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WPFH - Soulja Boy deal is a PR stunt
SOULJABOY 'JUMPED THE GUN' ON WORLD POKER FUND HOLDINGS DEAL (Update)
This exercise is sounding more like a PR stunt every day.
For the last three weeks would-be international online poker operator World Poker Fund Holdings has been riding the crest of a publicity wave that started when US rapper Soulja Boy claimed he had inked a $400 million social gaming deal with the company, potentially ranking him with the top entertainers in the business .
Whilst there were many who expressed doubts about the credibility of such a deal, the entertainment press in particular lapped it up, and was perhaps the target audience WPFH was aiming for in order to generate business and possibly investment for the company's nascent Celebrity.com brand.
Amidst some rather blunt criticism of the press release from various sources, Forbes published the true nature of this offer Monday, explaining that the company has a market capitalisation of just under $52 million, and in its annual accounts last year acknowledged a loss of $400,000. And in four years it has yet to post a profit.
"So how is a company that is worth just north of $50 million going to pay out $400 million to their celebrity endorser?" Forbes asks. "The answer is, they’re not. The deal, according to [company spokesman] Matthew Bird, includes both stock and revenue-sharing.
Contacted by Forbes, Bird attempted to explain how this strange situation has come about, saying:
“He [Soulja Boy] really kind of jumped the gun. The deal is capped at $400 million, and it’s based on a forward-thinking valuation of the company. He’s young, he’s 25 years old. He got really excited, and he tweeted something he probably shouldn’t have tweeted. He was getting a lot of pressure from within the entertainment community, so he wanted to put a statement out. Obviously, the company’s market cap is at $51.8 million. There’s no way they could cut a $400 million deal. Endorsement deals are calculated on a lot of different factors. This is not a fully cash transaction.”
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Karaoke parlour Gambling Ring Busted -
The Cambodia Daily newspaper reports that police in Poipet have shut down an online gambling company being run out of a karaoke parlour, and have interrogated 63 Chinese nationals associated with the enterprise.
Opap in memorandum of understanding With Inspired -
Virtual sports provider Inspired has entered into a memorandum of understanding (MOU) with Greek betting and lottery operator OPAP for the supply of its full suite of virtual sports, for integration online and across OPAP's retail network.
DeltaCorp To Acquire ace2three -
Our readers will recall Delta Corp. acquired a 26 percent stake in Gaussian Networks, parent company of India’s largest online poker operator Adda52 earlier this month
More Australian POC Taxes -
In an interview with The Australian, Tabcorp chief executive offer David Attenborough warned “global rivals” of his belief that other Australian states are moving fast to follow South Australia’s lead in implementing a point of consumption tax.
William Hill Exits Russia -
"Starting from September 23 William Hill Casino Club will terminate its activities in the Russian territory for legislatory reasons. All active customer accounts will be suspended," the advisory reportedly detailed.
Pennsylvania Online Gambling Hearing Postponed till October -
HR 2150, which includes DFS and e-gaming elements, was passed as part of the critical state budget bill by the House in June this year, with lawmakers expecting the bill to contribute $100 million annually in licensing and fees to help balance the state budget.
Two Mega Fortune Dreams Jackpots Hit -
Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.
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