Wed, Sep. 9, 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.
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