SALT LAKE CITY, UT - (http://www.financialnewsmedia.com News Alert) - Having already achieved widespread success with its unique business model of luxury dining combined with several different forms of live entertainment, Latitude 360 (OTCQB:LATX) recently expanded its growing portfolio with the acquisition of Major League Fantasy, a leader in the world of daily fantasy sports, a market that has exploded in popularity in recent years.
Last year over 57. million Americans played fantasy sports, and by the end of 2016 it is estimated that fantasy sports will make up a 6 to 10 billion dollar industry, with daily fantasy games accounting for a growing stake in those figures. With this move, Latitude 360, which currently trades at $.52 cents per share, will enter into the multi-billion dollar industry of fantasy sports, boasting its own proprietary live fantasy game to take place in its restaurants, called \"360 Fantasy Live.\" At $8.5 million in cash and stock, the deal is viewed as a favorable one for the company, as MLF had recently tripled in size and popularity just as the daily fantasy sports market is booming.
The acquisition of MLF allows Latitude 360 to position itself as one of the first live, multimedia venues to offer in-house, high-stakes, competitive daily fantasy events. The \"360 Fantasy Live\" experience coincides with a major move by daily fantasy juggernaut DraftKings to partner with Los Angeles sports mega-plex the Staples Center to create a DraftKings bar and lounge where fantasy players can engage in the latest DraftKings games.
With the success of DraftKings and its rival, FanDuel, Yahoo (YHOO) recently decided the time was right to join the daily fantasy fray, launching its first ever daily format. While the company has long been one of the leaders in seasonal fantasy sports, their first entry into daily gaming marks an industry boom reflected in recent numbers that indicate over 55 million North Americans have engaged in fantasy sports this year alone. Right at the apex of this market explosion, LATX will offer one of the most original daily fantasy experiences available to consumers. It is the latest in a series of moves made by the company that are intended to gradually branch into new markets.
About this latest move, CEO of Major Leage Fantasy, Jesse Merl, who will...
$LATX News - Latitude 360 (LATX) Gets the Fast Track on Exploding Daily Fantasy Sports Market with "360 Fantasy Live"
July 16, 2015 at 08:32 AM EDT