Picklive AIMs for £10m float

Fantasy sports operator Picklive has announced its plans to raise £5 million capital investment by listing itself on the London Alternative Investment Market (AIM).

The potential listing will be managed by ZAI Corporate Finance, if successful in reaching its target investment, the company will be valued at £10 million. Picklive announced that it would use the capital raised to create new product offerings and develop a “new game genre” in the real money gaming sector.

Unlike traditional fantasy sports games which run over the course of a sporting season, Picklive’s games run over single matches or sporting events. Currently Picklive’s games portfolio covers European Football, baseball and American Football.

Picklive had earlier announced its plans to create a B2B business division, which planned to partner with sports betting operators and media partners in order to offer targeted audiences real-money fantasy sports betting products.

Picklive‘s chief executive David Galan said: “Daily Fantasy Sports has the potential to be a new genre in real money gaming.

“There is a huge market opportunity; Picklive offers investors access to a business with an early mover advantage in the UK. In the US we have a strong partnership with Sportech, where we have recently launched our American football and baseball game.

“We believe that this is the opportune moment to seek a listing on AIM to accelerate the company’s growth, drive Picklive’s highly-scalable proprietary technology platform and develop global appeal.”