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Weather Lottery Losses Adding Up
01/05/2012 : Pre-tax losses now top GBP 789 000
The UK-based The Weather Lottery plc's venture into online gambling appears to be getting into ever-deeper water, with the latest update from the company showcasing widening losses.
The company posted a pre-tax loss of just over GBP 789,000 for the year to the end of July - up from GBP 77,000 in the comparative period in 2010. This was despite turnover being slightly higher at GBP 1,343,000 (2010: GBP 1,231,000).
TWL has been drastically cutting costs and hopes to offload its faltering FCBetz.com subsidiary, which was responsible for GBP 400 000 of the latest losses, and remains optimistic that trading will improve going into 2012.
Chairman Lord Razzall said: "As the results show this has been a difficult year for TWL, not all of which can be attributed to the hard economic climate in the leisure sector."
During 2011 the company suffered a serious setback when former director Keith Millhench defrauded it of a large amount of money, necessitating legal costs in bringing him to justice and taking confiscatory measures against the disgraced director and his accomplice, a company employee.
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Gambling News :
Pokerstars Bahamas Main and High Roller Results -
The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.
High Hopes For Pennsylvania Online Gambling -
Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.
NJ Warns No Federal Online Gambling Ban -
New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.
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