23rd of April 2013 Author: Glo Wood
An announcement came this week from the New York investment company MGT Capital Investments that it is going to take a controlling interest in an established fantasy sports betting operation branded FanTD LLC.
Robert Ladd, MGT's president and CEO, confirmed that the company's subsidiary, MGT Sports, Inc., has signed an agreement with the owners of the Fan Throw.com website, noting:
"It is hard to overstate the potential we see in legal online gambling, both now and in the near future, as states continue to relax prohibitions in pursuit of tax revenue. Betting on fantasy sports is legal in nearly all states and has a preferential carve-out on the Federal level under the Unlawful Internet Gambling Enforcement Act of 2006.
"Today's announcement is part of MGT's comprehensive strategy to add other games of skill over the next several months, with an emphasis on mobile applications and secure technologies. We look forward to providing investors an update via conference call within the next two weeks."
In its statement, the company described the new venture as an initial move into "...the online and mobile gaming and wagering space."
The deal is expected to close within the next two weeks, and according to the company, it will issue 627,500 shares of restricted common stock and give $200,000 in cash to acquire a 65 percent ownership interest in FanTD LLC.
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