Written On 4/19/11 By Recentpoker.com staff writer Emily Apontif :
Contractual glitches, alleged fraud and new acquisitions
Doncaster-based The Weather Lottery (TWL) delivered its half year results for the period ended 31 January 2011 and announced the acquisition of Soccerdome Limited, a five-a-side football facility in Nottingham, this week.
TWL reports a pre-tax loss of GBP 321 000 on turnover of GBP668 000 attributed to contractual wrangles related to its FC Betz brand and the unfortunate incident of alleged fraud committed by former managing director Keith Milhench and another ex-employee of GBP 80 000.
The company says that disputes relating to contractual issues between FC Betz and football clubs means in some cases FC Betz is unable to access the full database to which it believes it is contractually entitled because of prior third party claims to the same Intellectual Property Rights in the database. As a result FC Betz is renegotiating the terms of the contracts at a much lower fee with a view to terminating the agreements at the end May 2011.
The acquisition of Devilfish Poker has provided another steady revenue stream and a database of 20 000 players that TWL promotes its products and services to and the company is showing signs of growth with new corporate clients, subscribers and the investment in new lottery brands such as FCLotto.
TWL announced its latest acquisition of Soccerdome, a five-a-side facility in Nottingham for a consideration of GBP 375 000. The acquisition is part of TWL's ongoing expansion in the football industry.