Esports Entertainment Group Inc receives gaming service license for online pool

The license, issued April 30, is effective for 10 years and may be renewed for further 10-year periods

Esports Entertainment Group Inc (NASDAQCM:GMBL), a licensed online gambling company focused on esports wagering and adult gaming, said it has received its gaming service license for online pool betting from the Malta Gaming Authority (MGA). 

The license, issued April 30, is effective for a 10-year term and may be renewed by MGA for further 10-year periods subject to regulatory provisions, the company said.

Esports Entertainment stressed the importance of obtaining such a license in Malta, which was one of the first countries in Europe to allow and regulate online gambling after giving out its first license in 2000. 

READ: Esports Entertainment Group uplists to Nasdaq, secures $8.4M public offering

License holders benefit from onshore status in Europe as well as advertising across the EU, said the company, which is based in Malta.

Esports Entertainment noted that Malta’s globally recognized and powerful regulatory system for iGaming provides its players and partners with the highest levels of trust and confidence in knowing they are dealing with an onshore jurisdiction, whose legislation is in line with applicable EU legislation and international agreements.

“Receiving our Malta gaming license is another major milestone achievement for Esports Entertainment,” CEO Grant Johnson said in a statement.

“Fresh off our announcement of a binding LOI to acquire Argyll Entertainment last week, we are now in the early stages of executing an aggressive growth plan that contemplates both organic and acquisition growth strategies throughout 2020. This Malta License will be an important part of our growth plan,” he added.

The company’s stock recently traded premarket up by 6.5% to $4.40 a share in New York. 

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