Gaming Nation offloads assets in Fantasy Feud

Gaming Nation has completed the previously announced sale of parts of its Fantasy Feud business to Fantasy Aces Daily Fantasy Sports Corp.

Fantasy Aces purchased Fantasy Feud's database of active daily fantasy sports participants for a purchase price of C$454,250 (€315,500/US$338,140).

As part of the deal, Fantasy Aces paid C$25,000 in cash, with the remainder of the sum paid in common shares, at a price of C$0.07 per share.

Gaming Nation now owns a total of 6,132,143 common shares, representing approximately 12.7% of the issued and outstanding voting securities of Fantasy Aces on a non-diluted basis and is now an insider of Fantasy Aces.

Meanwhile, 5050 Central, a wholly-owned subsidiary of Gaming Nation, has entered into a partnership with North American NBA basketball team the LA Lakers.

Under the deal, the terms of which were not disclosed, 5050 Central will support the franchise’s Los Angeles Lakers Youth Foundation charity initiative.

The Foundation and the team will implement 5050 Central’s real-time electronic system to run 50-50 raffles at home games at Lakers’ Staples Center home arena.

Half of the net proceeds of each raffle will go to the winner of the draw, with the other half to support the Foundation.

Scott Secord, president and chief executive of Gaming Nation, said: “We are thrilled to have been chosen by the Lakers and the Foundation to assist in achieving the overall mission to help underserved youth in the community.”

Related article: Gaming Nation CEO hails 5050 Central growth in Q1