Sportech to Take Over DraftDay.com in $7 Million Deal
(G911 News Wire) - DraftDay.com, the third largest Daily Fantasy Sports site, but by a rather large margin, has been sold to Random Outcome USA, a newly formed subsidiary of Sportech. MGT will sell all of its Daily Fantasy Sports ventures as part of the deal, reported to be worth $7 million, $4 million of which will be in cash. MGT will retain an equity interest in the new company as well. This includes common stock and warrants.
Curtiss Wm. Krawetz, CEO of Random Outcome said, “Infusing a leading daily fantasy sports business with the capabilities and resources of an operator of Sportech’s caliber creates the dominant business-to-business player in the DFS space.”
Rich Roberts, President of Sportech Digital stated, “A focused daily fantasy sports business to be delivered on a B2B partnership basis to the regulated gaming industry has the potential to quickly disrupt the rapidly growing market.”
- Aaron Goldstein, Gambling911.com
