Colorado-based First Capital Ventures stumps up another $600,000
Antigua-based eSports operator Esports Entertainment Group (EEG) has announced a further $600,000 investment from Colorado-based First Capital Ventures, adding to a similar amount the US company invested in March last year.
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, the company said in a press release Thursday..
Gary Graham, President & CEO of First Capital sad: “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 said that the fresh capital would be deployed in launching EEG’s multi-player mobile and PC video game tournaments.