MGM to buy gambling technology from AAF
The casino company MGM received the approval to acquire gambling technology from defunct Alliance of American Football (AAF).
US.- A San Antonio bankruptcy judge has given MGM Resorts International the green light to acquire gambling technology owned by Alliance of American Football (AAF). The defunct football league had technology that allowed viewers to bet on each play during a game.
The deal, approved at a court hearing on Monday, says that MGM will pay US$125k for the technology. MGM also agreed to a US$2 million reduction of its claim against the league. Lawyers of former AAF players argue that the technology is worth far more than what MGM bid.
“While I don’t like it, and I’d sure as heck would like to see more money put on the table. At the end of the day, I think the evidence is more than sufficient… (that) this is in the best interest of the (bankruptcy) estate,” U.S. Bankruptcy Judge Craig Gargotta said.
The casino company helped finance the development of the technology by investing US$7 million, Express News reported. Just a day before the league folded, MGM and the AAF entered into an intellectual property licensing deal. The agreement gave MGM the right to use the technology.
Scott Butera, MGM’s president, told USA Today: “[The app] allows almost immediate transmission of data and what’s going on in an event to your mobile device, which will allow us to have play-by-play gambling, which is non-existent today.”
