MGT Studios, the social casino subsidiary of investment firm MGT Capital, has established a joint venture with German skill gaming operator M2P Entertainment to launch a US-facing skill games platform.
The new venture will operate under the MGTPlay brand and offer customers the ability to win real-money prizes through a range of skill-based sports, puzzle, strategy and card tournaments or head-to-head challenges.
The platform will leverage M2P’s US audience of approximately 2m users to rapidly expand the player base.
The partnership, which includes exclusive rights to North and South America, will incorporate technical and marketing expertise from both companies to enhance the product and reconfigure it for the US audience.
MGT Capital’s chief executive Robert Ladd said the deal “is a defining advancement of [his company’s] skilled gaming efforts,” adding: “We intend to be a leader in this rapidly growing space.”
His company first entered the social casino sector through the acquisition of Avcom, a New York-based studio developing products under the Mobile Vegas brand, which was renamed MGT Studios following the completion of the deal.
The subsidiary is led by general manager Jeremy Avin, who said he was “thrilled” to have expanded the studio’s offering, and to be working with M2P “to expand the geographic reach of its already successful games and to introduce exciting new games.”
“Moreover, we expect to hit the ground running given the head start afforded by built-in liquidity, as players can be matched worldwide,” Avin added.
M2P director Bjorn Kaufmann commented that after his company had enjoyed great success in Europe, where it offers over $200,000 per week on its main M2P.com site, he believed that “now is the perfect time to expand to the United States.”
Kaufmann noted that “MGT's talented team makes them a great partner” for his company, adding that he looked forward “to having a large presence in the US skilled gaming market.”