Business
Fantasy Aces Receives NY Temporary Permit and Discusses Operating Results to June 30 2016
Fantasy Aces Receives NY Temporary Permit and Discusses Operating Results to June 30 2016.
About this update from Fantasy Aces Daily Fantasy Sports C
[{"type":"text","content":"\n \n \n Fantasy Aces Receives NY Temporary Permit and Discusses Operating Results to June 30 2016\n \n \nFantasy Aces Receives NY Temporary Permit and Discusses Operating Results to June 30 2016\n \n ALISO VIEJO, CALIFORNIA--(Marketwired - Sep 20, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the \"Corporation\" or \"Fantasy Aces\") (TSX VENTURE:FAS)(OTC PINK:FASDF) is excited to announce that it has received a temporary permit to allow all residents in the state of New York to play on FantasyAces' gaming platform. \n NY TEMPORARY PERMIT\n On September 13, 2016, the New York State Gaming Commission (\"Commission\"), having determined that FantasyAces L.P. (\"Applicant\") meets each of the requirements set forth in sections 1402 and 1404 of the Racing, Pari-Mutuel Wagering and Breeding Law to hold a temporary permit to offer interactive fantasy sports contests, hereby provides this temporary permit for Applicant to offer interactive fantasy sports contests in New York State until Applicant is registered as an interactive fantasy sports operator which is expected to resolve within the next 90 days. \n As previously stated, New York State sets the tone for most others states in evaluating the legal status of DFS and the company believes that this current acceleration of states passing laws in support of DFS will continue this year and well into 2017-18 culminating in approximately 40 states at minimum operating throughout the U.S. \n SECOND QUARTER AND FIRST HALF 2016 (January -June 30th 2016) RESULTS: \n During 2016, Fantasy Aces continued to expand the depth of its user base and user retention into the ever-growing daily fantasy sports (\"DFS\") industry. During this period, the Corporation increased its net revenue as a percentage of gross profit, lowered its operating expenses, and ended the month of June with a modest operating profit. The Corporation has remained the number three site through the end of August for the MLB season, behind industry leaders DraftKings and FanDuel and in front of Yahoo amongst others. \n HIGHLIGHTS Q2 in $USD\n \n \n Gross Revenue of $514,984, 280% increase over Q2 2015\n Prize Payouts of $5,649,000, 240% increase over Q2 2015\n Reduced overlay to 34% of gross revenue compared to 88% for the 2015 period\n Game Entries: 655,270, 230% increase over Q2 2015\n Operating Gross Margins continue to i...