Monday July 29, 2013 : MGT CAPITAL APPLIES FOR NJ LICENCE
Go live strategy in place for fantasy sports wagering business
FANTTD LLC's, operator of fantasy sports wagering business FanThrowDown.com, majority shareholder MGT Capital Investments, Inc. has filed an application for a New Jersey Casino Service Industry Enterprise License (CSIE) with the New Jersey state gaming enforcement division.
MGT said its application filed by the deadline date of July 29, 2013 will allow it to be considered for suitability prior to the "go live" date of November 26, 2013 for i-Gaming in New Jersey.
"As we continue to grow in the online and mobile gaming industry, obtaining a New Jersey CSIE license will be an extremely valuable asset for our stockholders," said Robert Ladd, Chief Executive Officer of MGT.
MGT Capital Investments took a controlling interest in FanTD LLC in March this year.
In addition, the Company owns Hammercat Studios, a publisher and developer of videogames for digital distribution in the mobile app space.
In November 2012, MGT Gaming, Inc., also a majority owned subsidiary of MGT Capital Investments, filed a patent infringement suit against Caesars Entertainment Corporation, MGM Resorts International, Inc., WMS Gaming (a subsidiary of WMS Industries, Inc.), Penn National Gaming, Inc., and Aruze Gaming America, Inc. relating to casino gaming systems.
"We are pleased to see that the gaming industry has embraced our patented technology by embedding it in a number of very successful gaming systems. Moreover, it is gratifying to see that many casino patrons find enjoyment in playing theses casino games. However, we deserve fair compensation for their use of our patent. As the cornerstone of our long-term strategy to create shareholder value, we will vigorously enforce our intellectual property portfolio against infringement," Ladd said at the time.