USD 7M sale
MGT sells off daily fantasy sports interests
2015-06-15
Reading time 35 seg
MGT Capital Investments, which acquired up-and-coming daily fantasy sports operator DraftDay just a year ago for stock and USD 600,000, has sold the enterprise along with its other daily fantasy sports assets 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.
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