MGT Announces Winners of Fanthrowdown Football Championship Also Announces Expansion of Daily Fantasy Sports Contests
HARRISON, N.Y., Dec. 26, 2013 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) would like to congratulate the winners of the FanTD Football Championship. The participation rate was outstanding as the championship game filled to maximum capacity and the website paid out $500,000 to approximately one hundred of its players in the tournament. This figure represents the highest ever single-day payout by FanTD.
The contest's winner, screen-named Two-Gun, took home $100,000 for first place and many other top players qualified for the Championship multiple times, boosting their winnings in the process. Notable winners were: RotoGrindersCal, who runs www.rotogrinders.com, the most respected name in fantasy sports information, collected nearly $20,000; Samcrow, who is widely-believed to be the top female fantasy sports gamer in the world, won over $50,000; and Condia, considered by most experts to be possess the highest level of skill in the fantasy sports business, topped $80,000. Congratulations to all!
MGT plans to continue with the traditional style of daily fantasy as well as releasing new contest formats that are simpler, shorter and more compelling. Specifically, the Company will offer a quick pick contest with the outcome dependent on the fantasy points of only two or three athletes. Robert Ladd, MGT's Chief Executive Officer stated, "We are very excited to broaden the market for fantasy sports by offering a product that is faster, easier and even more fun, and allows all sports fans more chances to win based on their knowledge and expertise."
About MGT Capital Investments, Inc.
MGT and its subsidiaries are engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the casino industry.
MGT Gaming, a majority owned subsidiary, owns U.S. Patent Nos. 7,892,088 and 8,500,554 relating to certain casino slot machine systems and has filed a patent infringement lawsuit against WMS Gaming (a subsidiary of Scientific Games Corporation), and others. The Company also owns a majority interest in FanTD LLC, the operator of FanThrowdown.com, one of the leading online daily fantasy sports wagering websites. Another majority owned subsidiary, MGT Interactive, owns REAL DEAL POKER™, an innovative online poker technology with a patented card shuffling system, allowing for regulatory transparency and auditability, and a higher level of realism.
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.