Sep. 9, 2015, 10:42 AM
- Viggle (NASDAQ:VGGL) is up 3.9% as it and UK firm Sportech have teamed up to buy daily fantasy operator DraftDay from MGT Capital Investments (MGT +13.3%), grabbing a foothold in a growing market.
- The two will form DraftDay Gaming Group to capitalize on the new asset. Viggle will own 44% and Sportech 35%, with MGT and other shareholders holding the remainder. Viggle CEO Robert F.X. Sillerman will be chairman of the board of the new entity.
- Sportech, the sports gaming and betting firm, will handle day-to-day operations. As for advertising, Viggle's app will be integrated into the DraftDay games
- DraftDay has paid out more than $30M in prizes to date. Users can draft a team within a salary cap and pursue daily rewards in a market currently ruled by DraftKings and FanDuel.
- Sportech is down 2% in London trading.
Nov. 13, 2013, 4:09 PM
- MGT Capital Investments (MGT +5.3%) acquires mobile casino game studio Avcom for 491K shares, good for a price tag of $1.48M as of today's close.
- The deal includes a 330K share contingency subject to Avcom meeting revenue metrics in the next 18 months.
MGT Capital Investments, Inc. engages in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the casino industry. It operates through four segments: Medicsight Software/Devices, Medicsight Services, Gaming and Intellectual Property. The... More
Industry: Application Software
Country: United States
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