Investment Group Acquires MoneyMatches and Avyd
The wait is almost over for two of the most highly-anticipated companies in esports.
In hopes of bringing a better platform of competitive gaming for all gamers, an investment group lead by the lead investors of MoneyMatches has acquired the assets of Avyd for an undisclosed amount, with the intention of merging the two companies.
From information provided exclusively to GAMURS, Avyd’s platform will be an online hub for professional and amateur competition, providing skill based wager matches and ladder competitions at launch. It will also offer scheduled and impromptu tournaments, and seasonal ladders for popular esports across multiple platforms. The games are not yet confirmed for the service.
The new platform will also serve as the entry point and team management tool for Avyd's live LAN events, which will look to draw the biggest names in professional esports.
Zachary Smith, CEO and investor in MoneyMatches, confirmed the merger to GAMURS, and said that it was a natural decision for all the companies involved to band together with their shared vision in improving the esports experience.
“Joining forces only made sense," Smith said. "Each company had a different focus in esports, yet were overlapping in many of the same areas. We shared the same vision and goals with the Avyd team. We felt by integrating the companies we could offer more value to users by focusing on improving the everyday lifestyle of users through new technologies, capabilities and opportunities.”
As Smith sees it, the trend across new competitors in the market is to be a "better version" of each other, in a race to capture the most transactions on their site. For this new platform, it will have a cash based payout as opposed to a token based system. Smith reasoned, “you have quicker access to your cash. This seems like common sense, but that’s not currently seen in esports.”
Although the companies will merge, Avyd will provide the online platform with MoneyMatches expanding their social sponsorship offerings to both professional and casual gamers. When asked about any possible concerns with a betting site sponsoring a gaming platform, Smith said that, “We sponsor many players across different titles. Merging allows us to centralize our sponsorship, providing value to users and other sponsors.”
Smith, who stated that MoneyMatches is the only legal esports betting company in the United States, said that any situation that would ruin the integrity of any company involved would “absolutely not” happen alluding to recent esports betting scandals involving others.
“Rest assured, we take legal matters very seriously, and exercise our legal right in any illegal esports realm and take any legal action if violated.” Smith said.
Avyd and MoneyMatches both have built up a significant following in anticipation of their launch. To those people who were on the hype train, Smith said that, “Our team will be working to integrate the sites and the wait will soon be over.”
“For all those people that had the hype surrounding both companies, believe the hype. Because it’s coming,” Smith said.
With a lot of excitement that surrounds these two brands, expect more to come from what should be an interesting development in the esports world.
Zachary Smith, CEO of MoneyMatches, has provided updated information to GAMURS clarifying the relationship to the acquisition.
James Mattone is a journalist for GAMURS and can be contacted on Twitter - @TheJamesMattone.