MGT Launches Fantasy Sports Platform on Facebook
HARRISON, N.Y., Dec. 17, 2014 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE: MGT ) is pleased to announce the official launch of Daily Fantasy Legend, a Facebook-based fantasy sports game where players create teams of athletes from the rosters of major professional sports, and then compete in tournaments on a daily basis. Daily fantasy sports for cash prizes is a rapidly growing online gaming experience, more than doubling in size between Q4 2013 and Q4 2014 according to published reports by industry leaders. Daily Fantasy Legend seeks to further capitalize on this popularity by reaching a vast new audience with proven monetization ideas.
The launch by MGT brings the proven success of MGT's fantasy sports model from real money to virtual currency. As a result, it dramatically widens the addressable audience of this gaming phenomenon to include those below 18 years of age, and those with an interest in playing but not ready to take out their credit card. The game is free to play and will be available to anyone aged 13 and up with a Facebook account at http://www.dailyfantasylegend.com.
Exciting features have been added for the Facebook platform as players can challenge friends, create leagues, rise up the leaderboard, and continually unlock ever more exciting contests. The average daily fantasy sports player exhibits a strong level of engagement, spending several hours each week drafting teams and monitoring contest standings. Top Facebook games in the sports category can top 10 million active users per month, roughly 20 times the largest daily fantasy sports sites. Daily Fantasy Legend plans to monetize the site by selling virtual currency to allow players to enter larger, higher stakes contests, and by serving traditional video ads.
"We are already the clear #3 in the space with our cash gaming offering, DraftDay.com, and have twice the variety of contest types as our competition. Merging this expert technology platform with the social power of Facebook opens new doors for potential partners and sponsorships, as well as allowing new players to experience our great technology and have some real fun," stated Robert Ladd, Chief Executive Officer of MGT.
About MGT Capital Investments, Inc.
MGT Capital and its subsidiaries operate social and real money gaming sites online and in the mobile space, including ownership of the 3rd largest daily fantasy sports wagering platform, www.DraftDay.com. The Company also offers games of skill through www.MGTplay.com and social casino games with SlotChamp, and also operates an online portal for fantasy sports news and commentary, www.FantasySportsLive.com. In addition, the Company owns intellectual property relating to slot machines and has asserted its claims via patent infringement lawsuits.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." MGT's financial and operational results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
SOURCE MGT Capital Investments, Inc.