Why Esports Entertainment's Stock Is Trading Higher Today

Esports Entertainment Group GMBL shares are trading higher Tuesday after the company submitted its gaming license application with the New Jersey Division of Gaming Enforcement.

Esports Entertainment is a development-stage online gambling company focused purely on esports. The company's principal business operations include design, development, and test wagering systems. Its online gaming is divided into three verticals esports entertainment, esports wagering, and iGaming & traditional sports betting.

"I would say we are finally trading at levels that are comparable to multiples in our industry whereas we have previously been the lowest multiple in the sector," Esports Entertainment CEO Grant Johnson told Benzinga on Monday afternoon.

Esports Entertainment shares were trading up 23.79% at $14.83. The stock has a 52-week high of $17.76 and low of $2.40.