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FCBETZ DISAPPOINTING FOR THE WEATHER LOTTERY
Monday June 20, 2011 : But company optimistic on return to profitability
The UK-based The Weather Lottery (TWL) released a trading and prospect update this week.
The company reports disappointing developments with regard to the company's intended expansion into the online gaming sector, under the brand FCBETZ.com.
The intention of the brand was to provide a number of football league clubs and their supporters with a full package of online gaming products.
TWL reports that it became apparent that FC BETZ did not have access to all the clubs' databases which restricted it from building its own database of active members. As a result negotiations are in progress to terminate the relevant contracts.
Having undergone a review of its core lottery operations, the company has streamlined its operations with a view to increased efficiency, greater security and reduced operating costs.
Online gambling site Devil Fish Poker which was acquired in December 2010 has shown a largely expected small overall operational loss. The company still believes that the online poker market has considerable opportunity and is looking at ways to improve the business.
In closing, TWL believes it has a sound basis for a return to profitability and is well positioned to look for complimentary acquisitions to improve its value.
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