MGT Announces First Social Daily Fantasy Sports Platform on Facebook
HARRISON, N.Y., Oct. 23, 2014 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) will launch the first social daily fantasy sports game on Facebook, called Daily Fantasy Legend (DFL), bringing the proven success of MGT's fantasy sports model from real money to virtual. The game is free to play and will be available to anyone aged 13 and up with a Facebook account. DFL players who wish to enhance gameplay through purchase of in-game currency will have the ability to extend and personalize their individual experience. Following the beta trial, which commenced yesterday, MGT expects full commercial launch in early November.
DFL players create fantasy lineups of real athletes and compete against teams assembled by others to obtain high point scores. Contests cover a wide spectrum of sports, including professional and college football, plus professional basketball, hockey, baseball and golf. Game styles include casual quick pick contests and the popular salary cap games, all with the look, feel and tempo expected by today's audience.
"Social games are a key entertainment activity for millions of people online and MGT is first to market with the introduction of a full-scale social daily fantasy sports site," said Robert Ladd, Chief Executive Officer of MGT. "Our experience with operating the 3rd largest daily fantasy sports wagering platform, DraftDay, has enabled us to take this innovate step, and we believe Daily Fantasy Legend will broaden the market of DFS players and further contribute to the already explosive growth of the sector. Moreover, by taking advantage of the superior monetization tools offered on Facebook, DFL should create meaningful revenue and operating profit for MGT."
Daily Fantasy Legend was designed and developed entirely in-house by MGT Sports. "Our goal was to build a great looking and fluid game that is fun to play, while taking advantage of the full range of social tie-ins that experienced gamers expect," said Mr. Ladd. "We are proud of the creative talent of our tech team, having produced what we see as one of the most exciting new offerings for Facebook sports fans and gamers, as well as having created a category-defining product."
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 has created 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.
Forward-looking Statements
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.
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SOURCE MGT Capital Investments, Inc.
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