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DevilFish Poker Sold
12/22/10 : Dave Ulliot's well established online poker site bought for GBP330 000
The Weather Lottery plc, an online gambling company that sprang into prominence earlier this year offering its online FCBetz and FCLotto products to UK football clubs has acquired Devilfish Poker from Devilfish Gaming plc.
The Weather Lottery (TWL) started its run into the online gambling sector with a deal with Coventry City Football Club, rapidly following this up with six other clubs, including Glasgow Rangers, Derby County, Sheffield Wednesday and Leicester City. Most recently the brand gained access to 13.5 million listeners through a deal with Glasgow-based commercial radio station Clyde1.
Devilfish Poker.com is most closely associated with founder Dave 'Devilfish' Ulliott, a widely respected international poker player.
The acquisition cost a total of GBP330 000, made up by a cash payment of GBP40 000, and the issue of 30 million new ordinary shares.
A TWL spokesman said this week that the Devil Fish Poker brand is known and recognised nationally and internationally, especially in Europe, and that there is a wealth of undeveloped potential to promote and exploit the brand.
He said the company will target from within not only the existing active players but also prospective punters amongst the many thousands of names registered on the Devilfish data base.
"In addition there is the clear opportunity of significant cross selling of FCBetz.com products and the Devil Fish Poker brand into each other's respective databases," he said. "The Board believes that this, coupled with a reduction in overhead of DFP by consolidating its marketing through TWL`s existing channels, will bring long term financial benefits and accelerate the Board's strategy to become a significant operator in the online gambling sector.
"There is potential for significant international growth based on the existing awareness of the Devil Fish Poker name and brand. Whilst the sector has experienced some leveling off, the possibility of further expansion into Asia and, if legislation should allow, into the United States gives this already established brand a new and exciting impetus," he observed.
In its year ended 30 June 2010, DFP made an operating loss of GBP106,331 on a turnover of GBP783,353. As at that date, it had net liabilities of GBP10,802.
TWL Chairman Lord Razzall CBE commented: "Devil Fish Poker has an established brand name in a sector which is complementary to the existing gaming operations of TWL. We have a growing database of users in both FCBetz.com and FC Lotto some of whom will we believe wish to take advantage of the DFP products. The Board considers its acquisition at a time when there is still considerable untapped potential for development fits in with our gaming strategy".
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