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UPDATE - Picklive unveils plans for £10mln AIM float to expand new genre of gaming

Last updated: 00:11 05 Nov 2014 AEDT, First published: 01:11 05 Nov 2014 AEDT

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Fantasy online sports gaming firm Picklive has unveiled plans to raise up to £5mln via an AIM float, seeking to develop what it calls a "new genre" in real money gaming.

The company's offering is focused on the daily fantasy sports sector - a new and rapidly expanding sector in the US.

So far, the games cover football, baseball and American football but the company plans launches for cricket and basketball.

Players pick and bet on a team based on real-life players and receive points based on player’s performance and can win cash prizes.

"The group aims to be a global daily fantasy sports operator with a footprint in the UK, Europe, US, Africa and Asia," it said.

"The focus to date has been to build the product, get it operational, tested and accepted with a loyal early adopter player base and to receive feedback from larger operators in the gaming industry."

Speaking to Proactive Investors, chief executive David Galan said: "What we believe is that Picklive has the potential to be the next big category in gaming."

He explained how traditionally, fantasy football was a game played over a whole season, where points are totted up over a period and a prize dished out at the end.

"The problem with these season-long games, from a business perspective, is you only get to monetise your players once a season," he highlighted.

But Picklive condenses the games down from the season and, in the UK, into one 90 minute game, he said.

"We can make money from our players several times per day. It's a very fast-paced game of fantasy sports."

Interactive gambling, through the internet and mobile, is a fast expanding area and accounted for 9% of all gambling in 2013.  Reports suggest mobile gambling will account for 24 % of global interactive gambling by 2017.

Picklive now wants to scale up the business in two ways - B2B -  by partnering with other betting operators or media partners who already have players or a large scale relevant audience and market Picklive Games to those players.

The other method will be to use B2C (business to consumers) by spending money on direct marketing to drive players to the firm's own brands.

It said:  "Picklive offers investors access 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."

The initial public offering will value the group at £10mln.

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