views in the 30 days prior to their signing. From a business model point of view, we believe the sports book model used by traditional betting sites is fundamentally ill-suited to esports, while the peer-to-peer model used by VIE is ideal for the esports fan demographic. Finally, and perhaps most important to investors, Esports Entertainment Group is currently the only pure, fully reporting public issuer positioned to take advantage in the global esports explosion with its wagering and tournament platform. We are bullish on the Company and look forward to supporting it for years to come.”
Grant Johnson, President & CEO of VGambling stated, “The continued financing and mentoring support of First Capital Ventures is invaluable to our Company and serves as unequivocal validation of our business model. The first round with First Capital was instrumental in the launch of VIE, while this second round will be instrumental in helping launch our multi-player mobile and PC video game tournaments.”
This press release is available on our Online Investor Relations Community for shareholders and potential shareholders to ask questions, receive answers and collaborate with management in a fully moderated forum at https://agoracom.com/ir/EsportsEntertainmentGroup
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About First Capital Ventures, LLC (www.firstcapitalventures.com)
Founded in 2005, First Capital helps entrepreneurs realize their disruptive solutions’ true potential, while taking an active approach to shareholder value creation. Our team of senior-level leaders has over 200 years of combined business expertise, and not all as corporate stuffed shirts – each of us has deep experience on the other side of the table, starting, growing and exiting our own small businesses. It is this unique dual perspective that makes First Capital the ideal platform for both business creation and investment appreciation. As your guides to growth we navigate new and emerging markets on your behalf, and chart (and help execute) a route to shared success.
About Esports Entertainment Group
Esports Entertainment Group Inc. is a licensed online gambling company with a specific focus on esports wagering and 18+ gaming. Initially, Esports Entertainment offers bet exchange style wagering on esports events in a licensed, regulated and secured platform to the global esports audience, excluding the US and some EU nations. Esports Entertainment is currently the only public company licensed to provide peer-to-peer wagering internationally and a tournament platform for gamers in the US. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company holds licenses to conduct online gambling and 18+ gaming on a global basis, excluding the US and EU, in Curacao, Kingdom of the Netherlands and the Kahnawake Gaming Commission in Canada. The Company maintains offices in Antigua and Poland. Esports Entertainment common stock is listed on the OTCQB under the symbol GMBL. For more information visit www.esportsentertainmentgroup.com
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.