Cantor invests $25M in fantasy sports, social gaming
June 25, 2013 10:39 AM
by Staff & Wire Reports
Cantor Fitzgerald, the global financial services giant and owner of Cantor Gaming, operator of seven Las Vegas sports books, is delving further into the world of gaming with a $25 million investment from its Cantor Ventures arm in TopLine Game Labs of California.
TopLine, under the leadership of long-time digital media and technology executive David Geller, former global head of fantasy sports at Yahoo! Sports, will use the investment to enter the fast-growing fantasy sports and social gaming market.
Geller, CEO of TopLine, said, “The launch of TopLine Game Labs marks a new era in next-generation fantasy sports and social gaming. We are architecting a robust platform to power exciting new sports- and entertainment-based social games. With our initial focus on the innovative and fast growing short-duration fantasy sports marketplace, combined with our ‘mobile-first’ philosophy, we are superbly poised to expand into other categories, delivering a one-stop online and mobile gaming solution.”
Along with a growing team of Los Angeles-based media and technology experts, Geller is building an innovative fantasy sports and social gaming portfolio of products focused on mobile devices, which also will be available on desktop and other platforms.
Howard W. Lutnick, chairman and chief executive officer of Cantor Fitzgerald, L.P. and general partner of Cantor Ventures, said: “The substantial investment from Cantor Ventures combined with David’s extraordinary track record and experience, including eight years at Yahoo! Inc., clearly jumpstarts TopLine Game Labs as a powerful front-runner in short-term fantasy sports and social gaming.”
Geller said the new venture would capitalize on the best attributes of the previous Cantor Fantasy Sports offering, such as daily fantasy sports play without season-long restrictions. “In addition, we plan to leverage Cantor’s deep experience from ownership in the popular Hollywood Stock Exchange, the leading virtual entertainment stock market, which offers tremendous growth opportunities alongside the spectacularly growing fantasy sports market,” he added.
Geller, who is considered an industry innovator, has over 15 years of experience building successful online and mobile products and platforms.
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