An eSports gambling double whammy after First Capital invest in the eSports betting platform, VGambling, and Pinnacle takes their five millionth eSports wager.
VGambling continues to dig deeper into the mines of eSports and video game wagering after announcing $850,000 in Bridge Round Financing from First Capital Ventures.
The next generation internet gambling company intends to use the cash to create a ‘disruptive peer-to-peer eSports wagering platform’ and launch associated eSports websites.
Gary Graham, President & CEO of First Capital, put up the money because he believes the sports betting industry hasn’t adapted to the specialised nature of digital gaming.
Graham referred to an article in Forbes magazine stating that the eSports betting industry will be worth an estimated $23 billion by 2020 and will overtake NFL betting in popularity by the end of the year. These two bold statements led to him declaring that ‘Traditional betting sites employ a sports book model that is fundamentally ill-suited to eSports.”
The financing nitty-gritty is expected to be finalised sometime in March 2017, at which time VGambling is planning on offering odds on the estimated 5,600 professional eSports tournaments that takes place each year, as well as offering punters and video game enthusiasts the opportunity to have a bet on their home games.
Grant Johnson, President & CEO, of VGambling, said the eSports industry is moving at a ‘phenomenal’ rate and is chomping at the bit to launch their eSports wagering platform and global marketing campaign.
The Kahnawake Gaming Commission has granted VGambling a Client Provider Authorisation Permit, and they have also applied to The Financial Services Regulatory Commission of Antigua and Barbuda for an Interactive Wagering License. If approved they plan on launching their product with bases in Canada and Antigua.
SwissInteractive Software will provide the Betting Gaming Platform, CAMS LLC manages the payment processing, and Income Access manages the company’s affiliate programs.
Pinnacle Take 5m eSports Wagers
And just to prove VGambling is on to a winner, Pinnacle announced they had hit the significant milestone of taking their 5 millionth eSports wager this week.
Pinnacle took their first bet back in 2010, and it took five years to reach the 2m milestone. They took a further six months to reach 3m, four months to crack 4m, and now four months later they have hit 5m mark.
Pinnacle picked up the SBC and EGR awards for the top eSports bookmaker of 2016. They are expecting to hit 10m wagers in Jan 2018, and have called the eSports betting market the fastest growth of any existing market since God said let there be life.