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The Weather Lottery Losses Mount

Tuesday December 6,2011 : T.W.L. LOSSES MOUNT
Online gambling company anticipates pre-tax losses of GBP 740,000 for the year to the end of July.
The troubled The Weather Lottery online gambling company's losses just keep mounting, with the latest numbers anticipating pre-tax losses of GBP 740,000 for the year to the end of July following a first half loss of GBP 321,000 and full year losses of GBP 77,000 last time.
The company's difficulties have resulted in it postponing the upgrade to its five-a-side facility at the Harvey Hadden Sports Complex in Nottingham.
Management reports that losses at FC amounting to GBP 267,000 in the first half year, including expensed sponsorship costs of GBP 177,000 and operating losses of GBP 90,000, were reduced in the second half and are now expected to amount to approximately GBP 400,000 for the full year, with club sponsorship expenses now eliminated and consultancy costs significantly reduced.
The company has continued to operate the site but at a much reduced level at a break-even or small loss level month on month. After all the enthusiasm over FC Betz, the board does not now consider it to be part of the future of the business and is seeking ways to dispose of it and its assets and database as soon as possible.
The core lottery business is expected to report a small profit for the year, despite expenses relating to the fraud committed by former director Keith Millhench  exceeding GBP 100,000 for the year.
The company's Devilfish Poker online poker subsidiary recorded losses for the period from December 2010 to the end of July, expected to be in the region of GBP 150,000.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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