M.g.t. Sells Off Daily Fantasy Sports Interests

DraftDay included in disposal and will be managed by Sportech plc subsidiary

MGT Capital Investments, which acquired up-and-coming daily fantasy sports operator DraftDay just a year ago for stock and $600,000, has sold the enterprise along with its other daily fantasy sports assets for $7 million to a previously unknown company titled Random Outcome USA Inc.
It is understood that Sportech Digital, a subsidiary of UK-listed Sportech plc, is involved in the partnership and is to manage DraftDay under the new ownership.
In a statement Friday Rich Roberts, president of Sportech Digital, said that a daily fantasy sports business delivered on a business-to-business partnership basis to regulated gaming jurisdictions has considerable potential.
The business-to-business theme of the statement was reinforced by Random Outcome chief exec Curtis W. Krawetz, who said that the DraftDay-Sportech enterprise will create a "dominant" business-to-business presence in the DFS space.
MGT Capital has retained a $3 million equity stake in the business under its new ownership and is optimistic about its prospects.

Online Casino News Courtesy of Infopowa

About the Author... Total Posts Written: 9,449
Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
bryan@casinomeister.com

See More Posts