The State of New Jersey and Stockton University’s Atlantic City campus are betting on esports.
The New Jersey Economic Development Authority and Stockton recently approved a memorandum of understanding to support an esports Innovation Center at the university’s Atlantic City branch. NJEDA will provide $200,000 in funding and staff support.
“Esports is a large and rapidly growing industry that has the potential to provide significant economic benefits to communities throughout New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan in a statement. “The esports Innovation Center at Stockton University is a timely project that will help to establish New Jersey as a hub for the U.S. esports industry and will create new opportunities for New Jersey businesses and workers to enter the sector.”
Also known as competitive video gaming, esports are increasingly lucrative. Statista, a German company specializing in market and consumer data, values the global esports market at $1.08 billion, with revenue estimated to reach $1.62 billion in 2024.
Red Bull, Mountain Dew, Intel and Honda are esports sponsors. Sony has filed for a patent for an esports gambling and betting platform. Guild Esports, a UK-based organization co-owned by global soccer icon David Beckham, recently launched the Guild Academy, a new online esports training subscription service.
The center will focus on identifying esports technology opportunities; coding challenges; working with private sector companies, colleges, and universities to develop skill-based programs; and supporting esports-related research at New Jersey schools.
“Stockton’s Chief Information Officer Scott Huston helped make Stockton among the first colleges in the nation to recognize esports and its impact on the future of both entertainment and gaming technology,” said Stockton University President Harvey Kesselman in a statement. “We look forward to collaborating with public and private partners to make New Jersey a hub for esports innovation.”
New Jersey is home to a growing number of esports companies, including G3 esports, Amazon’s Twitch streaming service, and esports Entertainment Group. New Jersey Lieutenant Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs, said in a statement the center establishes Atlantic City as an “epicenter of the growing esports industry.”
“The esports Innovation Center at Stockton University is an innovative project that will work in tandem with our ongoing revitalization and job creation efforts to help pave the way for equitable and lasting economic growth in Atlantic City,” Oliver said.
