Traditional sportsbook model fundamentally ill-suited to eSports wagering, chief executive officer believes
Antigua-based eSports gambling firm VGambling Inc., has executed a term sheet for its $850,000 Bridge Round financing which it expects to complete within the next 6 weeks.
The Financing, available exclusively through Denver, CO-based First Capital Ventures, is intended to complete the Company's peer-to-peer eSports wagering platform and launch its eSports websites.
"Fortune Magazine has reported that the eSports fan base will outstrip the NFL in 2017, while Forbes projects that fans of eSports fans will wager $23 billion by 2020," Gary Graham, president and chief executive officer of First Capital said.
"Yet traditional betting sites employ a sports book model that is fundamentally ill-suited to eSports. VGambling will be the first to offer a peer-to-peer wagering model dedicated to eSports, and it will be the only site to cover all 5,600 pro tournaments each year.
Grant Johnson, President and chief executive officer of VGambling, added: "We are excited to have secured this financing commitment from First Capital Ventures. The eSports industry is accelerating at a phenomenal rate and this financing brings us materially closer to the completion of our eSports wagering platform and launch of our global scale marketing programs."
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