MGT Capital Investments, Inc. (NYSE MKT: MGT) said that for the three months ended June 30, 2015, revenues from its fantasy sports business were USD249,000, up 15 percent from the USD217,000 recorded in the first quarter of this year.
Second quarter 2015 revenues were down 12 percent from the same quarter in 2014, as the company adopted a strategy to reduce overlay in its guaranteed contests. As a result, the gross margin from gaming operations was USD153,000 (61 percent of revenue), up 32 percent as compared to USD116,000 (41 percent of revenue) for the same period last year, and up 20 percent sequentially from the first quarter 2015 gross margin of USD127,000 (58 percent of revenue).
Total operating expenses for the second quarter 2015 were down 39 percent year over year, and down over 30 percent sequentially from the first quarter of this year. Operating loss improved to (USD855,000) in the second quarter of 2015, compared to (USD1.5 million) in the year ago second quarter, and (USD1.3 million) in this year´s first quarter.
For the six months, ended June 30, 2015, gaming revenues were up 43 percent, and gross margin from gaming was up 157 percent, with the six month gross margin improving to 60 percent of revenue, as compared to 34 percent of revenue for the same period last year.