MGT Acquires DraftDay and Keeps Cash on Hand to Quickly Pay Players

 DraftDay pic
DraftDay
Image: DraftDay.com

With an MBA from the University of Southern California with an emphasis in finance and entertainment, Bill Asher previously served as President of Playboy Entertainment Group and ultimately founded, owned and operated Califa Entertainment Group. Now the co-owner and co-chairman of Vivid Entertainment, Bill Asher overseas many facets of the entertainment business for the company including its on-line business. In 2014, Vivid Entertainment partnered with online gaming company MGT Capital Investments, Inc., the operator of DraftDay.com.

When MGT acquired DraftDay, it brought in its management team to handle operations and received about $600,000 in cash and 100,000 shares of stock. As one of the largest fantasy sports online platforms, DraftDay produces significant revenues in the online gaming space. Some of its major competitors include DraftKings and FanDuel, but DraftDay differs by keeping cash on hand to pay out its players.

On a user level, DraftDay customers draft sports players to daily fantasy teams in the fields of professional baseball, basketball, hockey, and football. At the end of the day, points are awarded based on the player’s performance, and cash awards are given to those who achieve the highest team scores. Bill Asher intends to use the skills he acquired running his internet business to license and create a new fantasy sports product.

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