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SOURCE MGT Capital Investments, Inc.
National Study by Magid Associates Projects Skill Based Gaming to Surpass $9.0 Billion in U.S. Revenue by 2017
HARRISON, N.Y., June 4, 2014 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) is excited to announce the commercial launch of its real money skill-based gaming website, www.mgtplay.com. The site offers a multitude of professionally designed games allowing registered players the opportunity to wager and win cash, in one-on-one play or tournaments. Skill-based games allow players to compete head-to-head with one another via the Internet for small stakes.
MGT Play™, hosts online competitions in popular casual game genres including Cards, Sports, Puzzles, Strategy, Arcade and more. Play for fun or play to win real cash! Our games are fun and easy to learn. Test your skills against players from the U.S. and around the world to win money while playing your favorite games! Share in the over $10 million in annual winnings already being won by members that play on MGT Play's™ partner site in Germany!
The U.S. skill based gaming industry saw revenue of $2.5 billion in 2013 alone, and is projected to surpass $9.0 Billion in annual revenue by 2017, according to a national consumer study conducted by Frank N. Magid Associates. Skill based gaming distinguishes itself from gambling in that skill gamers win based on skill while gamblers win based on luck. Online gambling is legal in only three U.S. states, whereas online skill based gaming is legal in 33 states.
Jeremy Avin, General Manager, explained, "With the launch of MGTplay.com, we are now in a position to fully monetize our subsidiary MGT Studios with the first of two ventures. MGT Play™ presents the top games in a sleek design offering users competitive and quality choices in online gaming entertainment. Research shows that 8% of the U.S. population currently plays skill based games for money online, and that figure stands to grow with the emerging mobile market. By partnering with an established company, M2P Entertainment GmbH, MGT has a strong foothold in this fledgling industry."
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 4th 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 is building 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.
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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