Payment service company PXP Financial Inc has announced a new collaboration with Esports Entertainment Group with a view to generating increased momentum for the company within the emerging US esports betting industry.

Under the terms of the deal, PXP Financial will provide Esports Entertainment Group with gateway services such as cards and cash-at-cage options, allowing esports bettors to make deposits or withdrawals from an online real-money gaming account. Additionally, the company will also provide patrons with various Alternative Payment Methods (APMs) that would allow instant bank-to-bank payments for pay-ins and pay-outs.

According to PXP Financial, the deal is brimming with potential. Esports Entertainment Group has just been granted the rights by the state of New Jersey to become the first betting company for competitive video games in the US. Moreover, it is an integral part of a global esports betting market that is projected to surpass US $205bn by 2027.

Kamran Hedjri, CEO at PXP Financial, said: “As betting on competitive video games is becoming increasingly popular, we are extremely excited to mark an industry first with our partner Esports Entertainment Group. They share our passion for innovation and ambition to offer the smoothest and most personalised services to the wide-reaching gaming community.”

The partnership’s success is not reliant on individual effort, however. In addition to Esports Entertainment Group’s informed actions to grow the US videogames betting market, PXP Financial said it will bring on board years of payment expertise garnered from the gaming sector.

The decade-long experience of supporting US gaming operators has, it noted, made it more than capable of venturing into the US competitive video game betting scene. 

Hedjri added: “As we continue our expansion into the US esports betting space, we will strengthen Esports Entertainment Group’s growth by supporting them with our advice and in-depth knowledge of the payments industry.”

Grant Johnson, CEO of Esports Entertainment Group, commented: “We couldn’t be more delighted to be working alongside the PXP Financial team with their vast knowledge of gaming payments and experience in the US market. We are confident, their services will take betting in gaming to the next level for our customers.”

After increased interest from congress for a separate Esports bill, the next stop for the partnership will be the state of Ohio which will also allow for Esports Entertainment Group to become the state’s only esports wagering operator.