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MGT Capital acquires Avcom

Monday November 18 ,2013 : MGT ACQUIRES SOCIAL GAMING FIRM
 
Broadens technological expertise and gaming portfolio
 
MGT Capital Investments has acquired New York City-based social gaming development studio Avcom.
 
Avcom's focus is on building social casino games for mobile devices under the brand Mobile Vegas. The development team includes the likes of an unnamed former IGT lead artist who was reportedly integral in the development of land based slot favourites American Idol, Sex and the City, and the Dark Knight.
 
Along with the gaming studio, Avcom brings a proprietary software platform for secure gaming, mobile development, and sophisticated analytics, as well as expertise in the areas of digital marketing and real money gaming.
 
"The acquisition of Avcom, including its leadership team, places MGT in a strong position to capitalize on the popularity of the social casino industry as well as adding tremendous value to our other gaming properties. We couldn't be happier with the exceptional talent that we have added to our team," said Robert Ladd, Chief Executive Officer of MGT.
 
MGT expects to issue approximately 491 000 shares of MGT restricted common stock to acquire full ownership of Avcom.  In addition, a contingent payment of up to an additional 330,000 shares of restricted common stock is payable if certain revenue targets are reached within an 18-month period.
 
Avcom will operate under the name MGT Studios and oversee the Company's online and mobile gaming properties and digital marketing. Avcom founder Jeremy Avin will be named General Manager of MGT Studios to lead the effort.
 
"We're excited by the opportunities that MGT's broad gaming efforts will create for our players, employees and investors," concluded Avin.
 
Closing is expected within two weeks.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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