First Capital Ventures offers financing support
Esports Entertainment Group, 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, 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 of 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.”